Tap into government resources.
Make sure your business has everything it needs to follow up on global financial prospects by taking advantage of third-party resources like the U.S. Department of Commerce and sourcing agents experienced in your industry.
- The United States International Trade Commission (USITC) – provides detailed information on trade shifts, import injury, intellectual property violations, and tariffs, including the official Harmonized Tariff Schedule (HTS).
- The International Trade Administration (ITA) – helps businesses compete abroad with online export and trade data tools, plus on-the-ground field staff expertise.
- The U.S. Customs and Border Protection Agency (CBP) – offers thorough instruction on the laws, regulations, and clearance of imported goods, including the Automated Commercial Environment (ACE) tool that determines import admissibility.
- The United States-Mexico-Canada Agreement (USMCA) Center – CBP digital initiative that supplies comprehensive material on the processes, rules, and certification of trade with Mexico and Canada.
Apply practical financial tools.
Risk management tools can help improve your company’s ability to compete globally while protecting your profits and optimizing your working capital.
Manage currency risk.
Is your company taking full advantage of opportunities to save by paying with local currency? Could a dual currency billing strategy allow your business to lock in rates at a lower cost? Will a strong or weak dollar impact your position against competitors? What about your strategic business plans? Mitigate these currency risks and others by using foreign exchange (FX) services to:
- Reduce the risk of currency shifts for offshore revenue and profits.
- Control foreign currency conversion, even when paying in U.S. dollars.
- Gain pricing advantages.
Implement secure payment solutions.
Payment risk increases with a greater volume of global transactions. Reduce your company’s risk by using secure financial tools.
- Provides a cost-effective alternative to letters of credit that won’t tie up your company’s line of credit.
- Offers more protection than open account terms, reducing your risk exposure when compared to advanced payments.
- Assures prompt payment once a bill of exchange and shipping documents are received.
Letters of credit
- Offer a universally accepted form of payment, reducing payment risk for importers and exporters.
- Assure importers that exporters must follow the payment terms specified in letters of credit.
- Give exporters confidence that they’ll be paid once they complete shipping.
Supply chain finance
- Improves cash flow by linking importers, exporters, and bankers together to finance imported goods.
- Helps ease the burden on suppliers by offering U.S. financing based on the importer’s track record.
- Includes financing options ranging from asset-based lending and factoring to inventory funding and payables discounting.
The success of your global trading business depends on your ability to establish meaningful relationships with experienced partners who can help simplify the complexities of international trade.