As your payments partner, we are committed to keeping you up-to-date with industry changes and card brand developments.
New EU legislation requires that Dynamic Currency Transaction receipts display the mark-up percentage over the European Central Bank (ECB) rate when the card is issued in the EEA and the merchant is EEA-based. This will show customers how much more, as a percentage, they will pay for the conversion in comparison to the ECB base rate.
By 19 April 2020, the display screen on your POS terminal and receipt must be updated to display additional wording making it clear the rate above the ECB rate that is being paid. For example, currently your POS terminal and receipt state ‘percentage mark-up’, this will need to change to ‘percentage mark-up over the ECB rate’.
If you are not compliant by the deadline, you may see your DCC rebate lowered by 55%. This is a result of the EEA currencies being removed, as Elavon will automatically stop processing DCC on EEA currencies if your terminal is not compliant.
If your POS terminal is provided by Elavon, the good news is that you do not need to do anything. We will automatically update your terminal to comply with the regulations. However, if your POS is integrated with your till system, and printing is handled from the till’s printer, your ePOS provider may need to carry out some development work to handle this mandated change. You should instruct your ePOS to complete this development work on your behalf if necessary. Additionally if your device is a Spire model or Verifone Evo we will contact you closer to the time with next steps.
If your POS terminal is from another provider, please contact them to ensure your terminal is updated to comply with the new regulations prior to the effective date. This will help to ensure that your terminal is compliant with the regulations and there is no impact to the DCC service you offer to your customers.
Elavon has provided all partners with the necessary tools to update their devices.
You can find out more about these pending changes in our