Terminology

Service where the payment application performs a DCC eligibility and currency conversion service request during checkout, prior to an individual transaction authorization. If the transaction is eligible for DCC, the price is converted from the local pricing currency to the cardholder's billing currency for eligible transactions and the consumer is presented with a choice to pay in the merchant's local pricing currency or in the billing currency of their credit card.

Currency in which a card is denominated and in which transactions are posted in the cardholder’s account.

The DCC capture of an authorized DCC transaction. A capture can be cancelled.

The commission added to the transaction price at the time of the currency conversion.

The display of pricing options to the cardholder. The DCC offer must include disclosures as per Visa and Mastercard rules for DCC transactions. For example, an offer should identify the price in both the local pricing currency and the billing currency of the credit card, the exchange rate used to do the conversion, and any markups.

The DCC qualification and currency conversion service.

Amount of the transaction in the cardholder’s billing currency. The DCC payment amount is calculated using the wholesale exchange rate including the DCC markup.

The DCC refund of a captured DCC transaction which results in a refund to the customer. This can be full or partial refund. A refund can also be cancelled.

Factor used to convert an amount in one currency to an amount in another currency. The exchange rate used for the DCC service is a wholesale exchange rate including a DCC markup.

The currency that a merchant uses for pricing your goods and in which transactions are typically submitted for processing.

DCC markup.

Service where a website is repriced in the currency of the cardholder.