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NederlandsNote: Multicurrency by Mews Payments is currently rolling out to all regions and may not be available in your region at this time.
When you process a refund, Mews ensures that every transaction remains fair and transparent, no matter when or where the payment happens. Exchange rates fluctuate, but their financial impact is typically minimal. In addition, Mews Multicurrency boosts revenue and guest satisfaction. By understanding how refunds and foreign exchange work, you can confidently manage transactions while maximizing your revenue.
In this article you can find answers to the following questions:
- Will guests lose money when refunding a guest?
- What happens if the exchange rate changes between the payment and refund?
- Can I pass foreign exchange risk on refunds to guests?
- Can I opt out of absorbing foreign exchange risk on refunds?
- How does Multicurrency benefit me despite refund costs?
Will guests lose money when you refund a guest?
No, guests always receive a refund for the exact amount they paid, in their chosen currency. The amount you refund matches the original transaction in the guest currency, ensuring a fair and transparent process. While exchange rate differences and processing fees are standard in the industry, they typically have minimal impact on your overall revenue.
What happens if the exchange rate changes between the payment and refund?
Exchange rate fluctuations are normal and may, in some rare instances, impact revenue. Typically, the overall revenue generated from Multicurrency can offset usual exchange rate fluctuations. However, there may be instances where large currency fluctuations impact revenue. Mews recommends you review Multicurrency revenue regularly to ensure it meets your business needs.
Can I pass foreign exchange risk on refunds to guests?
No, guests always receive the exact amount they originally paid. However, Mews is exploring ways to give hotels more flexibility in managing foreign exchange risk in the future.
Can I opt out of absorbing foreign exchange risk on refunds?
Mews is working on a phased approach to help hotels manage foreign exchange risk differently. For now, Mews ensures seamless handling of refunds while maximizing hotel revenue. Future updates may provide hotels with options to manage foreign exchange risk in a way that best suits their business.
How does Multicurrency benefit me despite refund costs?
Multicurrency drives more revenue and improves the guest experience:
- Hotels keep 1% of the markup on every transaction.
- Multicurrency empowers international guests to book when they can pay in their own currency.
- Higher total revenue typically offsets the costs associated with refunds.
You can learn more about Multicurrency here.