Paycom CEO Chris Mallick told XBiz that “selling in foreign currencies is a complex and costly endeavor, involving many financial and technical issues. [But] E4X has helped us solve many of these issues.”
Mallick did not disclose terms of the deal, but he said websites using Paycom's gateway and online processing system are now able to offer customers the option to pay for products and services in one of seven local currencies — British Pound, Euro, Canadian Dollar, Japanese Yen, Swiss Franc, Australian Dollar and Norwegian Krone.
With E4X’s system, the prices displayed onscreen are the guaranteed final amounts to be charged to customers' local credit cards upon completion of the transaction, regardless of currency-rate variations.
“[It] allows us to provide a local shopping experience to international customers while we and our merchants avoid foreign exchange risks, and increase our international business," Mallick said.
Paycom of Marina Del Rey, Calif., said its clients will continue to operate, receive settlement and collect payment in U.S. Dollars without exposure to exchange rate fluctuations.
Privately held E4X is based in New York.