In this podcast, Dhanraj, our expert in export businesses, shares his knowledge on payment defaults and risk management. He discusses how payment default can occur despite safety measures, such as getting paid before surrendering the bill of lading, and explains different scenarios where the buyer may not respond or make balance payments. Dhanraj suggests utilizing advance payments or selling the container to another buyer in the same country to manage the situation. He advises against taking payment later and credit transactions, which can lead to significant losses.

He emphasizes the importance of researching and selecting buyers carefully to reduce risks. He also highlights the impact of COVID-19 on international trade and recommends using insurance to mitigate risks, even though it comes with a premium cost. He shares his personal expe ...