Our previous blog post Why Use a Broker: Part 1 emphasized how EXIM registered brokers can interpret policy requirements for U.S. exporters, assist them in remaining policy-compliant, and be an overall time-saving resource. Here are several more examples how EXIM brokers can assist U.S. exporters with their EXIM policies:
Term change requests. A sales contract between a U.S. exporter and its foreign buyer can change. Maybe the terms were originally net 30 and the buyer is now asking the U.S. exporter for net 60 terms because there’s more sales history. EXIM enables U.S. exporters to apply for a Special Buyer Credit Limit (SBCL) for foreign buyers that require longer terms than their internal Discretionary Credit Limit (DCL) authority allows. There are documentation requirements involved, and an EXIM registered broker can show the U.S. exporter what’s needed.
Turning control of goods over to a foreign buyer at a U.S. location. U.S. exporters selling on Ex-Works Incoterms, or shipping to a U.S. location for their international buyers, have an additional documentation requirement under an EXIM policy for these types of sales. EXIM only supports international sales so this requirement ensures the insured goods were exported from the U.S. and not a foreign country. An EXIM registered broker can interpret and advise the exporter on fulfilling this documentation requirement.
Broker advice. U.S. exporters who have extended credit to a foreign buyer and are covered under an EXIM policy must enter their monthly invoices into EXIM Online, a reporting system. If the exporter has multiple shipments to a foreign buyer within the same month, the broker would advise the exporter to combine these shipments into one reporting line-item rather than create several entries which is more time-consuming.
EXIM registered brokers are located around the country to assist U.S. exporters. An EXIM Regional Director can pre-qualify your company for working with EXIM then connect you with a broker who services your area. Click here to schedule a free consultation request with an EXIM Regional Director today.