Foreign Exchange as a Service
Overview
Braintree's Foreign Exchange as a Service (FXaaS) is a currency-conversion service that enables businesses to display prices and accept payments in a buyer's local currency.
Key features
FXaaS equips Braintree merchants to:
✓ Enhance customer conversion rates by displaying prices in over 100 local currencies.
✓ Drive revenue growth through seamless acceptance of local currency payments.
✓ Mitigate foreign exchange (FX) risks with protection against FX volatility.
How it works
- Merchant: Makes an SDK or GraphQL call to request an exchange rate for a currency pair (for example, GBP to EUR).
- Braintree (FXaaS): Returns an
exchangeRateQuoteIdwith the exchange rate, including the Braintree FX fee and any markup you've added. The rate holds until it expires. - Merchant: Caches the
exchangeRateQuoteIdand uses it to display prices in the buyer's local currency (auto-detected or buyer-selected). - Buyer: Checks out and submits payment in their local currency.
- Merchant: Sends the transaction, along with the
exchangeRateQuoteId, to the Braintree SDK for processing. - Braintree: Charges the buyer's card at the quoted rate, converts the funds to the merchant's business currency, deducts transaction and FX fees, and disburses the converted amount to the merchant account.
The exchange rates returned includes the Braintree FX fee agreed to during your Braintree contract setup, as well as any FX markup that your site adds during the GraphQL call.
Eligibility
Foreign Exchange as a Service is currently available for eligible merchants in the UK and EU.
To use this integration, you must be an approved Braintree merchant with an FXaaS contract. The contract includes pricing details along with other parameters, such as when the FXaaS rate expires and the rate refresh time.
Supported payment methods
The requirements for FxaaS payment processing apply to the following card types:
- Visa
- Mastercard
- Discover
- American Express