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Export Select Customer Credit Protection
 

What is export select customer credit protection?


CIT’s Export Select Customer Credit Protection is a solution for companies that want non-notification credit protection on their export sales

This risk management tool is used by U.S. companies that export who are worried about the creditworthiness of one or more of their major foreign customers.

When can companies take advantage of this program?


With Export Select Customer Credit Protection, your clients are protected in the event that their foreign customer is financially unable to pay. CIT will assume responsibility and pay your client the full undisputed amount due. 

Companies turn to CIT’s Export Select Customer Credit Protection when they cannot obtain information on a foreign customer, are unwilling to take political risk in certain overseas markets or simply offering open credit terms creating a large credit exposure that is beyond their comfort level.

Eligible companies:

  • Export sales over $5 million annually
  • Terms of sale no greater than 120 days
  • Average invoice size greater than $10,000
  • Minimum invoice greater than $5,000

 

Preliminary credit requirements:

  • Credit interview with the International Credit Manager
  • Monthly sales journal by the 15th of the following month
  • A/R aging monthly with electronic transmission and explanation of past dues to be provided no later than the 15th day of the following month

 

Benefits

  • No UCC filing required for credit approval until an approved receivable is left unpaid due to credit risk or political risk reasons
  • Up to 100% commercial credit and political risk of approved customer risk account