Planet Payment was awarded a patent by US Patent and Trademark Office

Planet Payment, a multi-currency and data processor, has been granted U.S. Patent 7,660,768 by the United States Patent and Trademark Office for its Time-of-Transaction Foreign Currency Conversion process.

The patent covers Planet Payment's approach to payment card processing services, including Planet Payment's Pay in Your Currency service, also known as Dynamic Currency Conversion, a service that gives cardholders the convenience and certainty of paying for purchases in their native currencies when travelling internationally.

"Planet Payment's philosophy from the inception was to build a best-in-class Dynamic Currency Conversion service that operates as a true marketing tool, allowing merchants to sell more to their international clientele more efficiently," said Philip D. Beck Chairman and CEO of Planet Payment. "The unique processes described in the patent allow for a more personalized approach to Dynamic Currency Conversion with exchange rates developed for individual transactions, while our methods for offering choice to cardholders ensure transparency and merchant ease-of-use. The patent, together with the successful implementation of our services with an ever-expanding customer base of over 30 banks in 11 countries, validates Planet Payment's market-leadership in multi-currency payments."