Ecommpay smooths the customer journey with enhanced Currency Choice feature

To enhance customer engagement and improve the overall shopping experience for e-commerce sites, Ecommpay, the end-to-end payment service provider, has introduced a dynamic currency list for merchants’ payments pages. By using advanced tech the enhanced feature predefines the available currencies offered to a customer, based on the Bank Identification Number (BIN) of the card used for payment, selecting from the 130+ available payment currencies. Critically, the enhancement reduces the number of currencies the customer sees, to simplify the selection process.

Ecommpay consumer research found that 72% of consumers would be likely to abandon the checkout and/or seek a different option if their preferred payment method was not available when completing an online payment transaction. Reducing friction by simplifying payment options – including currency choice - smooths the customer journey and reduces the risk of basket abandonment.

“When customers are presented with an extensive list of currencies and have to search through to find their local currency, it can be confusing and frustrating,” commented Moshe Winegarten, Chief Revenue Officer at Ecommpay.

“With so much competition, it doesn’t take much inconvenience in the payment journey for customers to walk away and shop elsewhere. Any improvement we can make will, therefore, help retailers improve conversion rates. Simplifying the currency selection process, Currency Choice now provides a streamlined list of only the most realistic and relevant currency options.”

Ecommpay has updated the Currency Choice feature to predefine the available currencies in the list based on the Bank Identification Number (BIN) of the card used for payment, selecting from the 130+ available payment currencies. The exchange rate and value of the transaction is instantly displayed in the chosen currency and, regardless of the currency selected, merchants receive payment in their choice of GBP, USD or EUR to reduce additional exchange fees.

The tool helps merchants manage FX exchange costs efficiently, to help maintain margins and avoid currency exchange losses, whilst also boosting approval rates by processing payments in local currencies. The technical setup is handled by Ecommpay, freeing up merchant technical resources for core functions and improvements to the customer experience.