Doing business in russia, payment gateway becomes the priority from globe bill
Doing Business in Russia, Payment Gateway Becomes the Priority-from GlobeBill Russia is one of world’s most important emerging markets, defined by both its size and its growth potential. Despite the difficulties of the global financial crisis, the Russian economy has performed remarkably well over the last decade. However its method of payment and quoting is not developing as fast and sound as its economy. All hard currency settlements with Russian companiesand organizations should be made through authorized Russian commercial banks (tothe exporter’s bank). Some exporters prefer the customer to make payment from hardcurrency accounts held offshore in countries such as the UK, USA, Switzerland,Cyprus, Luxembourg, etc.An increasing number of Russian buyers are demanding flexible payment options,mainly revolving credit lines (Russians do not normally use letters of credit due tohigh local interest rates). Normal precautions should be exercised but trade financearrangements in the Russian market increasingly reflect international norms.Foreign payment records of Russian companies (if any foreign payments have beenmade) may be obtained via information services such as Dun & Bradstreet andCoFace. Some companies obtain this data in lieu of credit reports, which are notalways available in this market. Corporate credit bureau such as CoFace have recentlystarted appearing in the market in Russia, but the level of information available isgenerally less than in more developed markets.After analyzing the payment condition in Russia, GlobeBill (www.globebill.com)worked in partnership with the Webmoney and has officially launched a Russian localpayment gateway. By establishing a local payment gateway in Russia; GlobeBill caneffectively help the foreign investments solve the problems of operating difficulty. Asa representative of GlobeBill, Lin said that the number of Chinese third-partypayment companies involving in Russian Foreign Trade receivables were very limitedwhich has caused a lot of obstacles when foreign power want to enter the Russianmarket. The payment gateway will be able to provide both Russian and Chinesemerchants a professional payment solution in Russian local business.