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Being Transparent With Your Customers

September 14th, 2015

Transparency in business

Being in the business of money transfers and working closely with people across various strata of society, each time, we see the same satisfaction and positive sentiments when they are able to send money back home to provide for the upkeep of their families. The sight is a lot more joyful when people have saved a little extra to send for their child’s tuition fee or for their mother’s medical aid.

Owing to this humane side that our industry witnesses, we believe in giving our customers more than they expect. We have always maintained that our customers are our priority and the heart of our business – a philosophy we adopted when Xpress Money was established in 1999; a belief we continue to live by even today.

For a brand, maintaining customer relations is all about building trust. Customer loyalty increases when they see that there is transparency in business.

What is business transparency?

In the context of our business, being transparent with our customers is to tell them exactly how much they need to pay and what will they get in return, with no hidden costs levied.

To cite an example, we recently launched the Xpress Money Rewards Program in the UAE, wherein customers get AED 5 CASHBACK on their very first transaction and will continue earning AED 2 CASHBACK on all subsequent transactions. They can refer their friends and get AED 1 CASHBACK, for the first 5 transactions done by each of those friends. In this program, we are very transparent and upfront with our customers on how much money they can earn and save and by when can they start redeeming the CASHBACK accrued. This is pure CASHBACK, not a points system where customers need to spend X amounts of money to collect a few points which they need to calculate themselves to see how much money they have gained. The Xpress Money Rewards Program instead is straightforward with no mystery and confusion.

Unlike a few industry players who charge a backend fee, Xpress Money does not levy any backend charges on customers. This fee is nothing but an extra cost levied on beneficiaries to collect the money sent by their loved ones. This means that the sender and the receiver both pay a fee to the service provider for the remittance. Xpress Money is very clear that only the sender pays a fee while the beneficiary can just walk into any of our agent locations in the country and collect the money without any additional charge.

Xpress Money is also one of the very few brands that offers customers a full refund upon cancellation. When a customer decides to cancel a transaction, if the money has not been paid out to the beneficiary, Xpress Money refunds the entire amount, including the transaction fee to the customer. We value the hard earned money of our customers and believe it is not ethical to ask a customer to pay for a service they have not used.

We take pride in the fact that we at Xpress Money, have adopted transparent practices that contribute to our customers’ joy by not only reducing their remittance costs, but also giving them additional benefits, wherever we can in our own little ways.

 

Written by – Sudhesh Giriyan, COO, Xpress Money