Virtual Card Services (VCS) has, through partner WorldPay, set up a secure online multi-currency transaction processing facility for large and small companies.
VCS MD Gordon Ashby says that in the past companies using WorldPay were charged in sterling, but South African companies can now pay a lower fee in rands.
Ashby says the facility is ideal for local companies seeking to ramp up exports.
"WorldPay`s range of services runs from entry-level storebuilder and secure online payment processing solutions to high-end multi-currency transaction processing systems for larger organisations with an established Web presence.
"For larger customers, WorldPay offers fully managed, online transaction processing services with guaranteed levels of service, quality and security. This includes dedicated account management and technical support to ensure seamless integration with the client company`s existing infrastructure."
Ashby says that ordinarily Web sites in SA which offer goods or services priced in dollars have to go through a complicated process to get payment.
They have to convert to rands to settle with the banks, which calculate the conversion based on the exchange rate at a given time. However, the credit card companies may settle at another time, and so there is often a discrepancy.
However, there is no discrepancy in the WorldPay system.
Phil McCumskey, VCS sales and marketing director, says the company`s partnership with WorldPay is unique in SA, as no one else in the country is offering true multi-currency trading conversion.
VCS has large corporations as its clients, but also has individuals who export through their Web sites. One client is a 17-year-old entrepreneur who would not be able to establish a relationship with a bank because of his age.
"We can sign up businesses who do small transactions," says McCumskey. "There is only one set-up fee, even if people add other applications on top. Otherwise we charge a small fee per transaction only. There are no monthly fees."
The company has links with Standard Bank and has signed agreements with Nedcor and FNB.
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