Export payment risk minimization
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Export payment risk minimization
The final hurdle to successful exporting is actually getting paid. In the past a sizeable % of small to medium Irish exporting firms has admitted that securing payment was a weakness in their export performance. Successful completion of the export cycle involves an extensive knowledge of:
 The payment risk that the firm faces and
 The payment risk minimisation options which are best suited to the firm in question.
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Solution Summary
The final hurdle to successful exporting is actually getting paid. In the past a sizeable % of small to medium Irish exporting firms has admitted that securing payment was a weakness in their export performance.
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Payment risk that a firm faces in exports:
An exporter faces several types of payment related risks in exports, such as:
Credit Related Risk: While doing business internationally, trading can seem complicated and risky. Besides political, legal and other risks, the most common problem businesses face is the risk in the transaction. It is very difficult to conduct a background check of buyer located in different locations across the world due to physical distance, lack of information, etc. Therefore, an exporter faces risk of non-payment.
Legal risks: At domestic level, business are subject to a myriad of laws, regulations, restrictions. But internationally, there are much more complexities. International transactions are governed by unilateral measures, bilateral relationships, multilateral and regional agreements. This difference in law may have impact in such areas as taxation, currency dealings, property rights, employment practices, etc. Such regulations can cause payments to be blocked due to mistakes in paperwork, etc.
reference: http://smetimes.tradeindia.com/smetimes/in-depth/2008/Mar/27/minimizing-risks-in-export-business.html
The payment risk ...
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- BCom, SGTB Khalsa College, University of Delhi
- MBA, Rochester Institute of Technology
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