Online retailers will benefit from easier foreign currency payments, after Pin Payments and OFX (formerly Ozforex) announced their new partnership this week.

The partnership aims to streamline online foreign currency payments and exchange by giving merchants the ability to accept online foreign currency card payments through Pin Payments, and directly settle funds into a foreign currency account with OFX.  

This means businesses can get setup faster and process payments at lower rates than competing financial institutions, allowing retailers to think globally, deliver a seamless experience and add value to their relationship with their customers.

The partnership will streamline online foreign currency payments and exchange, allowing businesses to get setup faster and process payments at lower rates than competing financial institutions. Business owners can set up a Pin Payments account with same-day activation and no merchant account required.

“We are proud to partner with OFX,” said Chris Dahl, Director of Sales & Growth at Pin Payments.

“As an Australian business with 17 years of foreign exchange expertise, 115 bank accounts and 55 currencies in their global network – we are thrilled that OFX will be supporting the growth of our customers as they expand into international markets and currencies.”

Edward Wiley, Alliance & Partnership Manager, OFX, said: “"We are really excited to partner with an Australian fintech company like Pin Payments, helping other Australian e-commerce businesses to grow internationally. The combined services will allow businesses to trade without having to pay excess fees and setting up a costly merchant account, enabling them to compete on a global stage.”

Peter Stacey, CEO at Hot Holiday, an Australian tour reservation site operating across six countries worldwide, welcomes the partnership.

"As a growing business, we are constantly looking for smart technology solutions to support our growth,” says Peter. 

This partnership will provide us with foreign exchange services at highly competitive rates and a seamless link between our Pin Payments and OFX accounts. It provides a simple, cost effective, complete payment system which further integrates with our Xero accounting software.”

Pin Payments’ customers who sign up with OFX will receive fee free transfers on amounts greater than AUD $250 for the life of their account.

About OzForex Group (ASX:OFX) 

OzForex Group Limited is a global provider of online international payment services for consumer and business clients. It has offices in six locations. The OzForex Group provides services under the brands OzForex (now OFX), UKForex, CanadianForex, USForex, NZForex, Tranzfers and ClearFX. To support our increased focus on marketing and people, we launched a new single global brand in December, OFX, using a single domain name, OFX will be progressively rolled out across all geographies.

About Pin Payments

Pin Payments is Australia's first all-in-one programmable multi-currency payment system. Businesses can sell to local and international customers, and accept payments from debit and credit cards bearing the Visa and MasterCard brands, without a merchant account.