Your Global Logistics & Financial Partner
(212) 997-01555 | trade@express-service.com
Letters of Credit
We offer traditional, standby, and our unique unsecured letters of credit. To begin the process, go to Letter of Credit Application
About Letters of Credit
Commercial letters of credit are a standard form of payment for transactions in international trade. Foreign exporters who deal with unfamiliar companies thousands of miles away are naturally uncomfortable investing money to produce goods and ship them around the world without assurance of payment from their customers. As a result exporters often prefer advance deposits or payment guarantees. Likewise, domestic companies dealing with foreign suppliers do not want to produce money upfront for goods that may not correspond to the purchase order specifications or may arrive late, if ever. Therefore they would prefer to postpone payment until they receive the goods in good order. Letters of credit represent a reasonable compromise that protects both sides’ interests by assuring the exporter that it will get paid once it produces and ships the goods according to certain documentary requirements that in turn protect the importer’s interests.
The Express Service Unsecured Letter of Credit
Unlike traditional banks, Express Service offers an unsecured letter of credit that allows you to purchase goods far in advance of their arrival in the country without having to establish a line of credit, pledge your company’s assets, or provide a personal guarantee. This gives you great flexibility by allowing your company to use its cash for more immediate needs. You don’t have to pay for the goods until after they arrive in the country! We can usually issue a letter of credit on your behalf within 24 hours of the time we receive your unsecured Letter of Credit Application
Express Service | 1410 Broadway, New York, NY 10018 | tel (212) 997-0155 | fax (212) 997-4385 | trade@express-service.com
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