Tips for Managing Your International Trade Business
Running an import-export business can be complicated and laced with risks, especially if yours is a small company. Here are some tips for managing those risks and keeping your international trade thriving.
1. Stay Organized
Sending and receiving invoices over email can be onerous when you use your email accounts for multiple purposes. Using an online payments network keeps all of your payments administration and communication in one separate place, with the added benefit of working seamlessly across borders.
2. …But Flexible
Working with numerous clients and suppliers internationally can also mean encountering and managing different cultures and preferences in doing business and completing transactions. It’s important to stay adaptable, and to work with clients regarding their preferred methods of delivery and payment, in order to avoid damaging relationships that are important to your company’s success.
3. Minimize Currency Risks
There are many organizations that support selling services, products or talent overseas. With advance payment platforms, you can choose the currency you would like each invoice to be paid in, and also the timing of your payment, managing the risk that exchange rates may swing out of your favor.
4. Manage Credit Risks
Effective credit management can help your company stay competitive. Work with banks and try to find the good financing options.
5. Keep the Cash Flowing
If you’re exporting, you may wish to receive payment before parting with a lot of valuable product. When we facilitate the payment of an invoice, we take on all the risk of late- or non-payment on that transaction.