New online guide and tool for international traders

Government small business site, Business Link, is making importing and exporting easier for businesses trading overseas with the launch of a new guide and interactive tool. The services help businesses select the right payment method when trading internationally. They also support traders in assessing the potential risk associated with completing an international trade deal.

The tool guides businesses through which payment terms are most appropriate when selling to overseas customers. Taking under ten minutes to complete, the tool produces a short tailored report recommending the most suitable payment method for the transaction and further action points. It considers several factors such as customers’ creditworthiness, the trading conditions of their country and the financial strength of the user’s business.

The guide focuses on importing and exporting goods regulated by licensing quotas and major permissions. It also provides users with links to the relevant forms that need to be completed.

Trading internationally is heavily legislated – some products require businesses to submit up to 45 separate licenses and permits. Earlier this year Business Link research polling 1,000 small-medium sized business revealed that understanding and complying with international legislation is one of the biggest barriers to trading internationally.

Jonathan Hollow, of Business Link told us: “Importing and exporting can be an extremely complex process, but if you want to grow your business, overseas markets have huge potential. We have looked across Government and boiled down the essential information needed for businesses to engage in international trade into one tool. It’s a great time-saver for business managers and owners, allowing them to focus on running their business and making strategic decisions.”