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What is document discounting, what are the issues related to this method? Let's find out more in today's article.
Discounting of documents is an important concept in import and export activities. So what is discounting of documents? Let's find out with SeABank about discounting of documents and related issues that you need to know about this concept in the article below.
Discounting of documents is a common concept in the field of import and export financing, in which the discounting bank will grant credit to the exporter by purchasing a set of documents (with or without a Bill of Exchange) before the payment due date.
In the process of international trade transactions, the time for exporters to receive payment from importers is often quite long. Especially when the transaction is agreed upon in the form of deferred payment. Instead of waiting for the expected payment date in the commercial contract, exporters can request banks to discount the set of documents, thereby helping exporters to recover capital sooner and reduce financial pressure during the export process.
Document discounting will help speed up the payment process
Document discounting is a useful financial tool that helps exporters increase cash flow, minimize risks and improve competitiveness. Therefore, businesses need to learn more about the following information when they want to use document discounting in their international trade transactions.
Using document discounting will bring many benefits to exporters. For example:
Discounting a set of documents can help businesses increase working capital
Understanding the nature of a set of documents is extremely important for exporting businesses. This helps businesses ensure payment safety, take advantage of incentives, minimize risks, improve operational efficiency and enhance competitiveness.
Accordingly, documents will have the following nature that exporters need to know:
Exporters should understand the nature of document discounting
Currently, there are many different ways to classify documents depending on the discounting method, payment method, payment term, etc. Enterprises can refer to some of the following classifications to better understand document discounting:
According to the discounting method, discounting of a set of documents is divided into two main types as follows:
Discounting of documents can include recourse and non-recourse
Depending on the payment methods used in the Foreign Trade Contract, discount products can be applied according to each type of payment method such as L/C (Letter of Credit), D/P (Payment on Delivery of Documents), D/A (Payment Acceptance on Delivery of Documents), etc.
Based on payment term, discounting of documents can be classified as follows:
Publishers can choose to discount documents for quick or delayed payment
Currently, there are many banks that provide discounting methods for documents, notably SeABank. Currently, SeABank is providing discounting according to the purchase method with the right to recourse for the export documents presented by customers at SeABank.
This helps exporters have a flexible, simple, and fast payment method. You can refer to SeABank's document discounting method below to choose the most suitable bank:
To be able to discount a set of documents at SeABank, the enterprise must meet the following conditions
Enterprises need to meet the conditions for discounting SeABank's set of documents.
The discount product of a set of documents at SeABank has many features that bring benefits to Exporters when choosing. For example:
The discount rate of a set of documents at SeABank can be up to 98%
The registration procedure for discounting a set of documents at SeABank is very simple, usually including:
After learning about the concept of document discounting as well as the true nature of document discounting, let's learn about the working process:
Depending on each specific case, SeABank will determine the appropriate discount period based on consideration of the payment method, payment period, time of sending the set of documents and related international practices. The maximum discount period is up to 30 days for L/C at sight, 60 days for D/P, up to 6 months for deferred payment methods and varies from period to period.
The discount period for documents at SeABank will change from time to time
Hopefully, with the useful information in this article, you will better understand what document discounting is and the issues related to this payment method. Don't forget to learn about document discounting services at SeABank. Proud to be one of the leading banks in the field of export finance, SeABank will always be ready to accompany businesses with comprehensive and effective financial solutions.
To learn more about SeABank's document discounting services, please visit the website: https://sme.seabank.com.vn/ or contact Hotline 1900.599.952 (KHDN).