Reduce Your Risk and Provide Assurance to Suppliers
Importing goods for resale in Canada presents some risks to your business. Most notably, whether or not you will receive what you ordered – and what you paid for.
Leveraging credit and trade finance solutions will help you to bring goods into Canada, while assuring payment to the seller in the exporting country.
Import Letters of Credit
An import letter of credit is a document issued by a major bank on your behalf. The import letter of credit guarantees your international supplier payment for goods or services, provided the terms have been met (for example, the product has been shipped).
By using an import letter of credit for your international purchases, you can:
- Protect your company's cash flow by eliminating the need to make advance payments or deposits
- Strengthen relationships with international suppliers by demonstrating your company's creditworthiness and by helping suppliers access bank credit
- Reduce the risk associated with dealing with international suppliers
- Issue and manage your letters of credit online anytime, anywhere through RBC Global TradeTM, with time-saving features such as historical information, templates, reports and a user-friendly interface
Through Import Documentary Collections, you can:
- Review documents related to imported goods before paying for them, ensuring they comply with your contractual agreements
- Improve cash flow by delaying payment for goods until they arrive. No need to tie up your credit line
- Reduce risk while strengthening foreign trading relationships and building your internal business
- Receive and manage your documentary collections online anytime, anywhere through RBC Global TradeTM.
A Guarantee is an essential tool to help your business establish its performance capability and financial integrity with clients and suppliers.More About Guarantee Solutions
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