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10 Reasons to Outsource Letters of Credit Preparation and Presentations

Posted 18.10.2018 in Article by Sue Grewcock

Letters of credit are a bank guarantee for payment for goods, however you need to adhere to the rules and get the paperwork right!

Did you know that approximately 75% of all Letters of Credit are presented with discrepancies?

When this happens the bank guarantee becomes invalid and you are then reliant on the goodwill of the Buyer to pay for those goods.  This ultimately means you are giving them an open account and leaving your cash flow hanging in the balance with the risk of non-payment.

So to alleviate these issues why not outsource to us?  Let’s look at the 10 key reasons why outsourcing should be considered :

  1. We can offer 98% compliancy on presentations
  2. And present documents within 24 hours or receipt of all third-party documents
  3. With applicants receiving documents swiftly as they are not tied up with the bank due to discrepancies
  4. Plus guaranteeing payments ensuring cash flow is maintained
  5. We can provide assistance with planning a Letter of Credit
  6. As we have a clear and concise understanding of the rules
  7. Assistance can be provided in reducing charges on Letters of Credit if they are checked at draft stage
  8. And provide advice and support on whether adding confirmation is cost effective
  9. We can ensure there are no delays when clearing goods through Customs
  10. And finally we will provide technical support throughout the whole process

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