"I am using QB 2015 and if I do the transaction through Customers Receive Payments, I see the available credits but no place to "issue check"."

You only see this, bottom left, three radio buttons, Because an out of balance condition exists = overpayment from this payment now on hand.

Otherwise, if this payment paid whatever was owed, there is nothing seen bottom left; it is Blank.

If you need to issue a refund NOT from an overpaid condition, then you decide how you intend to do with for the data entry that meets your needs:

As A Check.

Listing on the expense tab or items tab.

Or, from a Credit Memo that you need to create, where you will list Items. A credit memo would be needed, for example, when Sales Taxes are involved.