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Legacy


The Need for Currency Conversion
at Point of Sale, Point of Service.

The concept on which OERVIND is based dates back to the early 1990's. It was pioneered by the founder of Carolina Foreign Exchange in Charleston, SC (U.S.A.) to aid merchants in consummating a sale to a foreign visitor who only had his native currency in his possession. With a cell phone and a pocket calculator, he organized a network of merchants to carry out retail sales in a foreign currency.

The name was Teleforex. OERVIND Currency Systems is the 21st Century version of this sales process.

The year 2010 saw International Tourism total more than 940 million people. Going forward with similar projections, merchants with access to the internet will be able to capitalize on this $919 billion (€690 billion) market by using OERVIND.

To employ OERVIND, the Sales clerk has to know one thing: What currency is the purchaser using? OERVIND will do the rest, by calculating the change due the purchaser in the seller's Base Currency, then generate a receipt printed in the language of the Purchaser, should it be requested.

 

Cash is still king when it comes to retail sales! It remains the primary medium for such purchasing in every quadrant of this globe. Credit/debit cards, and a host of new electronic devices are challenging the use of currency, but currency will continue its domination in the payment for goods and services into the forseeable future.

More than one hundred and sixty currencies are in circulation on this planet. In order to effectively accept foreign currencies at the retail merchant level, we believe the merchant should limit the "Accepted Currencies" to ten or less different currencies. To accept more than ten may slow the transaction process and create a "mood" of impatience among other purchasers waiting to pay for their service or merchandise.

Merchants with just a minimum of familarization with OERVIND have been able to process a foreign currency sale in the same time frame as processing a credit card or native currency transaction.

The conversion rates used by OERVIND are updated daily and come from internationally recognized financial sources. (See Disclaimer link for additional details.).

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