In order to help an enterprise solve financing difficulties, Fengya in collaboration with China Export & Credit Insurance Corporation (Sinosure) renders credit insurance financing service to help you accelerate the capital turnover, avoid trading risk, and accept orders with low cost, low threshold and at its great convenience. 

Fengya in collaboration with China Export & Credit Insurance Corporation (Sinosure) renders export credit insurance service that covers up to 120 days of OA payment period, so as to guarantee the safety of money payment. Once the insurance becomes effective, Fengya will assist in claiming for indemnity throughout the process, the enterprise is entitled to get the maximum 90% of the insured amount as indemnity.        FAQs     Q:  What is the insurance coverage provided by Sinosure? A:  Sinosure’s insurance coverage:  ① Commercial risk – Buyer goes bankrupt or becomes insolvent; buyer delays the payment for goods;  ② Political risk – The country or region where the buyer is located bans or restricts the buyer from paying for goods to the insured; bans the buyer from importing goods or revoke the import license that has been granted to the buyer; there is a war, civil war or riot that results in a failure of buyer to perform the contract; the third country through which the buyer has to makes payment issues the deferred payment order.    Q:  What is the maximum amount indemnified by Sinosure? A: After an enterprise purchases Sinosure’s export insurance, once the insurance becomes effective, Sinosure will indemnify the enterprise against the maximum 90% of the insured amount. (The insured amount must be within the buyer’s credit line)   Q:  How much is the Sinosure’s insurance premium? A:  Sinosure’s insurance premium may vary in country, region and payment period. Equation for premium: Insurance premium=Export amount specified in the customs declaration*Premium rate.    Q:  What if the buyer refuses to pay after the expiry of OA payment period? A：  ①Recourse payment for goods: Under normal circumstances, overseas buyer will make payment in accordance with the payment method signed on PO. If the buyer refuses to pay after the expiry of OA payment period, Fengya may recourse money from the overseas buyer through Sinosure after confirming with the enterprise.  ②Sinosure indemnity: Fengya will assist Sinosure in carrying out the credit investigation by issuing the relevant trading documents. If the trading background turns out to be true and accurate through investigation, and there is no default by seller, Sinosure will indemnify the maximum 90% of the factory’s insured amount.  ③Buyer’s credit records: If the overseas buyer fails to pay as per the order, after Sinosure makes a claim, the buyer’s dishonesty will be permanently recorded into the buyer’s credit system, any domestic company may inquire the buyer’s dishonesty record through Sinosure, and Sinosure can hardly approve any credit line to such disputed overseas buyer, which may directly affect its subsequent transaction. 

In order to reduce your risk in international trade, Fengya in collaboration with China Export & Credit Insurance Corporation (Sinosure) renders credit investigation service, help you understand the credit background of buyer (and the available credit line of buyer), avoid trading risk, and accept order at ease.      FAQs   Q: Under which circumstance should I investigate the buyer’s credit standing? A: You are advised to investigate the buyer’s credit standing if:  ① New customer places an order for the first time and makes payment in the form of sales on account;  ② Old customer places an order, but the payment period is long (sales on account); ③ In case of other circumstances where there is a payment period and there is a concern about the risk of money collection.      Q: What information should I provide to apply for the credit investigation on buyer? A: Buyer’s company name, company address, contact person, telephone number, e-mail, expected annual transaction volume, and the order signed with buyer.    Q: How long does it take to issue the credit investigation report? A:  ① Prior to your application for the investigation, if Sinosure, authorized by other enterprises in China Mainland, has investigated the credit standing of this overseas buyer, and has issued a report or has approved the credit line, the credit investigation report will be generally issued within 7 business days.    ②Prior to your application for the investigation, if Sinosure has not investigated the credit standing of this overseas buyer, or although the investigation has been conducted, the investigation report has expired or the credit line has expired, then another investigation is required, the credit investigation report will be generally issued within 15 business days.    Q: How much need I pay for the credit investigation on buyer? A: RMB 600-800. 

In collaboration with China Export & Credit Insurance Corporation (Sinosure) and banking institutions, Fengya will provide you with one-stop credit insurance services ranging from credit investigation on buyer, credit export insurance, to advance payment for goods, so as to avoid you from trading risk, ensure safe payment collection, and quickly get the credit insurance export order of advance payment for goods.    Basic services   Credit investigation on buyer   Credit export insurance   Credit insurance financing     Entry conditions: Foreign trade production-oriented enterprise, with a certain production capacity.  Enterprise is a general taxpayer, incorporated for more than half a year Trading background should be true and accurate. Export goods through Fengya.  Foreign buyer has a credit limit at Sinosure.      Fees 1. Credit investigation fee: RMB 600-800/order 2. Sinosure insurance premium: Amount specified in the export declaration×premium rate 3. Credit insurance financing service fee:        Cooperation process 1 Credit investigation on buyer 2 Credit insurance coverage 3 Credit insurance financing