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Global Trade Services
REACH THE WORLD FROM YOUR OFFICE.
Ask any of our trade service clients – service makes a difference. Abacus will provide you personalized service to expand your business throughout the world. Only Abacus can provide you global trade services with the community-bank touch. Each of our clients is assigned their own personal trade services expert, who handles their transaction from the beginning to the end. Our experts can guide you, even if you have never used trade services before.
Whether you are an exporter or importer, doing business outside or within the United States, we have a product that meets your needs.
- Import Letters of Credit
- Export Letters of Credit
- Documentary Collections
- Standby Letters of Credit
- Trade Finance Loans
Use our Import Letter of Credit to guarantee payment to your supplier (overseas or domestic), without you making any upfront payment to them. The Import Letter of Credit re-assures your supplier that you have the funds to pay for the goods so they can ship them out. Under the Import Letter of Credit, supplier will only receive his payment if the documentary terms which you and supplier have pre-agreed upon have been met. This frees up your cash flow and provides you extra protection against your supplier.
If you are selling goods overseas or domestically, your buyer may want to issue you a letter of credit. In order for you to get paid under the letter of credit, you need a bank that can review your documents and forward them to the seller’s bank quickly. Unlike other banks, Abacus can deliver on its promise to review and dispatch your documents quickly – no matter how big or small the amount of the letter of credit is. Your personal trade services expert will work with you to make sure you will get your funds as soon as possible.
If you and your seller or buyer already have a good relationship, you can save time and money by using documentary collections. With documentary collections, the exporter sends the documents of title of the shipped goods to a bank. The importer makes payment only upon receipt of the documents. The exporter knows the goods will not be released until his draft is accepted or paid, at his option. In this way, both the buyer and seller are more confident that either party will perform as agreed in the transaction. Abacus can send your documents to your buyer’s bank, if you are the exporter. Or we can receive the documents from your seller for you, if you are the importer.
You are ready to close on a deal, but there is one problem – the other side wants you to put up cash security to make sure you will honor the terms of the deal. This scenario can happen whether you want to sign a new lease to rent more space, you are purchasing goods from a new supplier, or you are bidding on government job. A Standby Letter of Credit is the answer to the problem. With a Standby Letter of Credit, Abacus will guarantee your performance to the other party, instead of you giving them the cash as security. We can issue short or long term Standby Letters of Credit, all tailored to meet to your needs and provide maximum confidence to your counter-party.
Do you need to improve your cash flow? Ask about our lending programs designed to help you expand and improve your trade business:
- Lines of Credits and Term Loans for U.S. businesses that export outside of United States. We have partnered with the U.S. Small Business Administration to provide competitive, flexible and generous lending terms.
- Discounting Drafts. Win more deals by offering extended payment terms to your buyer AND get paid faster! You don’t have to tie up your cash flow to offer your buyer better terms. Abacus can discount time drafts under your Export Letter of Credit after they have been accepted by the issuing bank. So you can be paid right after you send the documents, instead of waiting for your buyer.