A new Letter of Credit service is being launched by Dundee & Angus Chamber of Commerce (DACC) to help local businesses manage payments from international buyers.
Over 75% of exporters who do their own Letters of Credit do not get paid due to incorrect paperwork. This new service will help local businesses save time, money, and provide assurance that their applications will be correct first time.
Letters of Credit are a highly secure means of getting paid in international trade transactions and are often very complex. A letter of credit is a guarantee issued by a bank assuring payment for goods shipped, provided all conditions are met.
Along with advice on Letter of Credit, and assurance that all the terms are met, the Letter of Credit Service will include preparation of all shipping documents, full visibility of documents online, liaison with freight forwarders and other relevant parties, advice on Incoterms 2020, and presentation of all documentation to the bank within agreed deadlines.
Alison Henderson, CEO of Dundee & Angus Chamber said “Businesses tell us that cash flow is top of their list of priorities so I am delighted that our International Team have worked hard to develop this vital service to support exporters smooth the process of getting paid. At a time when we are working with many Scottish businesses to grow their international trade and access new markets, Letters of Credit will be a really important tool to help them get it right.”
DACC have teamed up with Business West to offer the Chamber Letter of Credit Service, and will deliver a fully managed comprehensive service through a team of experts who secure payment for exports.
For more details about the Dundee and Angus Chamber of Commerce Letter of Credit Service, the International Trade Team can be contacted at: international@dundeeandanguschamber.co.uk
