Step reduces financial risk for merchants and improves their cash flow

Cologne, 4 December 2007 - Pago eTransaction Services GmbH, Cologne, is now offering more settlement currencies for Visa and MasterCard credit card transactions. Up until now Pago customers from the European license area could choose to be paid in Euros, Pound Sterling, Swiss Franks, South African Rand and US Dollars. This range has been extended and now includes the Scandinavian currencies, the Norwegian, Swedish and Danish Crowns, as well as the Polish Zloty and the Canadian Dollar.

Merchants contracted with Pago, an international Acquirer and Payment Service Provider, can select their own transaction currencies which means they can offer their customers payment options in their own local national currencies. The clearing and settlement with the merchant is, however, done in one or more of the agreed settlement currencies. Financial risks resulting form currency exchange rate fluctuations may arise if the settlement currency is not the same as the merchant's national currency or that of the ultimate parent company. This risk, as well as the time and effort of the conversion, can be avoided if settlement is transacted in the merchant's own currency. By extending the range of settlement currencies, Pago is providing this benefit to even more merchants.

As a Visa and MasterCard acquirer, Pago covers the European Licensing Area which includes all the new Member States in the European Union. The integration of the Polish currency reflects the ever stronger Polish economy and is a direct response to increased customer demand, as is the inclusion of the Canadian Dollar. "Pago is well known for flexibility and innovative cooperation with customers. And based on E-commerce use in Scandinavia, the inclusion of the Scandinavian currencies was also another logical step," said Jürgen Herold, Managing Director of Pago eTransaction Services GmbH. Alongside the UK, the Scandinavian countries generate the highest per capita turnover in Western Europe thereby reconfirming their affinity to new technologies which is often attributed to them.