Open account payment terms are a common and convenient way of financing imports, but they also expose you to various risks, such as non-payment, fraud, currency fluctuations, and political instability. How can you protect your business and minimize these risks when importing goods on open account? Here are some practical tips and strategies to consider.
Before you agree to pay your supplier after you receive the goods, you should conduct a thorough due diligence on their background, reputation, financial situation, and legal status. You can use various sources of information, such as trade references, credit reports, online reviews, and industry associations, to verify their reliability and trustworthiness. You should also communicate clearly and frequently with your supplier, and establish a written contract that specifies the terms and conditions of the transaction, including the payment method, delivery date, quality standards, and dispute resolution mechanism.
When using open account payment terms for imports, where goods are shipped and delivered before payment is due, several strategies can help minimize associated risks.you must conduct comprehensive background checks on suppliers to ensure their reliability, financial stability, and track record of fulfilling obligations.Ask your bank for credit report against that supplier.Draft clear and comprehensive contracts outlining payment terms, delivery conditions, quality standards, and dispute resolution mechanisms.Obtain trade credit insurance to protect against non-payment or insolvency of the buyer.Utilize technology for supply chain visibility, and monitoring of shipments to mitigate risks associated with delays or disruptions.
Conduct thorough credit checks on potential buyers before agreeing to open account terms. Verify their financial stability and reputation in the market. Consider using credit reporting agencies or seeking trade references.
Trade credit insurance is a type of insurance that covers the risk of non-payment by your foreign supplier, due to commercial or political reasons. It can help you recover your losses, maintain your cash flow, and secure your credit lines, in case your supplier fails to deliver the goods or goes bankrupt. Trade credit insurance can also enhance your creditworthiness and enable you to negotiate better payment terms with your supplier. You can obtain trade credit insurance from various providers, such as private insurers, export credit agencies, or banks.
It is possible to substantially mitigate the risk of non-payment associated with open account trade by using trade finance techniques such as export credit insurance and factoring. Exporters may also seek export working capital financing to ensure that they have access to financing for production and for credit while waiting for programs.
Currency risk is the risk of losing money due to unfavorable changes in the exchange rate between your domestic currency and the foreign currency that you use to pay your supplier. To hedge against currency risk, you can use various financial instruments, such as forward contracts, options, or futures, that allow you to lock in a favorable exchange rate in advance, and avoid the uncertainty and volatility of the spot market. You can also use a multi-currency account, which enables you to hold and transfer funds in different currencies, and reduce the transaction costs and conversion fees.
A varia??o cambial pode colocar em risco a margem de lucro das empresas importadoras. Alguns instrumentos de prote??o cambial podem ajudar a manter as opera??es da empresa sustentáveis e competitivas como: contrato de cambio a termo onde fecha-se um contrato de cambio para liquida??o futura com uma taxa de cambio pré-estabelecida ou o Hedge cambial que assegura a empresa, mas n?o a obriga, uma taxa de cambio em data futura para contrata??o de opera??o de cambio. Um planejamento financeiro adequado e um acompanhamento técnico da evolu??o das taxas de cambio, bem como, dos aspectos políticos-econ?micos s?o de extrema importancia para diminui??o do impacto da volatilidade da taxa de cambio nas importa??es das empresas.
Another way to minimize the risks of importing on open account is to diversify your sources of supply, and avoid relying on a single or few suppliers. By having multiple suppliers in different countries or regions, you can reduce the impact of any disruptions, delays, or disputes that may arise with one of them, and ensure that you have alternative options to meet your demand and fulfill your orders. You can also leverage your bargaining power and negotiate better terms and prices with your suppliers, by comparing their offers and quality.
Vertragliche Regelungen über Liefermenge, Qualit?t, Termintreue, Zahlung und Eigentumsvorbehalt, Schutzrechte, Aussch?pfung des Rationalisierungspotentials müssen auf jeden Fall vorab schriftlich festgehalten werden. Zus?tzlich hilft es vorab mit Lieferanten-Auswahlkriterien und Bewertungsverfahren zu arbeiten. Kooperative Projektstrukturplanung mit dem Lieferanten ist eine gewinnbringende L?sung. Durch die starke Einbindung in den gesamten Anlaufprozess, Projektstrukturplan, in Standardabl?ufe, in wichtige Terminziele und in logische Verknüpfungen dokumentiert. Zertifikate ISO TS 16494, ISO 14001, ISO 9001 liegen vor, positive Lieferpartneraudits, Festpreisgarantie, Offenlegung von Kennzahlen und Interpretation der Ergebnisse
Finally, you should monitor the political and economic situation of the country or region where your supplier is located, and assess how it may affect your import operations and payments. You should be aware of any potential risks, such as sanctions, embargoes, civil unrest, war, natural disasters, or regulatory changes, that may hamper the trade flows, disrupt the supply chain, or impair the payment system. You should also have a contingency plan in place, in case you need to adjust your import strategy, switch to another payment method, or cancel the transaction.
As empresas também podem contar com um especialista em cambio para acompanhar as tendências da flutua??o das moedas estrangeiras, visto que, isso faz parte do dia a dia dele e ele consegue acompanhar determinados movimentos da moeda que podem indicar alta ou queda da cota??o, principalmente, no curto prazo.