Exporters continuously suffer long delays in payments due to issues resulting from the manual process of resubmission of Letters of Credit. John Townsend, CEO of TridentGLOBAL states “we have customers who prior to using our export documentation software suffered delays of around three weeks or longer due to resubmissions of Letters of Credit.”
The resubmission process is generally time consuming and very costly when not using export documentation software because of employee time to re-work documents; courier costs to re-submit the discrepant documents; and higher financing costs. This of course also adds to days outstanding.
Export management software such as TridentGLOBAL can automate this process ensuring these issues don’t occur. By minimising issues the risk of blowing out days outstanding is mitigated. The TridentGLOBAL export management software includes a Letter of Credit Module [http://www.tridentglobal.com.au/letter-of-credit] as a standard offering which seamlessly interfaces with your bank. It ensures the Letter of Credit information is compliant because the details are received directly from the bank and flow through all relevant documents.
Companies such as Tyco Flow Control, BHP , Diageo and Viterra have utilised the TridentGLOBAL [http://www.tridentglobal.com.au/overview-3/] export management software ensuring their export process as a whole is efficient and cost effective.
“The Trident System has allowed us to integrate our exporting activities with our SAP system whilst minimising data entry and increasing visibility and accountability with every export consignment” Andrew Bowe, Business Solutions Manager, Tyco Flow Control.
Letters of Credit mitigate the risk of non-payment when they are used in a prudent manner. However, it is essential that exporters remember that documents must be in strict compliance with the credit to secure payment. Export management software such as TridentGLOBAL ensures this strict compliance.
Since 1992 TridentGLOBAL (http://www.tridentglobal.com.au/) has provided export documentation software solutions to exporters worldwide. The export documentation software allows you to automate and manage the complexity of your global trade, shipping, export compliance, logistics and export documentation processes.
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