This document discusses various payment methods that can be leveraged to benefit a business, including currency exchange rates, payment processing options, and assessing specific needs. It provides an overview of different currency exchange considerations and payment processing options such as checks, direct deposit, wire transfers, PayPal, currency exchange services, prepaid debit cards, and credit cards. Key factors discussed include exchange rates, fees, processing times, currency control, and customizing a payment strategy based on client types, amounts, currencies, and terms. Resources for further information are also provided.

1. Leveraging Payment Methods
to Your Benefit
ATA 51st Annual Conference
Denver, CO USA
October 2010
Eve Lindemuth Bodeux
Principal
© Eve Bodeux 2010 ~ all rights reserved

2. Topics for Discussion
• Currency Exchange Rates
• Payment Methods
• Assessing your specific needs
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3. Currency
• Decide which currencies you accept
• Exchange rates vary per method
• Exchange rates vs fees (!!!!!)
• You want to control transaction timing
• Currency-specific bank accounts
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4. Slide 4
Payment Methods
• Payment methods
– Check
– Direct deposit (domestic and international
ACH or EFT)
– Wire transfer
– Paypal and similar
– Travelex, AMEX FX, XE, currencyonline…
– Prepaid debit cards
– Credit cards

5. Checks
• Common for US domestic payments
• Can use to pay overseas (?)
• Online bank bill pay
• Even domestically, there are alternatives
• Slow and high risk.

6. Direct deposit (ACH/EFT)
• ACH – Automatic Clearing House
• EFT – Electronic Funds Transfer
• Otherwise known as direct deposit
• Consider currency
• Consider fees
• Domestic or foreign bank receiving funds?
• 1-5 days and low risk.
Slide 6

7. Wire transfers
• Expensive.
• High fees to client.
• High fees to you.
• Fees that no one claims (!)
• Unfavorable exchange rates.
Slide 7

8. Paypal
• Not a bank – facilitates intl transactions
• You do not exchange rate control when
you send or receive funds
• Exchange rate is not good (very bad)
• Per transaction fees + % of sale possible
• Low risk (mostly)
• Rapid
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9. Travelex, AMEX FX, XE, etc.
• Not a bank - facilitates int’l transactions.
• Low currency exchange rates.
• Low(er) fees.
• USD to USD ~ EUR to USD ~ USD to EUR
or other currency combinations
• american.express.com/ip
• xe.com
• Travelex.com
• currencyonline.comn

10. Prepaid Debit Cards
– Prepaid debit cards
– International payments to vendors by prepaid
MasterCard (or other)
– Convenient and inconvenient
– Internationally focused (vendors and clients)
– High fees (up front, ATM withdrawal, non-
usage)
– Low risk (it’s prepaid)
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11. Credit Cards
– Accepting credit cards for payment with certain
client types – merchant account
– Minimizes “bounced check risk” – can verify fund
up front / pre-authorize
– Payment in advance
– Think about making payment due in YOUR
currency
– Can do online-only processing (less fees)
– Monthly fee, percentage transaction fee, batch
fee
– Domestic & international?
– Merchant service providers: Costco, many others
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12. Customize your
payment method strategy
• Types of clients
• Amount of funds
• EUR versus USD versus other currency
• Payment terms (when payment received)
• Who are you customers?
• Be sure to consider accounting/tax issues

13. Resources
Payment Methods Podcast
http://speakingoftranslation.com/2009/10/09/episode5/
Great article on best practices for invoicing clients:
http://www.smashingmagazine.com/2009/11/05/invoice-like-
a-pro/
Dillon Slattery’s article on getting paid across border:
http://www.dillonslattery.com/2009/11/getting-paid-across-
borders.html
Links at
www.bodeuxinternational.com/ata51
© Eve Bodeux 2010 ~ all rights reserved

14. Thank you!
Eve Lindemuth Bodeux
go-global@bodeuxinternational.com
eve@adventuretranslators.com
bodeuxinternational.com
adventuretranslators.com
speakingoftranslation.com
© Eve Bodeux 2010 ~ all rights reserved