Applicable Percentage: the percentage used to calculate the Foreign Currency Fees, which is currently 0.50% and which we may change upon notice to you.
Contracted Margin: the margin (expressed as a percentage) that we add to a Wholesale Rate to create the DCC Transaction Rate, which is currently 3.5.%, and which we may change upon notice to you.
DCC Service: the service performed to authorize, process, and settle a DCC Transaction.
DCC Transaction: a Foreign Currency Transaction in which the Cardholder authorizes (i) the Transaction Price to be converted to the Foreign Currency Equivalent, and (ii) the Cardholder’s account to be charged in the amount of the Foreign Currency Equivalent.
DCC Transaction Rate: the Wholesale Rate plus the agreed Contracted Margin that we provide to you periodically, which is used to convert the Transaction Price into the Local Currency Equivalent.
Foreign Card: a Card that is denominated in a Foreign Currency.
Foreign Currency Equivalent: the Foreign Currency equivalent of the Transaction Price, which we calculate using the DCC Transaction Rate.
Foreign Currency Fees: the fees we pay you in connection with a Transaction Currency Conversion transaction that we process.
Foreign Currency Transaction: a Card transaction between you and a Cardholder who uses a Foreign Card as a payment method with you to complete the Card transaction.
Foreign Exchange Services: the exchange of one fiat currency into another fiat currency.
Local Currency: the default fiat currency assigned to your merchant identification number with the applicable Card Organization.
Local Currency Equivalent: the equivalent in Local Currency of the amount of a Foreign Currency Transaction that is processed as Transaction Currency Conversion.
Local Currency Transaction: a Card transaction between you and a Cardholder in the Local Currency that is submitted to us for processing in the Local Currency.
Local Currency Turnover: the total Local Currency Equivalent of all DCC Transactions you process in each calendar month.
Margin Amount: the amount equal to the Contracted Margin multiplied by the Local Currency amount of the applicable Local Currency Transaction.
Rate ID: the unique identifier accompanying a Card transaction that entails a Transaction Currency Conversion that identifies the DCC Transaction Rate associated with that Card transaction.
Transaction Currency Conversion: the process in respect of a Card transaction entailing the use of the DCC Service that converts one currency into another by applying the DCC Transaction Rate.
Transaction Price: the original price (in Local Currency) of the good or service that is subject of the Card transaction between you and a Cardholder, prior to Transaction Currency Conversion.
Wholesale Rate:the market wholesale exchange rate published by the Card Organizations which is then used by the DCC Service to derive the DCC Transaction Rate.