Expensive payment – Les Couleurs De Luce http://lescouleursdeluce.com/ Thu, 21 Oct 2021 05:19:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://lescouleursdeluce.com/wp-content/uploads/2021/08/icon.png Expensive payment – Les Couleurs De Luce http://lescouleursdeluce.com/ 32 32 exports: how to file complaints for non-payment of goods already shipped https://lescouleursdeluce.com/exports-how-to-file-complaints-for-non-payment-of-goods-already-shipped/ https://lescouleursdeluce.com/exports-how-to-file-complaints-for-non-payment-of-goods-already-shipped/#respond Thu, 21 Oct 2021 05:19:00 +0000 https://lescouleursdeluce.com/exports-how-to-file-complaints-for-non-payment-of-goods-already-shipped/ Exporters often face the problem of receiving late payment or not receiving payment for goods shipped to overseas buyers. Mitigating payment risk is one of the biggest challenges in export transactions, according to exporters.

It is imperative that exporters be especially careful when choosing a method to receive payments, as this in itself can be a form of risk mitigation. Given the large number of cases of non-payment for goods already shipped or shipped, exporters should understand the legal resources available in such situations.

Recourse available to exporters

In the event of non-payment for goods already shipped, experts say there are some key Indian organizations an exporter can contact. Purushottam Anand, Assistant Professor of Law and Associate Dean (Clinical Legal Education), IFIM Law School, says the key government organization that deals with foreign trade issues is the General Directorate of Foreign Trade (DGFT). To settle disputes amicably, in 2019 the DGFT set up an online service module called Quality Complaints and Trade Disputes (QCTD) to which importers and exporters can address their complaints.

On a practical note, Arjun Ranga, Managing Director of Cycle Pure Agarbathi, says that with DGFT, an exporter must file a complaint with the Federation of Indian Export Organizations (FIEO). FIEO and DGFT will blacklist stray importers after investigation. Exporters can also file a complaint with the Indian Embassy in the importing country. This will force the trade wing of the importing country to pressure the corresponding trade organizations to take action against importers, says Ranga, who exports to more than 65 countries.

Usually, trade issues are covered by international trade dispute settlement mechanisms if the parties agreed to arbitrate through this channel in the sales contract. But, for small businesses, international commercial arbitration can be disproportionately expensive, Anand says.

According to Ranga, international organizations such as MAH International Corporation in Switzerland are also useful and effective if exporters have the right documentation and communication support and follow-up. However, this process is costly because these debt collection agencies follow a negotiation approach, rather than the legal process, in order to preserve the relationship between the disputing parties. In most cases, importers make payments to avoid damaging their reputation.

However, the process is likely to take a long time for a new exporter. Exporters have to go through a long process even though they have validated each level of documentation with various organizations. According to Ranga, it is not easy for exporters. He therefore suggests insurance coverage approved by the Export Credit Guarantee Corporation (ECGC) as an ideal option for a novice exporter who has shipped the goods ahead of payments – i.e. shipping without prepayments / payments not covered by the conditions of documents against payment. .

Is the process simple or cumbersome for a novice exporter?

The process provided by the DGFT is quite transparent. Exporters can file their complaints on the DGFT website, and under the Services tab, go to the Quality complaints and commercial disputes section and download all the supporting documents. “The complaint is then forwarded to the respective Indian Mission Abroad (IMA) in the country of action,” explains Anand of IFIM. The website also provides a user manual and a virtual chat service, in addition to a toll-free number dedicated to aggrieved exporters. This is a free service and no administrative fees are required to file a complaint under the QCTD module.

Common problems while disputing non-payment and their solutions

Exporters make common mistakes when they dispute payment defaults for goods already shipped. Many exporters fail to keep or provide sufficient supporting documents while contesting non-payments, explains IFIM’s faculty. Even in cases involving payments via letter of credit or escrow services, money can only be released upon presentation of shipping documents or other required documents. In the DGFT portal, complaints filed without providing sufficient details or documents may be marked as “deficient”, but another possibility is offered to modify and resubmit the complaint.

So prevention is better than cure, according to Anand of IFIM. This is especially true in international sales transactions. Exporters should choose the payment method with the utmost caution and should also consider payment instruments, including letters of credit and escrow services, which involve a lower risk of default. Other mitigation measures that can be adopted include cargo insurance and the engagement of a trustworthy service provider (such as banks, freight forwarders, shipping lines and intermodal transport providers), explains Anand. “It’s also a smart decision to always start processing prepayment terms until you get to know the buyer. Make sure you are selling quality products as this will be the buyer’s main excuse for non-payment. One could consider using international certification agencies such as SGS or Intertek to have products certified before export, Ranga says. Exporters must also strictly follow all documentation procedures and also take ECGC coverage.

Experts say it is imperative that exporters are fully aware of the company they are dealing with. Vikas Singh Chauhan, director of the HomeTextile Exporters Welfare Association (HEWA), asks traders to do extensive homework before sending shipments to overseas buyers. Exporters should be familiar with the policies of the destination countries. “Recently, members exporting to Sri Lanka said that overseas remittances are limited in that country. Earlier we also saw the problem of payment due to the currency restrictions in Nigeria and Algeria. The worst part is that in case of non-payment in some countries, you cannot bring your goods back due to the complex customs policies there, so the exporters lose almost all the money, ”he adds. he.

Chauhan points out that in the case of textiles, exporters sometimes have the option of reselling the goods to others if the original buyer does not pay. But in the case of agri-food products, exporters can lose their entire shipment if they don’t take precautions like ECGC insurance. He therefore suggests that exporters do not give credit to buyers in the first deal. Even opting for down payment terms on the first two transactions can be very risky. “Bank guarantees or letters of credit are the best option. Otherwise, get an advance of 20 to 30% of the value of the transaction and get the rest on the copy of the bill of lading or by bank transfer after checking beforehand and taking insurance cover on the customer, ”he adds. .

