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1、 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. 国际物流与经营管理课件-第7章-国际贸易支付 Four short words sum up what has lifted most successful Four short words sum up what has lifted most successful individuals a
2、bove the crowd: a little bit more. individuals above the crowd: a little bit more. -author -author -date-date 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Characteristics of International Paymen
3、t IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein
4、under license. All rights reserved. Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson,
5、 a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Characteristics of International Payment IssuesReduced Credit Information Lack of Personal Contact Difficult and Expensive Collections No Easy Legal Recourse High
6、er Litigation Costs Mistrust 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceO
7、pen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Risks in Internati
8、onal TradeCountry Risk Country risk is also known as political risk.The probability of not getting paid by a creditor, because the creditors country has:Insufficient foreign exchange reserves. Political risk can also mean the probability of nationalization of a firms subsidiary by the host country.
9、2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Risks in International TradeCommercial Risk The probability of not getting paid by a creditor, because this creditor does not have the funds to pay t
10、he debt or because the creditor refuses to pay the debt.Exposure The relative consequences of a bad-debt risk for an exporter; the risk of a $50,000 loss would represent a greater exposure for a small exporter than for a large exporter. 2007 Thomson, a part of the Thomson Corporation. Thomson, the S
11、tar logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Procurement CardsTradeCard Terms of Payme
12、nt as a Marketing ToolTerms of Payment 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection 2007 Thomson, a
13、 part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Alternative Terms of PaymentTable 7-1: Advantages and Disadvantages of Several Terms of Payment Term of paymentProbability of Losing the Business because of the Cho
14、ice of Method of PaymentProbability of loss due to Non-PaymentCash in AdvanceHighNilLetter of Credit Fairly HighAlmost NilDocumentary Collection LowLowOpen Account NilRelatively High 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein un
15、der license. All rights reserved. Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson, a part of the Thomson Corpor
16、ation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Cash in AdvanceDefinitionIn a Cash in Advance transaction, the exporter requests that the customer provide payment in advance, before shipment of the goods can take place.It is the ultimate “
17、risk-free” alternative for the exporter.In a Cash in Advance transaction, the risk is completely transferred to the importer. 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Cash in AdvanceApplicab
18、ility This method is only justified in rare cases.It could be used when the importer is perceived as being very high risk (commercial or country risk).It should be avoided. 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under licens
19、e. All rights reserved. Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson, a part of the Thomson Corporation. Tho
20、mson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Open AccountDefinition In an Open Account transaction, the exporter conducts international business in a manner similar to the way it conducts business domestically.The exporter ships the goods, accomp
21、anied by an invoice, and expects the importer to pay within a defined time period (30-60 days). 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Open AccountApplicabilityThe exporter is confident th
22、at the importer will pay (e.g. long-standing business relationship).The exporter is competing with companies that offer Open Account terms.The exporter wants to create goodwill.In cases where the exporter is unsure of the importers credit, the exporter can use credit insurance. 2007 Thomson, a part
23、of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Open AccountCredit Insurance An insurance policy under which commercial risk is covered.The insurance company bears the risk of non-payment by the importer, deducting a s
24、light percentage of the receivable.Credit insurance does not cover political risk, unless the exporter has explicitly asked for additional political coverage that is obtained through the Ex-Im Bank. 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademark
25、s used herein under license. All rights reserved. Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Terms of Payment as a Marketing ToolTerms of Payment 2007 Thomson, a part of th
26、e Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of CreditDefinitionA Letter of Credit is a document with which the importers bank promises to pay the exporter if the importer does not pay. 2007 Thomson, a part of the
27、 Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of CreditIssuing Bank The bank providing the Letter of Credit to the importer.The bank that will pay the exporter when it provides all the necessary documents, should th
28、e importer be unable to pay.Advising BankThe bank that determines whether the terms of the Letter of Credit offered by the Issuing Bank are appropriate.The Advising Bank is generally the exporters regular bank.In some cases, the exporters bank will delegate this role to another bank which is more ex
29、perienced in international trade. 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of CreditApplicant The firm asking the Issuing Bank for a Letter a Credit. Usually, the applicant is the imp
30、orter.Beneficiary The firm named in a Letter of Credit as the firm to which the issuing bank is promising payment if the importer does not pay.Usually, the beneficiary of a Letter of Credit is the exporter. 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are t
31、rademarks used herein under license. All rights reserved. Letter of Credit (Process)Issuance First Step - Negotiation between exporter and importer.Second Step - Applicant (Importer) requests the bank to open a Letter of Credit (L/C) on importers behalf and naming exporter as beneficiary.Third Step
32、- Issuing Bank sends this L/C to Advising Bank (Exporters Bank).Fourth Step - The Advising Bank notifies the beneficiary that the L/C is acceptable. 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved.
