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Pago increases the Number of Settlement Currencies

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.

Press contact

Pago eTransaction Services GmbH
Tobias F. Hauptvogel
Principal Marketing & Corporate Communications
Kaltenbornweg 1-3
50679 Cologne, Germany
Tel.+49 (0)221 3208 728
Fax.+49 (0)221 3208 8728
E-Mail:presse@pago.de

dreimarketing GmbH
Gernot Speck
Pinienstr. 2
40233 Düsseldorf, Germany
Tel.+49 (0)211 984946 52
Fax.+49 (0)211 984946 53
E-Mail:pago@dreimarketing.de

About Pago eTransaction Services GmbH:
Pago eTransaction Services GmbH (Cologne, Germany) is an international Acquirer & Payment Service Provider for e-commerce businesses, shops (point-of-sale) and mail-order businesses. Pago enables its clients to receive payments for their goods and services securely and quickly through electronic channels. Because of the unique integration of card acquiring and payment processing, Pago gives businesses of all sizes access to all internationally and nationally relevant payment methods including Visa, MasterCard, Maestro, American Express, Diners Club and JCB as well as locally used direct debit methods and giropay. In addition to payment processing and risk management services, Pago also offers elaborate and proven business administration services - such as debtor management and other services, which enable online merchants to control and better secure their payment processing.

Pago was founded in 1999 and is a Deutsche Bank and Beisheim Holding Schweiz company, offering its services directly and through a global partner network. Clients include merchants from all industry sectors - from retailers to telecommunications to the travel industry. Pago currently operates over 6,000 active online-shop solutions and transactions from about 6,500 terminals are processed through the Pago Platform (October 2007).

Further information can be found at www.pago-international.com.

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