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Why should we outsource?
Letter of Credit management is a function that is ideal for outsourcing.
Briefly, outsourcing makes excellent sense because professionals
can manage Letter of Credit transactions far more efficiently, economically,
and effectively than non-professionals. Through outsourcing, staff
resources previously wasted on LC processing can be freed up to
perform more mission-critical tasks.
Complex LC transactions consume tremendous amounts of time and
resources when handled in-house. That's because in-house staff usually
lacks the specialized e-commerce systems, banking and shipping industry
expertise, and access to the international finance infrastructure
required to optimize Letter of Credit processing.
Despite this expense, rarely can in-house staff expedite payments.
Although the mean payment interval for Letters of Credit is about
21 days, many organizations find that their payments require much
more time. Meanwhile, cash flow suffers while payments earned for
exports languish inside banks.
These transactions divert staff productivity away from projects
that are more tightly focused on the firm's mission. Good managers
will ask themselves, "What's our business? Do we really want
to be in this Letter of Credit business? What sense could it possibly
make for us to throw away money and staff resources trying to be
international financiers when our core business has nothing to do
with international finance?"
Justifying in-house LC processing in these ways is almost impossible.
It is a peripheral activity that confers no cost savings, no strategic
advantage, and scant probability of success. It is an activity ideal
for outsourcing.
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What does QLC do that your competitors
don't?
QLC is unique in that no competitor brings QLC's full range of
solutions to bear on solving Letter of Credit problems. These solutions
include:
•Tight strategic alliances with partners,
•The latest technology, and
• Customer-driven, experienced professionals. Find out more
about how QLC can mount a three-pronged attack on your Letter of
Credit situation.
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How can you help our cashflow?
Primarily, we improve your cash flow by substantially reducing
payment delays. Our elimination of bank discrepancy penalties also
helps.
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Do we still need to use a freight forwarder?
Yes. QLC expedites your payments, but cannot handle your freight.
As we've explained, it isn't in your best interest as an exporter
for freight forwarders to prepare your documents. This is the only
capability of freight forwarders performed by QLC.
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How do you interact with my staff?
QLC functions as a value-added adjunct to your staff. We focus
on expediting your payments through efficient and effective document
management. We make no credit or shipping decisions.
Although we tailor our process to meet the needs of each client,
our process generally begins with a few conference calls that will
help us better understand how clients would like to work with us.
Once we understand these preferences, many clients find that manintaining
our relationship through email messages and faxes works well for
them. And while we encourage our clients to call us with any questions,
many clients soon discover that the extensive capabilities and flexibility
of our web reporting system makes it so easy to monitor transactions
that phone calls become unnecessary.
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