33、Letter of CreditIssuance of a Letter of Credit 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of Credit (Process)Shipment Fifth Step The exporter ships the merchandise to the importer.After
34、 all documents are collected, the exporter sends them to the Advising Bank,. Sixth step The Advising Bank checks the documents against the terms of the L/C, and sends them to Issuing BankSeventh step - After receiving and checking the documents, the Issuing Bank notifies the importer, who uses them
35、to clear Customs. 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of Credit (Process)Shipment Under a Letter of Credit 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo
36、, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of Credit (Process)PaymentEighth Step - Importer pays Issuing Bank.Ninth Step - Issuing Bank pays Advising Bank.Tenth Step - Advising Bank pays Exporter. 2007 Thomson, a part of the Thomson Corporation. Thomson, t
37、he Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of Credit (Process)Payment Under a Letter of Credit 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved
38、. Letter of Credit (Process) Entire (Simplified) Process of a Letter of Credit 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of Credit A Letter of Credit is:IrrevocableIt cannot be altered
39、 without the express consent of all parties involved.Virtually all Letters of Credit are irrevocable.DocumentaryThe beneficiary must present a certain set of documents (bill of lading, invoice and miscellaneous certificates) to the bank.It is paid on documents, not the safe arrival of the goods.P185
40、 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of CreditConfirmed Letter of Credit The exporter asks a bank to provide an additional level of payment security to a Letter of Credit.If the
41、importer does not pay, and the Issuing Bank does not pay, the Confirming Bank pays.Correspondent Bank A foreign bank with which a domestic bank has a preferred business relationship.P185-186 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used h
42、erein under license. All rights reserved. Letter of CreditUCP 600Universal Customs and Practice for Documentary Credit, 2007 Revision, International Chamber of Commerce. URR 725Uniform Rules for Bank-to-Bank Reimbursements under Documentary Credits.P186-188 2007 Thomson, a part of the Thomson Corpor
43、ation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Letter of CreditApplicability Letters of Credit are an outstanding means of making sure that the exporter will be paid.Letters of Credit are costly.Letters of Credit are cumbersome.P190 2007
44、Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Additional Types of Letters of CreditStand-By Letters of CreditTransferable Letters of CreditBack-to-Back Letters of CreditP190 2007 Thomson, a part of th
45、e Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Characteristics of International Payment IssuesRisks in International Trade Alternative Terms of PaymentCash in AdvanceOpen AccountLetter of Credit Documentary Collection Term
46、s of Payment as a Marketing ToolTerms of Payment 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Documentary Collection DefinitionIt is a process by which an exporter asks a bank to “safeguard” its
47、 interests in the foreign country by not releasing the documents.It is accompanied by a Bill of Exchange (also called a Draft).P192 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Documentary Colle
48、ction Remitting Bank The bank that interacts with the exporter and with the Presenting Bank in the importing country.Receives the documents from the exporter and then sends them to the Presenting Bank. It has no obligation to render judgment or advice on the quality of the packet of documents; it ju
49、st transmits them to the Presenting Bank.Presenting Bank The bank that interacts with the importer on behalf of the exporter.Receives the documents from the exporter or from the Remitting Bank and holds them until the importer either signs a draft or pays the exporter.Follows the Letter of Instructi
50、ons from the Exporter. P192-193 2007 Thomson, a part of the Thomson Corporation. Thomson, the Star logo, and Atomic Dog are trademarks used herein under license. All rights reserved. Documentary Collection Sight Draft D/PThe Remitting Bank is instructed to release the documents only when the Importe