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Credit Finance facilities are tailored to meet the needs of each individual business and provide 100% credit insurance in respect of approved debtors. Importers trade on Open Account Terms, removing the need for you to open Letters of Credits which impact on valuable cash flow.
In a typical Open Account Terms transaction, the buyer sends a purchase order to the seller, who then produces and ships the ordered goods. Upon shipment, the seller sends an invoice and shipping documents to the buyer so that the goods can clear customs. Once the goods arrive and are inspected, the buyer pays for them according to prearranged terms, usually in 30 to 90 days. The importer pay the seller by international wire transfer.
Key Features:
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The goods, along with all the necessary documents, are shipped directly to the importer who agrees to pay the exporter’s invoice at a future date, usually in 30 to 90 days.
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Exporter can be absolutely confident that the importer will accept shipment and pay at agreed time based on the 100% Credit Insurance of the receivables.
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Open Account Terms help win customers in competitive markets.
Open Account Terms Services for Importers include full multi-currency sales ledger administration and a comprehensive collections service, including legal services.
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