Letter of Credit (LC) Management

ePROMIS Letter of Credit Management system offers on-demand software for managing the Letter of Credit (LC) documentations, submission, and tracking. International business transactions may involve risks. This risk affects both the buyer as well as the seller. Sellers enter into risk when buyers fail to pay for the goods and importers may risk paying but not receive anything. Because of the distances involved, it may be difficult to resolve any disputes.

One way of reducing the risks is to use a letter of credit, as it can offer a guarantee to the seller that they will be paid, and the buyer can be sure that no payment will be made until they receive the goods. In this way, the risk that the buyer will fail to pay is transferred from the seller to the letter of credit's issuer.

The letter of credit also ensures that the supplier meets all the agreed upon standards and quality of goods. ePROMIS Letter of Credit Management offers on-demand software for managing the lifecycle of LC.

Benefits at a glance

• Records the imported budget of items & follow up of its execution
• Ensure data is mapped accurately and instantaneously to the required documents and minimizing manual data entry
• Transaction status alerts monitor key events such as latest shipment and expiration dates
• Reports detailing key performance metrics such as dates and transaction expenses help evaluate the performance of third-parties such as forwarders, carriers, banks, etc.
• Calculating & distributing of the letters of credit’s expenditure on the items and recalculating cost prices by posting it with inventory receipt transactions
• Extracting a report of the letters of credit’s cost