Foreign Currencies and Participant Rewards – The Simple Solution

Posted by Deb | Forex,Guest Post | Monday 21 August 2017 2:20 pm

Contests and campaigns as a media and marketing tactic are quite common on a global scale. Corporations from around the world rely on marketing campaigns which host international giveaways for the winners and participants in order to promote their brand, products and services.

Now while this may seem like a profitable marketing tactic to most, especially because this approach promises greater consumer reach and audience interaction, it can pose as a problem when it comes to rewarding the participants with their winnings.

How does a corporation figure out and effectively hand out the prizes or contest winnings to all the hopefuls that partook within the competition without seriously struggling through foreign currency rates and conversion hassles?

Think about it. If a United Kingdom based corporation hosted an international event where people from far off places such as Uganda or Kenya, India, or Afghanistan participated in and even won, how does the corporation justly hand over the winnings without stumbling upon the way, getting lost in proper currency worth, weightage and conversion calculations?
It’s easy.

Companies worldwide utilize different cloud-based reward management systems which allow customers to present various opportunities for corporations regardless of their location in the world. Businesses such as the Carlton Group in Toronto with their Global Rewards platform present remote opportunities for corporations to adequately reward their personnel and clientele in a variety of ways no matter where their services are located, or based.

The Foreign Currency Management

For international users of the Global Rewards Solutions, the company presents specific international programs tailored to cater to the needs of the clients based in far off locations. The build in system at the GRS automatically handles all the currency conversions and reward allocations based on the currency rates per country based on the closing of the day prior to the transaction.

All the services provided such as the payments, escrow balances, participant rewards regardless of whether they are Media based, Event tickets or experiences, gift cards, merchandise, vacation or travel opportunities, or even cellular service top-up rewards, all are properly calculated based on all the economic indicators for foreign currency exchange rates. They are then adjusted for the currency inflation, or deflation per currency rates and then presented to the clients.

The complete transparency through the quantifiable reports available through the Global Reward Solutions ensures that any international client is fully protected against any and all risks associated with investing within an international market.

The currency risk of investing in a foreign currency and having it balanced at your local currency exchange rate, liquidity risk or even the transaction costs which have the potential of fluctuating greatly are all well taken care of by the Global Rewards Solutions foreign currency management programs.