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Insiders of Integrated Payment Technologies Limited (ASX: IP1) need additional AU $ 295,000 to break even on AU $ 1.2 million stock purchase, even after recent gains https://lescouleursdeluce.com/insiders-of-integrated-payment-technologies-limited-asx-ip1-need-additional-au-295000-to-break-even-on-au-1-2-million-stock-purchase-even-after-recent-gains/ https://lescouleursdeluce.com/insiders-of-integrated-payment-technologies-limited-asx-ip1-need-additional-au-295000-to-break-even-on-au-1-2-million-stock-purchase-even-after-recent-gains/#respond Wed, 20 Oct 2021 01:31:14 +0000 https://lescouleursdeluce.com/insiders-of-integrated-payment-technologies-limited-asx-ip1-need-additional-au-295000-to-break-even-on-au-1-2-million-stock-purchase-even-after-recent-gains/

Insiders who bought A $ 1.2 million worth of Integrated Payment Technologies Limited (ASX: IP1) over the past year has recouped some of its losses as the stock rose 15% last week. However, the purchase turns out to be an expensive gamble, as insiders have yet to anticipate their losses which currently stand at AU $ 295,000 from the time of purchase.

While we never suggest that investors should base their decisions solely on what the directors of a company have done, logic dictates that you pay attention to whether insiders are buying or selling stocks.

Check out our latest analysis for integrated payment technologies

Integrated payment technologies Insider trading in the past year

Insider Donald Sharp made the largest insider buy in the past 12 months. This single transaction involved A $ 1.1 million in shares priced at A $ 0.031 each. So it’s clear that an insider wanted to buy, even at a price higher than the current share price (i.e. AU $ 0.023). While their opinion may have changed since the purchase, it at least suggests that they have confidence in the future of the business. In our opinion, the price that an insider pays for the shares is very important. Typically, we are more bullish on a stock if insiders bought stocks at prices higher than current prices, as this suggests that they viewed the stock as good value, even at a low price. higher.

Insiders of Integrated Payment Technologies may have bought shares in the past year, but they haven’t sold any. You can see insider trading (by companies and individuals) over the past year shown in the graph below. If you want to know exactly who sold, for how much and when, just click on the graph below!

ASX: IP1 Insider trading volume October 20, 2021

There are many other companies that have insiders who buy stocks. You probably do not want to miss it free list of growing companies that insiders buy.

Insiders of Integrated Payment Technologies recently bought shares

Over the past three months, we’ve seen quite a bit of insider buying at Integrated Payment Technologies. The non-executive chair of the board, Emma Dobson, disbursed AU $ 23,000 for shares during this period. It’s good to see the insider buy, as well as the lack of recent sellers. But in this case, the amount bought means that the recent transaction may not be very significant on its own.

Insider ownership of embedded payment technologies

Another way to test the alignment between a company’s executives and other shareholders is to look at how many shares they own. We generally like to see fairly high levels of insider ownership. Insiders own 9.3% of the shares of Integrated Payment Technologies, worth around AU $ 2.6 million, according to our data. However, it is possible that insiders will have an indirect interest through a more complex structure. We generally prefer to see higher levels of insider ownership.

What might insider trading at Integrated Payment Technologies tell us?

Insider buying may have been minimal over the past three months, but there have been no sales. All in all, the purchase is not worth writing home. However, our analysis of transactions over the past year is encouraging. While we don’t care about insider trading, we would be more comfortable if they owned more shares of Integrated Payment Technologies. So these insider trading can help us build a stock thesis, but it’s also worth knowing the risks this business faces. Example: we have spotted 5 warning signs for integrated payment technologies you should be aware, and 3 of them don’t suit us very well.

Sure, you might find a fantastic investment looking elsewhere. So take a look at this free list of interesting companies.

For the purposes of this article, insiders are the persons who report their transactions to the relevant regulatory body. We currently account for open market transactions and private assignments, but not derivative transactions.

This Simply Wall St article is general in nature. We provide commentary based on historical data and analyst forecasts using only unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell shares and does not take into account your goals or your financial situation. Our aim is to bring you long-term, targeted analysis based on fundamental data. Note that our analysis may not take into account the latest announcements from price sensitive companies or qualitative material. Simply Wall St has no position in the mentioned stocks.

Do you have any feedback on this item? Are you worried about the content? Get in touch with us directly. You can also send an email to the editorial team (at) simplywallst.com.

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FinCEN: Ransomware on the Rise, Bitcoin is the Most Used Payment Method https://lescouleursdeluce.com/fincen-ransomware-on-the-rise-bitcoin-is-the-most-used-payment-method/ https://lescouleursdeluce.com/fincen-ransomware-on-the-rise-bitcoin-is-the-most-used-payment-method/#respond Mon, 18 Oct 2021 15:24:33 +0000 https://lescouleursdeluce.com/fincen-ransomware-on-the-rise-bitcoin-is-the-most-used-payment-method/

The US Financial Crimes Enforcement Network (FinCEN) recently revealed that Bitcoin is the most popular payment method among ransomware operators. This news alone would have been easy to guess – cryptocurrency and criminal activity go hand in hand like pancakes and syrup – but the extent of these payments was previously unknown. FinCEN said it believed $ 5.2 billion worth of Bitcoin transactions were related to ransomware.

The agency’s findings, which BleepingComputer reported on October 15, were published in a report titled “Ransomware Trends in Banking Secrecy Law Data January 2021 – June 2021”. The report describes the increasingly ubiquitous nature of ransomware attacks as well as the increasing amount that these attacks can earn their operators. The ransomware doesn’t have a moment; it is to establish a long reign.