Frequently Asked Questions What type of business should consider using CurrencyXchanger? If you are running a business that deals with customers who carry foreign currencies, you should consider providing currency exchange service. There is considerable profit in exchanging currencies. The following businesses should consider using CurrencyXchanger for managing their foreign exchange operation:
the 10 best reasons to use CurrencyXchanger:
What are the advantages of using CurrencyXchanger compared to other solutions on the market? There are other systems and solutions on the market, but they are missing many components which forces users to have multiple systems and having to enter redundant data into each system (e.g. accounting, POS, wholesale, export and import into Excel, etc...) Using one centralized system instead of multiple systems to manage, control, CRM, trade, and do the accounting. Your Business can use one system (CurrencyXchanger) for managing the operation including: buy/sell/ transfers, bank accounts, expenses, cheque printing, cash control, account reconciliation, multi-currency bank accounts, booking, customer relation management, phone logs, and more.
What is CurrencyXchanger POS Edition? If you are starting your business and only deal with cash transactions then the POS Edition is the perfect match for your system. The POS Edition is the best choice for currency exchange outlets in airports, travel agencies, hotels, motels, in-store exchange outlets, and other businesses that offer currency exchange services to their customer and accept cash and travellers checks as the only form of payment.
What is CurrencyXchanger Business Edition? The business Edition offers more methods of payment, accounting and reporting features and provides a better platform for growing foreign exchange businesses. If you are a growing currency exchange store offering a variety of services such as check cashing, bill payments, wholesale, and money transfer to your clients, then you need CurrencyXchanger Business Edition. If you are a wholesaler of foreign currency, you need to keep track of client receivable and payable, account positions, short and over position, forward contracts, orders, customer bookings, print cheques, reconcile bank accounts, then the business edition is your best choice. If you accept non-cash forms of payment such as bank drafts, cheques, and bank wire transfers, then the Business Edition is the perfect match for your business.
Who should use CurrencyXchanger Pro Edition? CurrencyXchanger Pro offers all the features of the Business Edition and much more. CurrencyXchanger Pro is made for foreign exchange businesses who offer all kinds of financial services to their clients as well as money remittance (global money transfer) service through their network of international agents. Providing money remittance service to ethnic customers is a great source of revenue. CurrencyXchanger Pro is great platform for money exchange bureaus whose main business is based on money remittance service and require a reliable platform to manage their transactions, while providing online access to their customer for tracking their money on the internet.
What is a Client/Server configuration? If you wish to have more than one computer running the system at the same time, then you need a computer to host the database and share the data with the rest. This computer is referred to as 'the server'. The server should be located in a safe area with restricted access. In the world of computer, such as setup is called a client/server configuration. What are are the advantages of Client/Server configuration? The advantages of a client/server configuration is that all data are stored on a centralized server, where backup is done regularly and the computer is out of reach of normal users who may tamper with it. The client computers (sometimes referred to as workstations) do not carry any data with them and if the client computer get damaged, nothing will happen to the database since it resides on the server.
What kind of hardware specification is required?
What platform is the database developed with? All editions of CurrencyXchanger have been developed using 4D 2004 relational database management system. 4D is a powerful database system which is secure and easy to maintain without the overhead and cost associated with commercial databases such as Oracle. Clear View Systems is an official 4D Solutions Partner.
Who is the source of currency rates and are they reliable? CurrencyXchanger connects to a free rate source provider claiming to get its rates from Bank of Canada with 15 minutes delay. Clear View Systems DOES NOT provide any guarantee as to the reliability nor the accuracy of the source. These rates are provided as a free add on for users of the system and for the time being they are free of charge. Starting from version 3.450 and up, CurrencyXchanger can connect to Xignite.com to access currency rates. Please ask your customer sales rep. for further information about Xignite.com and how you can get that as part of your package. Can CurrencyXchanger be customized?
