Letter of Credit Management (LCM)

ePROMIS Letter of Credit Management offers on-demand software for managing the Letter of Credit (LC) documentations, submission and tracking.International business transactions may involve risks. This risk affects both the buyer as well as the seller. Sellers enter into risk when buyers fail to pay for the goods and importers may risk paying but not receive anything. Because of the distances involved, it may be difficult to resolve any disputes. One way of reducing the risks is to use a letter of credit. This can offer a guarantee to the seller that they will be paid, and the buyer can be sure that no payment will be made until they receive the goods.

  • Records the budget of the imported items & follow up of its execution.
  • Tracks & records the letters of credit and their details.
  • Transaction status alerts which monitor key events.
  • Complete integration with the Procurement Modules.
  • Track complete Letter of Credit (LC) cycle.
  • Cut down the risks and maintain records effectively with ePROMIS Letter of Credit Management(LCM)

In this way, the risk that the buyer will fail to pay is transferred from the seller to the letter of credit's issuer. The letter of credit also insures that all the agreed upon standards and quality of goods are met by the supplier. ePROMIS Letter of Credit Management offers on-demand software for managing the lifecycle of LC.

  • Benefits at a glance
  • Records the imported budget of items & follow up of its execution.
  • Ensure data is mapped accurately and instantaneously to the required documents and minimizing manual data entry.
  • Tracks & records the letters of credit and their details.
  • Complete integration with the Procurement Modules.
  • Transaction status alerts monitor key events such as latest shipment and expiration dates.
  • Reports detailing key performance metrics such as dates and transaction expenses help evaluate the performance of third-parties such as forwarders, carriers, banks, etc.
  • Tracks & records the letters of credit’s invoices with all its expenses including all types of taxes.
  • Calculating & distributing of the letters of credit’s expenses on the items and recalculating cost prices by posting it with inventory receipt transactions.
  • Extracting a report of the letters of credit’s cost.
  • Also records LC Settlement.
  • If LC settlement is not settled, Trust Receipt (TR) application and TR settlement can also be recorded.

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ePROMIS Solutions is a leading global enterprise software provider. Smart Solutions from ePROMIS including ERP Software, HCM, CRM, SRM and SCM are equipped with the gears and strength to help customers DO BUSINESS BETTER by improving productivity, anticipate success, maximize profit and the return on invested capital.

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