In a recent American Express survey of 675 small-businessowners, 80 percent said they had problems with traditional foreignexchange venues--most involved customer-service complaints.Specific problems included service reps who lacked foreign currencyexpertise 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 thetouch of a button--24 hours a day, seven days a week. The serviceallows entrepreneurs to create and update files of clients, andview and print payment histories. "Whether you're payingfor goods and services manufactured or purchases abroad, our newservice is designed to make that task simpler and moreconvenient," explains Steve Flett, senior vice president forAmerican Express Foreign Exchange Services.
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