Payments Basics: Currency Terms

With eCommerce available to even the smallest of merchants, your business has global opportunities like never before. Let's start with the basics of currency.

So, if you go global—what are some of things you need to know? This installment of our payments basics takes a look at essential currency terms and the language of going global.

  • Billing Currency

    The currency in which a card issuer bills a cardholder for transactions 

  • Cross-Border Fees

    Fees associated with cross-border transactions

  • Domicile

    The region where a merchant (you) is located

  • Dynamic Currency Conversion

    Conversion of the purchase price of goods or services from one currency to another, as agreed to by the cardholder and merchant; that currency becomes the transaction currency, regardless of the merchant’s local currency

  • Foreign Currency

    A currency other than local currency

  • Local Payments

    Payment types that are offered in a specific geographic location (most commonly within a region or country) that are not accepted outside of that region—for example, Interac® is a local payment type specific to Canada, iDEAL is local to the Netherlands

  • Multi-Currency

    The merchant’s ability to offer goods and services to cardholders in different currencies 

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