What is a Letter of Credit?
A Letter of Credit is an undertaking by a buyer’s bank to pay the seller for goods supplied and/or for services provided, subject to fulfilment of specific terms and conditions. A high volume of UK exporters who prepare their own Letter of Credit paperwork experience problems getting paid due to non-compliance with Letter of Credit requirements.
Letter of Credit: How can we help?
Business West are leaders in export documentation preparation and can take the hassle out of Letters of Credit for your business. Our team of experienced staff will use their strong relationships with all the major global banks aiming to submit compliant presentations to them. We deliver a fully managed, comprehensive service with a view to securing payment for your exports.
For clients who sign up to use our fully managed Letter of Credit service, our services include:
- Advice on Letter of Credit terms
- Presentation of all documents to the bank
- Preparation of shipping documents
- Compliance checks for third-party documents
- Liaison with freight forwarders, shipping companies, inspection agents, etc.
- Advice on Incoterms® 2020
- Arrangement of cargo insurance
How much does the Letter of Credit service cost?
Fees vary depending on the value (£ equivalent) of the export on your Letter of Credit. To find out more about our prices and services, please contact the Letter of Credit team.
For more information on what the Letter of Credit team can do and how the process works, take a look at our helpful Letter of Credit service page.
Other ways to get paid
If a Letter of Credit isn’t the right product for you and your specific needs, then there are other options to ensure you get paid, including Export Collection and Open Account. Find out more about these options.
If you have any questions, please contact the Letter of Credit team for advice.
Letter of Credit Service
Simply complete the enquiry form below and one of our advisers will be in touch to discuss your specific requirements.
