Pure Commerce, pure export
Being diligent
The bank then did an assessment internally as to whether they could get similar software from inside Korea, or from someone else globally. “They did a comparison against our competitors as well,” explains Lavecky. “And that’s where our local relationships really became useful because people not only based their decisions on our technology and service, but on the relationships we had with them. When I say relationships, I mean trust: do they trust you? And do they trust that if there is a problem you can actually resolve it?”
KEB executives also travelled to Australia, with half of the costs covered by Austrade’s Export Market Development Grant. “As part of their due diligence some of the senior executives did extensive due diligence on our technology here and whether it adhered to all of their bank’s security standards,” says Lavecky.
Austrade’s assistance was also essential to the successful agreement, he adds. “They worked on many different levels and really helped us understand the region and the cultural differences. They helped us cut through the clutter and bureaucracy, for instance when some people say ‘Yes I’m the right person’ when in fact they’re not. They facilitated the process and provided feedback on how we could handle particular potential situations.”
The commission even went the extra mile and supplied Australian beef for a key event at a Korean steak house, showcasing the Australian Government’s support of Pure Commerce.
It took 18 months from the first trade mission for Pure Commerce to secure an agreement with KEB. It’s not unusual for these processes to take a long time, says Lavecky: “Banks are notoriously slow, and government as well. They run highly complex systems that support sometimes hundreds of thousands of customers, so there is very limited scope for failure. So in our industry, a one to two-year sales cycle is normal.”
Through this partnership, the bank’s merchants will be able to convert credit card payments made by foreign visitors from Korean won to their home currency at the checkout, through Pure Commerce’s flagship fxCHOICE dynamic currency conversion (DCC) service. This service will significantly reduce confusion faced by foreign visitors when making a payment.
It will also benefit KEB’s business customers by providing a new revenue stream; they’ll be able to charge foreign exchange commissions on every international transaction converted. DCC will be available on up to 135 currencies, providing KEB’s merchants with a greater opportunity for conversion and increased foreign exchange profits.
Says Lavecky: “We are really celebrating this: it’s a big win for us and for our company. It’s an indication that if you’ve got tenacity and the desire and the commitment, you can make it happen.”
For more information on Pure Commerce, see their website at www.pure-commerce.com
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