If You Are Importing Goods Into the United States, What Are the Key Differences Between the Best Import Financing Companies?
With your livelihood at stake, the margin of error when picking the right import or purchase order financing company is minuscule. Let’s look at these six important variables when picking the best import financing company for your specific needs:
1. Your Time in Business:
Many import financing companies will not work with startups or businesses less than two years old. WIP Funding can be very startup friendly based on your industry experience. If your background and experience can give us some level of comfort, we can fund your import company startup.
2. Your Product Type:
Consumer imported products typically turn fast, and they allow you decent margins. More complex products or components that are used to manufacture another product can add to the level of complexity. Make sure you potential import finance company understands all your product steps.
3. Your Sales Volume:
Different funding companies have different sweet spots. Our typical client does $50,000-$10,000,000 per month with us. On larger transactions, we have trusted partners who we can bring in as participants.
4. Your End Customer Makeup:
We have good experience with Walmart, Amazon, Time-Warner, Comcast, TJ Maxx, the US Government; to name a very few. Some large Fortune 500 companies treat their vendors and suppliers with respect. Others? Hmmmm. Please call us, and we can share our 21 years of experience with almost every account debtor.
5. What are your Vendor’s Terms?
We have many tools to facilitate the purchase or release of your imported goods. Open Credit, Cash Against Documents, Vendor Guarantees or Letters of Credit are just some of the tools we use for your overseas vendor to release your goods and to meet the quality, quantity and timeliness specifications of your end customer.
6. Have you Chosen the Import Financing Company with the right Fit?
Many Import or Purchase Financing Companies only specialize in one distinct area. Some do only garments. Some only fruits and vegetables. Others have electronic expertise. Wine and spirits are funded by those comfortable with the licensing issues. Make sure the import financing company you choose has deep experience in your specific product classification. You can find a list of our inventory type expertise here.