How does a Business Transaction Facility work?
It allows you to offer your overseas buyers payment terms of up to 120 days, without the need for you to finance it yourself.
An Octet Business Transaction Facility gives each of your buyers an unsecured, interest-free line of credit. Buyers get the funds they need to maximise their orders with you interest-free for 60 days and have up to 120 days to repay those funds in full. You have the security of knowing you’ll be paid by Octet for the order as soon as it’s due.
You set up the transaction with your overseas buyers through Octet’s online portal. The portal verifies your identity (and that of your overseas buyer) via your Octet Trading Card, a chip card which you insert into your Personal Card Reader, supplied to you when you sign up as an Octet member.
When an overseas buyer wants to place an order, he contacts you through the Octet network. As you’re assured of payment by Octet, there’s no need to wait for an LC to clear through the overseas and Chinese banks.