In a recent American Express survey of 675 small-business owners, 80 percent said they had problems with traditional foreign exchange venues--most involved customer-service complaints. Specific problems included service reps who lacked foreign currency expertise and problems tracing transactions.
Using the American Express International Payment Service (www.americanexpress.com/ip), U.S. companies can initiate payment in 41 countries, all with the touch of a button--24 hours a day, seven days a week. The service allows entrepreneurs to create and update files of clients, and view and print payment histories. "Whether you're paying for goods and services manufactured or purchases abroad, our new service is designed to make that task simpler and more convenient," explains Steve Flett, senior vice president for American Express Foreign Exchange Services.
Kurt Samson is a freelance business writer and public relations consultant in Annapolis, Maryland.