Multi-Currency Processing Services. (MCP). Multi-currency processing (“MCP”) enables a Merchant to price its goods and services in various selected currencies (each an “Acceptance Currency”) and the Cardholder then decides to purchase the goods and services in the currency of his/her choice (e.g. Euro) (“MCP Transaction”). The Cardholder provides the card details at the point of sale and completes the Transaction in the chosen Acceptance Currency (e.g. Euro). The Transaction is authorized and submitted to the Card Brands for clearing and settlement in the chosen Acceptance Currency. However, the Merchant receives settlement of the MCP Transaction in US Dollars in the same way as it receives settlement of other Transactions under the Merchant Agreement.
Multi-Currency Processing Services. (MCP)
(i) Multi-currency processing (“MCP”) enables a Merchant to price its goods and services in various selected currencies (each an “Acceptance Currency”) and the Cardholder then decides to purchase the goods and services in the currency of his/her choice (e.g. Euro) (“MCP Transaction”). The Cardholder provides the card details at the point of sale and completes the Transaction in the chosen Acceptance Currency (e.g. Euro). The Transaction is authorized and submitted to the Card Associations for clearing and settlement in the chosen Acceptance Currency. However, the Merchant receives settlement of the MCP Transaction in Canadian Dollars in the same way as it receives settlement of other Transactions under the Merchant Agreement.
(ii) It is the Merchant’s responsibility to set its prices in the various Acceptance Currencies. Peoples Trust can make available to the Merchant for download a daily currency exchange rate table. However, the Merchant can choose to set prices for its goods and services as it wishes, either by reference to such exchange rate table, or any other exchange rate source, or as localized pricing in a fixed amount in the Acceptance Currency (e.g. £29.99). MCP Transactions will be cleared through the applicable Card Associations in the selected Acceptance Currency. The MCP shall apply only to those Cards issued under the brands of Visa, MasterCard or such other Card Associations included within the MCP that are billed to the Cardholder in an Acceptance Currency.
(iii) The conversion of the MCP Transaction from the Acceptance Currency to Canadian Dollars will be effected based upon a daily exchange rate table produced for the conversion of transactions from the involved Acceptance Currency to Canadian Dollars, which is obtainable from Peoples Trust. Upon authorization of a MCP Transaction, the authorization message returned to the Merchant will contain the Canadian Dollar amount into which that MCP Transaction will be converted to assist Merchants in reconciling their accounting. Merchant acknowledges that because of the fluctuation in currency exchange rates, localized pricing of goods and services in foreign Acceptance Currencies is likely to result in the Merchant receiving different amounts in Canadian Dollars from day to day, which may be more or less than the typical Canadian Dollar price of the Merchant’s goods or services. This risk is reduced if Merchant uses the daily exchange rate table made available by Peoples Trust.
(iv) Pe...
