We provide one of the most secure funding guarantees in the business so you can complete your Bank Guarantee Funding with us with confidence and safety. Our funder confirms…. The Funder has Sufficient funds on account to fully settle your transaction. Funds are Reserved at the Funders Bank solely for settlement of your transaction. The Funders Bank issues the 799 Payment Guarantee with Full Banking Responsibility AND Liability. This means if the funder defaults on completing the payment for our BG for any reason, then the funders bank will complete the payment and is standing behind the 799 payment guarantee with the banks full responsibility and liability.
This is one of the highest and most secure payment guarantees available. Full details of the 799 wording are below… About SBLC Providers When you are completing transactions, particularly when banks are involved, it is important to protect all parties. With standby letters of credit, or SBLC, you can create assurance that invoices or loans will be paid as promised, even if the borrower defaults on the loan or invoice. Obtaining SBLC financing is the best way to create a guarantee of funds, even if the person who is promising to pay doesn’t come through with the appropriate funds.
A Guaranteed Payment One issue that other promises to pay can have is they may be subject to dispute by the customer or the beneficiary of the payment. A financial standby letter of credit guards against these disputes. This is because the letter of credit clearly states the obligations of all parties that are involved in the transaction. In many cases, there is an additional party besides the buyer and seller to further guarantee payment if the buyer fails to follow through on the payment agreement.
A Back-up Option The primary use of standby letters of credit created by SBLC providers is to serve as a back-up option that is only used if the buyer fails to pay. However, it does require some form of collateral or line of credit to back up the letter. This is why the third-party involved in the transaction is typically a bank that offers up the line of credit to ensure that a payment will be made to the seller. This gives sellers greater assurance of payment, especially for larger transactions.