Eftpos service 'boosts sales'

ROSS GIBLIN/Dominion Post

MONEYCHANGER: James Pedersen of Wellington's cafe Floriditas expects the eftpos currency converter to boost his summer sales. The converter tells foreign customers the price in their currency.

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Few retailers have so far embraced a service from Westpac that automatically shows tourists how much credit and debit card purchases will cost them in their own currency, as well as in New Zealand dollars, when overseas-issued cards are swiped at an eftpos terminal.

To offer the service, retailers must use Verifone Eftpos terminals, distributed in New Zealand by Wellington firm Viaduct.

Director Mark Unwin says about 7000 terminals have been sold to retailers, but only about 2000 support Westpac Currency Converter.

He believes retailers may be missing out on sales, as most items appear cheaper to tourists when converted back into their own currency.

The high take-up of similar services overseas means tourists will increasingly expect currency conversions to be displayed at the point-of-sale, he says.

Retailers do not pay extra for the conversion service.

But if a customer chooses to pay in their own currency, rather than New Zealand dollars, Westpac - rather than the customer's issuing bank - picks up the fee for the foreign currency conversion.

James Pedersen, owner of Floriditas cafe in Cuba St says the cafe switched eftpos supplier two months ago, partly so it could get Westpac Currency Converter.

It is too early to tell the effect on business, but he expects it to help sales during the summer months, when up to 40 percent of customers may be from overseas.

- © Fairfax NZ News