the TFX e.commerce service
Introducing the ‘TFX complete transaction’ service:
The TFX complete transaction service is in three parts:
1. The Information service
provides a rate feed via XML webservices from the TFX server which is used by the merchant to convert prices into the customer's currency.
2. The international payments service
enables the customer to use their domestic payment method to purchase the product.
3. The transactional service
enables the customer to purchase the product at the quoted price in their own currency and enables the merchant to be paid in a different currency with lower transaction costs than for domestic transactions.
TFX payments:
TFX pays each merchant through a secure service in a single transaction on a daily, weekly or monthly basis, dependant on volume. This payment is made directly into their bank account and, as a single unit, costs far less to process than multiple credits from a card processor.
TFX security:
As part of the TFX network, the merchant gains extra security from TFX’s address and card number comparison system, along with an extensive fraud identification system.
Email confirmation:
TFX offers email confirmation of each trade that a customer receives; this is both an extra security device and a marketing opportunity for the merchant that has just sold goods.
Flexible Merchant base currency:
Merchants may designate the currency they receive payment in, other than their home currency.
Incorporating Retail price maintenance:
A number of countries have Retail Price Maintenance and this can mean that a merchant needs to adjust their price for potential customers of that country. TFX can assist in this by making adjustments in the conversion price as required.
Different prices for different countries:
Some merchants may want to adjust their prices in differing countries, based upon local conditions and competitiveness. TFX can incorporate this in the transaction at the time of conversion.
International Payment types:
Currently TFX works with Credit card payments for the US, Canada, Western Europe and Japan, and debit card payments in 17 countries.
TFX is also expanding into digital currency payment methods.
Domestic payments:
Although TFX is primarily a service for international trade, it does have the facility to assist in domestic transactions for many merchants at an attractive discount rate. This may be particularly useful for merchants in countries where the domestic interchange rate is very high.
International duty and shipping:
There is considerable pressure from some countries for all prices shown to their consumers to include all costs, such as shipping, tax and duty. This will create a major problem for many merchants, but it is being dealt with by TFX, along with partner companies in Inteca.
Behind the scenes:
TFX, Inc. offers a real-time computer-based system for the instant conversion of any world currency into any other. Using continuous feeds for up-to-date currency rate information, the TFX system allows instant comparison of prices between producer and customer, and can also be used to display historic data for the comparison of trends and indicators.
TFX works with numerous international banks and processors to provide a single simple and secure interface for as many international payment methods as possible.
TFX provides an extensive trading and hedging advice service for an exclusive list of fund managers, corporations and governments.
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