From the Albanian Lek to the Zambian Kwach, Paymentech — a popular online payment processor — announced Wednesday that it is making it easier for merchants to expand their businesses globally and accept payments in their customers' currency of choice. A new payment offering launching this month called Global Currency Management will allow merchants to offer currency acceptance from around the globe, even without a local business presence.

Paymentech's Global Currency Management enables Internet, catalog and recurring billing businesses to accept payments in more than 150 "presentment" currencies and to "settle" transactions in four popular currencies: the U.S. Dollar, the British Pound Sterling, the Euro and the Japanese Yen.

"Our merchants conduct business all over the world, and we felt it was important to offer Global Currency Management, so no matter how their customers choose to pay, merchants can accept that payment. It's the easiest, fastest, most cost-efficient way to expand into the global market without establishing in-country banking relationships," said George White, Chief Operating Officer, Paymentech, in a statement.

According to the company, some of the benefits of its new Global Currency Management are that merchants are not required to establish separate bank accounts and credit lines in each country where payments are accepted. Merchants can also consolidate funds into one currency with a single banking entity for easier funds transfers and funds management.

In addition, merchants get a single file transmission of all currencies, real-time authorizations and complete chargeback management.

Paymentech also guarantees the exchange rate for each transaction, including chargebacks. Chargeback risk and customer disputes are "greatly reduced," they said, because merchants are able to bill customers in their local currency.

Paymentech said the implementation of Global Currency Management is simple and does not require extensive development costs for e-commerce businesses.

For more information go to http://www.paymentech.com.