Export Financing – How to Use International Factoring to Finance your Sales
Selling your goods internationally can be extremely rewarding and challenging at the same time. When you start exporting goods, you truly open your company to a world of possibilities, including the possibility of big financial rewards. At the same time, you expose yourself to some of the challenges of international commerce.
Many international transactions are settled using bank or corporate letters of credit, which means you can rest assured that you will be paid on time. However, many of your clients will insist that you give them payment terms. This means you may need to wait 30, 60 or even 90 days before you get paid. And if your company is growing, waiting to get paid can be very tough.
Going to the bank for a business loan may or may not work. Most banks only give business loans to businesses that have a great past history. But this is of little use to businesses that have a short history but a bright future.
A better option is to consider factoring your invoices, which eliminates the 30 day wait that it takes to get paid. Export factoring (or international...
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