If you have just entered the world of importing or exporting or thinking about trying to start one, then you must have heard about standby letter of credit. Read more: https://bit.ly/3e4MWVH

3. If you have not heard this term then know that SBLC is an
important term to be known by all the businessmen who are
involved in import and export business. When explained as a
concept, SBLC is used when an importer makes a deal with the
exported to purchase goods or services. They will turn to a
financial institution to get the bank comfort letter to ensure
stress-free trading.

5. If this is the case, then the seller can use the bank comfort letter to
get their payment. This SBLC can be obtained from any financial
institutions. Nowadays, many importers use this SBLC so that it
will act as a guarantee for the importing process. However, you
can also get it from the private financial institutions if you wish.

7. the financial institution will complete the payment process for
the seller. But most of the time the standby letter of credit will
not be used since the buyers will usually make the payment on
time so that the total purchasing process is complete without
any stress. Thus, next time when you are going to import goods
make sure you use the SBLC to get a better experience in
importing goods.