- B2B Payment
- Customs & Incoterms
- Export & Import
When businesses are involved in international transactions, there is some level of trust between the parties involved. However, when this trust is taken advantage of to deceive & trick either of the parties, it is fraud. Therefore, it is very important to ensure the safety of payments and eliminate any risk associated with fraud [https://tazapay.com/blog/keep-your-payments-safe-tips-to-eliminate-the-risk-of-fraud] when conducting an international transaction. Fraud could occur despite having
A Letter of Credit [https://tazapay.com/blog/letter-of-credit-is-not-as-cheap-as-you-think] is a popular mode of payment used by exporters and importers for international trade. A bank issues it, and the bank takes the guarantee that the buyer will pay the seller on time for the services rendered. Therefore, the onus of making the payment – be it partial or full lies on the bank if, for any reason, the buyer cannot fulfil this financial responsibility. The bank Letter of Credit is an internatio
One of the most lucrative opportunities for anyone with business acumen to get into is an international business. Unfortunately, we don’t see many people wanting to be a part of the import-export business. Most entrepreneurs would rather do business within the confines of their country as they see more risk than benefits when trading beyond the borders. Import duty rates by country [https://tazapay.com/blog/tips-to-maximise-international-payment-flexibility-as-an-exporter/] , high processing fee
Customs & Incoterms
Ex Works, also known as EXW, is an international commercial term (Incoterm) often heard in the import and export industry. It is a shipping agreement wherein sellers' responsibility is limited to making the products available at the designated locations. At the same time, the buyer takes care of the shipping charges and the risks involved. It is published by the International Chamber of Commerce (ICC) to facilitate international trading. There are ten other words apart from EXW, (incoterms) mean
Incoterms are a set of internationally recognized rules that clearly define the responsibilities attached to the sellers and buyers. The International Chamber of Commerce (ICC) established incoterms to ensure each party performs their responsibility as determined by the incoterm. These incoterms encompass the payment and management of multiple aspects of international trade, such as documentation, shipment, customs clearance, logistical activities, and insurance. Courtesy of approvedforwarders.
In international commerce, certain trading terms work as legal contracts between the buyer and seller, specifying the roles and responsibilities of both parties. Cost and Freight, CFR, is one such trading term, also referred to as incoterm, which clearly defines when the ownership, risk, and cost of the product transfers from the seller to the buyer. Let us understand the cost and freight (CFR) incoterm [https://web.tazapay.com/5-common-mistakes-traders-make-when-selecting-their-incoterm/] meani
Export & Import
We have all heard that vendor vetting is critical for businesses engaged in international trade. But how critical? Here’s a statistic to ponder on: According to a Deloitte report [https://www2.deloitte.com/content/dam/Deloitte/xe/Documents/risk/Deloitte%20Third-Party%20Risk%20Management%20Global%20Survey%20Report%202020.pdf] , 84% of companies have experienced a damaging third-party incident in the last three years. In fact, the same report suggests that 30% of the companies believe that their
Singapore is one of the largest trading hubs in Asia, having the highest trade GDP ratios. It has successfully established many trade associations that play through the shipping route from Asia to Europe and many smaller regional ports. The Port of Singapore is one of the world’s busiest ports that handle 37.2 million twenty-foot equivalent units of containers and 626.2 million tons of cargo every year. If you also want to start trade with Singapore, you need to be well aware of the procedures a
Before starting a trading business to import and export from India [https://tazapay.com/blog/impact-of-2021-budget-on-indian-exporter-and-importers] , it is critical to understand the various stakeholders, entities, regulations, and processes involved. Additionally, one should clearly understand the Import and export procedure [https://tazapay.com/blog/import-export-documentation-required-for-your-shipments] regulatory framework and the required documentation. The Directorate General of Forei
Incoterms, simply meaning INternational COmmercial TERMS, is a phrase first coined by the International Chamber of Commerce in 1936.