Foreign Currency POS is the POS software that enables transactions to be carried out in a foreign currency through POS applications. Terminals without Foreign Currency POS software can only collect payments in Turkish lira (TRY).
Foreign Currency POS developments are commonly used in two forms: Multicurrency POS and DCC POS (Dynamic Currency Conversion).
Multicurrency POS: Software that allows the transaction to be carried out in the currency preferred by the cardholder. Completed transactions are reflected in the merchant's foreign currency accounts.
DCC POS: During the sales transaction, the system identifies which country the card belongs to and automatically converts the entered TRY amount into the currency of the card's home country. (The currency must be registered in the DCC system.)
This way, payment is collected based on the amount converted from TRY into the relevant country's currency. All spending details appear on the cardholder's receipt.
Some of the points to keep in mind in Foreign Currency POS developments include;
- Developing the application according to Foreign Currency POS models,
- Developing the HOST system that will communicate with the POS application,
- Creating Foreign Currency POS application screens,
- Enabling Foreign Currency POS accounts to be opened automatically on the application screens,
- Adding Foreign Currency POS authorization,
- Displaying different currencies on the Early Hold Release screens and enabling resolution there,
- Displaying exchange rates on all report screens,
- Arranging the transaction and end-of-day receipts within POS applications,
- Developing Foreign Currency POS support in the Authorization and Clearing areas,
- Being able to query foreign currency accounts in order to collect POS membership fees and inefficiency amounts,
- Running end-of-day batches within foreign currency accounts, along with many other adjustments that are required.
So, what are the most important benefits for merchants?
- Being able to collect payment in the relevant foreign currency from customers coming from abroad who want to pay in their own currency,
- Reducing disputes over charges by preventing customer dissatisfaction,
- Helping prevent cardholders from facing surprises on their statements.