Are there any recurring fees after the purchase? No. When you purchase CurrencyXchanger, the license is yours and you don't have to pay any recurring fees. However, we recommend to our customers to sign a service agreements (SLA) with us after expiry of the free support which is sometimes between six month to a year after the date of purchase. The SLA agreement is to ensure that you can continue to receive quality service and support from us when you need it. Also, you will receive all updates and upgrades of the system to ensure that you are always running the latest version of CurrencyXchanger and your data file will not become obsolete should you decide to upgrade in the future. What are the the terms of the money back guarantee (MBG)? Clear View Systems Ltd. includes 60 days money back guarantee (from the date of purchase). With each edition of the software, there is a minimum training included free of charge. Additional training provided to the customer will not be refunded and will be invoiced at $80/hr.. Bank charges to transfer the fund back to international customers are not part of the MBG. The MBG does not apply to rental contracts. Customer who rent the system may cancel the rent anytime after the second month without penalty. Upon requesting the MBG, the Customer’s license to use the Software shall forthwith terminate and the Customer shall be obliged to satisfy the company that the Customer has erased the Software and all copies, or any part from its magnetic media and that it has no ability to reproduce the Software in any way. How come there is no Link to easily download the demo? Unlike some off-the-shelve product that are under $1500, most Client/Server database system require more sophisticated installation and configuration. This entails installing the database engine, configure it, activate ports, setup backup engine and schedule, install the front end application software (client-side) and test the connection to the server. Even simpler solutions that are developed based on mysql and php require a multi-step installation which can become daunting for non-technical users. What does the support include?
We DO NOT PROVIDE the following kind of support Installations of hardware such as computer, backup drives, hardware setup, installation, configuration or printers, etc.. Networking: Wiring, network troubleshooting, etc... Hardware Upgrades: installation of RAM, network cards, and such Installation of third-party software not related to CurrencyXchanger such as virus killers, What is a Service Level Agreement (SLA)? We recommend to our customers to sign a service agreements (SLA) with us after expiry of the free support which comes with the purchase. The SLA agreement is to ensure that you receive quality service and support from us when you need it. Also, you will receive all updates and upgrades of the system to ensure that you are always running the latest version of CurrencyXchanger and your data file will not become obsolete should you decide to upgrade in the future. Can we still buy the system if we don't have Internet access? Yes. You can use the system without internet access. However, we do not recommend using a system that you business depends on it without having the capacity to request online support and troubleshooting. Even though, CurrencyXchanger has been designed to be used How do you install the demo version? We will install the system remotely using LogMeIn. We ask you to register your computer with our credentials. It takes about 30 minutes to install and test the system. One of support people will guide you step by step to install the LogMeIn program on your computer. After that, we ask for your permission to connect to your computer and will take control of it to download, install and configure the files. Will Clear View System be able to access our data without permission? No. We will never access your data without your presence. We will ask you to disable any remote access software when you don't need support from us. This is a measure to protect your data from unauthorized access. How long does it take to install and deploy the system? This may depend on the company and how much time and effort is spent by the staff to learn the system after the training and installation of the system. For an average firm with 1 server, 2 front desk and 1 back office system, it takes an average of two hours to deploy the system. How do you deal with training and installation for overseas companies? We will try to accommodate our customers by calling them and providing support during their local business hours. Why are banks closing MSBs bank accounts? This question may seem out of place, but we have been continuously receiving this question for more than a year. We decided to investigate the reasons behind this seemingly harsh decision by the banks to close MSBs accounts. If you are not aware of it, there has been an increasing trend about bank and other financial institutions closing down accounts of MSB (Money Service Businesses). This phenomenon is more prevalent in the US and Canada, but have been followed in other countries too. The general impression is that banks are trying to kill their competition by eliminating their ability to bank. This may seem like a valid incentive, but it is not the real reason behind their decision. The real reason boils down to risk-control and management for compliance reasons. MSBs are inherently risky clients in terms of being target of money launderer and terrorist financers. However, there are more than one factor or two that determine the risk score of an MSB. Banks have to go through a very sophisticated a thorough process of risk-assessment to evaluate the capacity of an MSB in terms of fighting money laundering and terrorist financing. Some banks have a slightly different risk assessment matrix but they all share some common properties. These are some of the issues that could influence the bank's decision one way or another:
Are you a legitimate business? Clear View Systems Ltd. was incorporated under the Company act of British Columbia in Canada (incorporation# 668173) on April 17, 2003. The first version of CurrencyXchanger was sold in July 2003. We have slowly but surely gained confidence in the market and we are rapidly gaining market reputation to have developed one of the most comprehensive tools for the currency exchange business. We proudly hold the highest rating that any company can have on Better Business Bureau site (A+). Feel free to do your research us online and also call our customers for references. Our growing list of customers and their vote of confidence is a live testament to our credibility in the world of currency exchange software development companies. CurrencyXchanger has become a new standard for Money Service Business software.
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