It Pays to Issue Refunds in Local Currency
Whether you’re a global cataloger pricing in each market’s local currency or a domestic cataloger who gets a trickle of international orders, it pays to issue refunds in your customer’s local currency.
It’s one thing to ask foreign customers to buy drafts in U.S. dollars to pay for their orders; it’s another to expect them to go back to a bank to clear a check issued in a foreign currency. This inconvenience discourages repeat business.
And even if you’re reimbursing in local currency, you can have a problem if the draft isn’t drawn from the banking system of the country where your customer resides. To seamlessly issue foreign-currency refunds, an international payment provider or remittance service can help.
Chexx Inc, a subsidiary of PacNet Services, is an international remittance service through which companies can issue checks in any currency to beneficiaries around the world. Checks can be issued as refunds, rebates, dividends, commissions or prize checks.
How it works: A company’s accounts payable or customer service department sends a file to Chexx containing the names of customers to be reimbursed, the amount and currency to be issued, and the company’s order or reference number. Drawing on PacNet’s network of bank accounts, Chexx issues a refund check from a major bank in the country where the customer resides. Checks can be sent to the company via courier for disbursement or, for a small fee, Chexx will enclose an appropriate letter with the company’s branding and send the checks directly to the beneficiary via First-class mail service.
Visit Chexx at www.chexxinc.com.