Harbor recently launched an online system that is changing the way buyers and suppliers handle global trade.
By using the HarborTrade platform, Harbor’s clients are benefitting from prompt payments which improves cash flow for both buyer and supplier, better organization and efficiency in the procurement process and enhanced communication between both parties.
Here’s how it works. A business that imports goods from domestic or international suppliers applies for a supply chain finance program with Harbor Trade Credit. Harbor provides the buyer with a credit limit which can be used to pay suppliers of their choice. The buyer and suppliers are onboarded to the platform in just a few easy steps.
The HarborTrade platform allows users to initiate orders, view and track shipments and pay invoices, all in one simple to use paperless system. When a client receives an invoice from a supplier, Harbor pays the supplier at shipment and gives the buyer up to 120 days to pay, creating valuable working capital.
In addition, the buyer and supplier can communicate through the messaging portal, centralizing communication and eliminating the need for back and forth email correspondence which can be scattered among employees.
“We’re excited to unveil the new HarborTrade platform and introduce buyers and suppliers to a more streamlined approach to trade finance,” said Katie Newton, Head of Origination, Harbor. “Since clients can keep any existing financing they have in place and do not have to put forth any collateral, our program is a great solution for all kinds of importers.”
With improved cash flow and administrative efficiencies, users of the HarborTrade platform are on track to grow their businesses.
Harbor facilitates trade both domestically and internationally with offices and representatives in Miami, Los Angeles, New York, Hong Kong, Germany and Mumbai.