Four Tools to Growing Your Import/Export Business

International trade is a mixed bag of opportunities, challenges, and endless possibilities. On the one hand, you could be fearful of unexpected, unwanted outcomes, but, on the other hand, it brings positive results for your business. Navigating oceans of bureaucratic rules and regulations is not an easy tide to sail through.

We’ve compiled these four tools that provide security, boost your profit, and give you peace of mind.

1.    Export letters of credit – This kind of payment method is perfect in today’s international landscape. A foreign bank issues the letter of credit at the request of a buyer. The letter guarantees the buyer has paid in full for the goods. The process lessens the risk of a buyer default.

2.    Documentary collections – For international shipping, this is an excellent low-cost payment option. The buyer’s bank acts as an escrow agent. The bank holds essential documents such as shipment titles until payment has been made.  

3.    Credit-insured wire transfers – This is an inexpensive way to conduct international transactions. Exporters can alleviate perils of nonpayment by acquiring an export credit insurance.

4.    Government-approved financial institutions – Get the means or capital to sell products in another country through guaranteed loans from financial institutions. Government-backed institutions include the US Small Business Administration and the Export-Import Bank of the United States.  

Whether you’re ready to conquer the world with your import/export business or in need of assistance, Export Portal is the platform that will help you get where you want to be. Export Portal facilitates thousands of transactions between buyers, sellers, shippers, and manufacturers every day. Our website offers marketing solutions to help grow your business on a global scale. Register today!