90-day Ex-Im Financing Successes
It has been about 9 months since Insta-Pro started offering 90-day terms on parts and equipment orders to our international customers. In that time, several of our customers from multiple countries around the world have taken advantage of this program to purchase parts, equipment and portable NIR technology devices.
This program is backed by Export-Import Bank of the United States and the overall feedback has been resoundingly positive. The customer can send in a parts list, we quote it, they approve it and we immediately process the order and ship it out. Without the 90-day terms, the customer must send the proforma invoice to their accounting department, who then arranges to make a wire transfer payment. The problem is the lag between the issue of the proforma to when the payment is received at Insta-Pro can be anywhere from 2 days to over a week. As a business owner, if you have a part that needs to be replaced in order to keep your extrusion line running, any downtime is lost revenue for your business. You also get to keep your cash on hand for 90 days, allowing you more cash flow and flexibility.
We always suggest you keep critical spare parts in stock, but in reality, this does not always occur, and that can lead to emergency situations. When approved for the 90-day terms, you know that when you order, most parts can ship immediately when ready, and in today’s international shipping world, FedEx, UPS, etc. can often deliver packages in as little as two days.
Being prepared to respond to inconveniences in your plant is critical to your success. Having the ability to quickly ask for and receive parts is one of the main keys to being prepared. Therefore, I encourage you to contact your Insta-Pro Sales Director and ask them if your country qualifies for Tier 1 (credit reference only) or Tier 2 (credit reference and credit report) to get the process started.
This program allows for up to $25,000 of initial credit. You can still pre-pay if you desire, but if you need to use credit to make a purchase you will already be approved, so there really is no negative to participating in this program.