Why should importers resort to Buyers Credit?

Demand from the exporters for assured and timely payment

Access to funds at a cheap rate

Ease of transactions.

Ability to pay in currency of their choice.

Ready financing of imports.

Improved usage of working capital.

With IBC, you economise on cost of transaction as you pay a subscription fee that is not linked to your number of transactions

Ability to increase your business with required funding, and freeing your capital




 
Steps involved in accessing Buyers Credit on IBC

To import the goods importer requires either LC, documentary collections or an open account.

Importer logs on to IBC.com registers and creates an account.

Importer then creates an enquiry for Buyers Credit by providing the required details.

This facilitates Bankers on the IBC platform to offer a quote.

Importer gets notification of the quotes from IBC via mail/SMS.

On importer finalizing a quote, Funding bank issues offer letter to the importer.

Lou issuing bank issues an LOU and Funding bank on receipt of the LOU, credits the NOSTRO account of LOU issuing bank with the funds.

The LOU issuing bank then makes the payment to the exporter or the respective bank.(in case of a rollover)

On due date , the importer either requests for a roll over or settles the dues to the bank