Luxury Coach & Transportation

February 2014

Magazine for the professional limousine, charter and tour industry.

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Page 49 of 101

46 WWW.LCTMAG.COM An Easier Way to Accept Eliminate surprise fees, streamline transactions and improve the client experience. PHOTO/ILLUSTRATION: KEVIN HAEGELE, LCT ART DIRECTOR p p LIMOUSINE, CHARTER & TOUR FEBRUARY 2014 FINANCE / CREDIT CARD PROCESSING By Jef Brodsly, CEO, Chosen Payments T he growth of global aff liate networks and online bookings have helped many operators attract and serve international clients. Most often, service is paid for via debit or credit cards. But without the proper platform in place, clients and operators risk payment inconsistencies from foreign exchange rates and sur- prise processing fees. When a client sees charges on a statement that are higher than expected, the client will be confused, unhappy, and quick to complain about the charges. This may result in problematic chargebacks for operators, damage to the client relationship, and the wicked migraines of dealing with billing questions. Vital Variables For International Card Transactions To understand how international credit card transactions work, f rst consider these four variables: • What currency the service is quoted in. • What currency the cardholder pays in. • What currency the merchant receives as payment. • Whether there is any form of currency conversion. For example, if a consumer from Japan who is vacationing in New York City buys a pair of $140 sunglasses from a store, you might expect the transaction to go like this: The Japanese cardholder will get charged $140 and the merchant will receive $140 from their credit card processor into their bank account. L I M O _ 0 2 1 4 i n t l c a r d . i n d d 4 6 LIMO_0214intlcard.indd 46 1 / 2 1 / 1 4 1 0 : 1 7 A M 1/21/14 10:17 AM

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