METHOD AND SYSTEM FOR MANAGING AND PROCESSING FOREIGN CURRENCY CARD PAYMENT TRANSACTIONS

摘要

A computer system and method for processing payments between a merchant and customer for goods/services using a payment processing system, including determining if a native currency of the merchant matches with a native currency of the customer. The price of the merchants' goods/services is then determined using the payment processing, in the native currency of the customer if no match was determined between the native currency of the merchant and the native currency of the customer. The customer is then enabled to purchase the merchants' goods/services, by a payment acquirer associated with the merchant, using the customer's native currency whereby the price displayed to the customer is the actual price paid by the customer for the merchants' goods/services. A settlement amount is transmitted for the price of the purchased goods/services from the payment processing system to the payment acquirer in the native currency denomination of the merchant, and transmitted from the payment acquirer to the payment processing system is the customer payment for the purchased goods/services, in the native currency denomination of the customer. The payment acquirer then transmits to a bank account designated by the merchant, the received settlement amount in the native currency denomination of the merchant.