Refunds
The cardholder's choice of currency is final but DCC regulations do not affect the cardholder's right to seek a refund of the purchase price. According to the Visa regulations, in order to reduce disputes and cardholder enquiries, it is recommended that the refund be processed in the currency of the original transaction, i.e. if the cardholder paid in US$ then the refund should be in US$. The Monex system has the capability to support refunds if required.
Chargebacks
Every bank has unique retrieval, chargeback and representment processes. Monex will work within these existing processes in accordance with the banks code of practice. Retrievals, chargebacks and representment are an integral part of the reporting information Monex provides to clients.
Foreign Exchange rates are electronically updated, at minimum on a daily basis, ensuring that accurate and current conversion rates are used at the time of each transaction. Cardholders can conduct business with confidence, knowing the exact amount of each transaction, in their home currency.
Merchant Benefits
- Additional sales potential.
- A new income stream from international customers.
- Reduced disputes and chargebacks.
- Supports market research in relation to international business .
- Prices can be locked in and guaranteed to the customer prior to purchase.
- Can be used as a marketing tool - gives the merchant flexibility re FX rates.
Cardholder Benefits
- Transparent pricing in home currency
- A competitive FX conversion rate
- No FX exposure