When you enter new markets, you may find it necessary to pay in advance. What would happen if you had paid in advance only to find that the goods and services had not been delivered?
Advance Payment Protection has been designed to give you the confidence when making deposits or up-front payments that in the event of non- delivery of your goods or services, you will get your money back.
Select all your suppliers who require payment in advance.
Underwriters will calculate a credit limit for each supplier which is the maximum value they will indemnify if payment is not made.
Follow the terms of the contract and monitor the supplier, tracking due dates for delivery of goods and service.
Request a refund of advance payment when goods or services are not delivered.
Provide us with the details if the supplier refuses and fails to refund the advance. If we cannot recover the debt we will indemnify your loss.
Goods imported from outside the EU are subject to import duty tax on arrival into the UK and this payment is usually due immediately. However, a Duty Deferment, Customs Bond or Movement Guarantee Bond allows importers to defer this payment for up to 45 days, providing greater flexibility and a cash flow advantage.