Nov. 18, 2009 -
PRLog -- Starting from the U.S. financial crisis spread to the world, Korean companies is being affected from not receiving the exported item's payment, despite the export item was shipped beforehand. In most cases, the buyers suddenly disappear or the bankruptcy occurs. The United States and Latin American markets with relatively safe in the area came to believe the growing number of these cases is even more shocking. The B plant machinery manufacturer exports did not receive payment end of the year. The B plant in the U.S. consistently average more than 10 businesses has a nominal export in the wake of the economic crisis last month, but payment was not received. This causes B plant to over-due wage, but luckily, was able to safely pass the crisis. This was possible because they've use export insurance KOTRA(President Joh wan-ik) that support the online export payment service KOPS (KOTRA Online Payment Service). KOPS(kops.buykorea.org)
is a service to pay with credit cards for export goods. The exporter’s payments are deposited within 5 days. In addition, $ 10,000 per case, the cumulative transactions of less than $ 50,000, the Korea Export Insurance Corporation can automatically link with the compensation bill refunding buyers unsettled transaction to the exporter. Therefore, export companies can get a safe prompt payment. In addition to value-added services through cooperation with DHL can provide physical distribution service. Within the 30days of credit card payments, the export companies can receive the benefits of the miles and payment savings. KOPS began the service on July 2007 up to the end of the 2008, reaching 1600 conditions reaching the total of 200 million U.S. dollars export. There are approximately 9,000 buyers using the service. Last year, payments made within 2007, there has been approximately 650% growth rate. End of the last year, KOTRA received the Grand Official recognition from the governments that was from the 2008 IT Innovation Knowledge Economy organization. KOTRA’s Electronic trade team leader quoted “because of the global economic crisis, many small business exports companies are suffering." "But now, KOPS will upgrade the service to open up more opportunity to dig more buyers to support the deal. KOPS offers the exports 2.5% per payment ($ 10,000 in excess of 2.29%), but the use of service fees paid by credit card annual fee is free. More information is available at the kops.buykorea.org. In 2009, KOTRA will expand buyers from 72 countries and 97 overseas through the partnership with Korea Business Center (KBC), and expanding export routes to overcome the global economic downturn that will make an advantage of the breakthrough.
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