Letters of credit give you a high level of assurance that you will be paid for the goods you export. Let’s follow 7 steps given below to know the process of letter of credit.
What is Letter of Credit?
A letter of credit is a certificate that your foreign buyer receives from a bank. If, for any reason, the client is unable to pay for the products that you simply export, a letter of credit obligates your buyer's bank to pay you on the buyer's behalf. In alternative words, if your buyer has a letter of credit covering a cargo, a bank has secure that you simply can receive payment for that cargo.
