Sinosure Insurance: Benefitting Buyers from the United States
by Axton Global
Between 1985 and 2020 the United States' volume of imported goods from China has climbed substantially. In 2020 it reached 451.65 billion USD, demonstrating that China is their largest trading partner. This sheer volume of imports indicates that trade between the two countries is flourishing. For this reason, there is an overwhelming requirement for financial and credit support, which is where the Sinosure Credit Insurance tool is critical. With over 260,000 exporters in China issuing overseas importers deferred payment terms via Sinosure, insured trade exceeds 700 billion USD.
Below, we will explain how we assisted one of our United States-based clients in using Sinosure to apply for Sinosure credit and use deferred payment terms.
Below, we will explain how we assisted one of our United States-based clients in using Sinosure to apply for Sinosure credit and use deferred payment terms.
At Axton Global we make it effortless for United States importers to obtain deferred payment terms (of 90 to 180 days) from Chinese suppliers via Sinosure. From getting a Sinosure credit limit, to increasing or transferring your established credit limit, our company will improve your cash flow. Explore our expert services, get the key facts on our homepage, or book a consultation.
What is Sinosure?
Sinosure is an export and credit insurance organization that promotes the exportation of a range of products and goods, including technology and electronics. It insures and protects suppliers in China against potential credit risks during international trade.
How does Sinosure credit insurance work?
Sinosure credit insurance works by establishing a Sinosure credit for international corporations and buyers, which functions similarly to credit augmentation. If you default on the credit the exporter will still receive payment due to the agreed contract, as the supplier is backed by a Sinosure guarantee.
How Sinosure insurance works for United States-based buyers
Our globally renowned client, Designelle, a worldwide supplier of consumer products and goods via Amazon, solicited a Sinosure credit from our company. However, there was one main obstacle – they had been previously declined for Sinosure credit.
We, therefore, had to:
1. Discover the reason for the decline
2. Follow a manual process to upload information to Sinosure
3. Obtain a credit limit approval for the client
We, therefore, had to:
1. Discover the reason for the decline
2. Follow a manual process to upload information to Sinosure
3. Obtain a credit limit approval for the client
We quickly recognised that because private US companies do not have to disclose their financial reports to Sinosure, this made it a significant challenge for Designelle to have their finances evaluated.
After gathering the financial reports, we then sent the details to Sinosure manually, via our own specific channels.
There was a separate obstacle, though, which centred on the company trading name used by the client. This trading name made it impossible for Sinosure to identify their company.
Being experts in the field, we instantly understood that Sinosure would accept a modified name that combined the trading and legal company name.
Sinosure could then identify the client's company and approved the credit limit.
After gathering the financial reports, we then sent the details to Sinosure manually, via our own specific channels.
There was a separate obstacle, though, which centred on the company trading name used by the client. This trading name made it impossible for Sinosure to identify their company.
Being experts in the field, we instantly understood that Sinosure would accept a modified name that combined the trading and legal company name.
Sinosure could then identify the client's company and approved the credit limit.
Does your company import products from China? Streamlining and enhancing trading terms with your supplier is more than possible with the Sinosure credit insurance tool. It will take your business to the next level and boost your trading terms, significantly. Explore your options with a consultation now.
We help importers from all over the world to improve their trading terms with Chinese suppliers and extend payments to the supplier for 90 to 120 days using the Sinosure credit insurance tool
We help companies to obtain a new Sinosure credit limit, increase existing credit and provide comprehensive consulting services regarding Sinosure credit insurance
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Our Services
Obtain a new Sinosure credit limit for your company to negotiate deferred payments.
Expand your company's current Sinosure credit limit if you need to supply more goods.
Contact Us
Book a free online consultation with our specialist.
Axton Global is an international consulting company helping importers worldwide secure trade credit terms with Chinese suppliers.
We serve customers from 82 countries across 5 continents.
info@axtongl.com
We serve customers from 82 countries across 5 continents.
info@axtongl.com