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Michael ordered a pair of shoes from an e-commerce website. The company sent his order to the wrong address and this confusion delayed the delivery by 10 days. Michael was disappointed by this and stopped ordering shoes from that online store. To regain his trust, the company apologized for the inconvenience and sent him a gift voucher worth $1000 that he could redeem at any e-commerce website. This gesture proved to be fruitful and Michael recommended this e-commerce company to all his friends. The process adopted by the e-commerce company to regain Michael's trust is called _____.
Drawee
The entity, often a bank, on which a check or draft is drawn and is responsible for paying the amount specified.
Depositary Bank
A financial institution that holds and manages the securities of a depositor, facilitating the exchange of securities and related transactions.
Payor Bank
A bank that is responsible for paying a check or draft on behalf of its client.
UCC
Short for Uniform Commercial Code, a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions in the United States.
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