The Definitive Blog for Entrepreneurs and Small Businesses Interested in Going Global
The great issue for exporting firms is waiting 30, 60 or even 90 days to get paid for their goods or services. Is there any solution to overcome this problem?
Yes, call your banker and ask how to have your customer set up an Irrevocable Letter of Credit so that you get terms (60-90 days) and they clear goods at sight provided all terms and conditions are met. It can be done ... certain wording is needed within the L/C ... you end up paying a little more on the fee for the time payment but it's worth it. Good luck.
HiExporting is a good thing as it grow your business. At the same, be cognizant of the export regulations of the country you are exporting from. I have started writing about how IT applications helps exporters.Check out my blog at:tradecomplianceit.blogspot.comCheers
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