Letter of credit-i
What is Letter of credit-i?
A Letter of Credit is a letter from a bank guaranteeing that a buyer’s payment to a seller will be received on time and for the correct amount. IFSB provides such a service, particularly to businesses who does international trade.
Due to the nature of international dealings (such as differing laws in each country), the use of letters of credit is an important aspect if your business does international trade. It is also a way to obtain short-term finance as it is a strong and reliable collateral, given that the recovery rate is close to 100%.
More about Factoring-i
Factoring is a sales and purchase transaction between a factor (the factoring company) and its client. As an intermediary, the factor purchases the client’s trade but gains ownership of the debts as well and in return allows the factor to collect payments from the client’s customers. To be clear, factoring is not a loan facility or is a factoring company a debt collection agency.
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Receive written confirmation (Letter of Offer, Letter of Award, signed contract) from the government on award of project.
Identify supplier, who would then issue a Proforma Invoice.
Submit to government
Prepare a signed copy of Arahan Pembayaran. The document should be signed by a government officer.
Submit to IFSB
Compile the following documents and submit to IFSB.
IFSB will issue the Letter of Credit to you within three working days*
Fill up the form below to learn how a Letter of Credit from IFSB can help your business.
Factoring financing is a great solution if you are seeking the financial stability that you need to improve your company’s credit score. There are more benefits to factoring than increasing your company’s cash flow.