Barclaycard launch foreign exchange solution for retailers

Barclaycard is launching a new integrated Foreign Exchange solution that will enable Barclaycard corporate customers to accept payments in their local currencies.

The new solution uses a pre-determined fixed FX rate which reduces the impact of volatility to clients
With streamlined integration processes the product can save customers valuable time.

Barclaycard Multicurrency allows retailers to accept payments in their local currencies then automatically convert the funds and settle the payment in either Sterling, Euros or US dollars using a locked-in rate.

The offer replaces Barclaycard’s existing Multicurrency Settlement Solution (MSS) previously available to all corporate payments clients.

READ MORE: Mastercard launches own BNPL service which can be used in store

The payment provider hopes that the new product with provide customers with “simplicity, convenience and transparency.”

The service will also host of additional benefits which include ease of integration and improved rates.

“Selling abroad opens up exciting opportunities for businesses large and small, from growing their sales, to new markets and revenue streams,” Barclaycard Payment head of product Paul Adams said.

“Barclaycard Multicurrency makes it easy for consumers to see prices and pay in their own currency, helping ecommerce businesses drive sales while protecting themselves from FX risk with locked-in rates.

“By the end of the year we expect our existing corporate clients with FX requirements to be using the new service.”

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