International Data Corp. That inconvenience is costly as well as time-consuming.
Exchanges offering online settlement packages can include letters of credit for next to nothing.
Such savings are hard for e-marketplaces to ignore. For Outdoor Product Exchange, incorporating settlement capabilities is a no-brainer, particularly because the exchange will be geared to retailers and manufacturers that want to do business overseas, said president Nathan Clakley. Such capabilities eliminate the manual currency conversion, debiting and credit authentication steps now necessary to support global trading, Clakley said. To that end, Outdoor Product Exchange plans to use one of a new breed of financial apps that promise to move companies from paper-based to electronic settlement. Clarus Corp.'s Settlement application service offers Outdoor Product a variety of financing mechanisms, from direct debiting to deferred payments, that let B2B exchange participants clear trades through more than 75 banks worldwide.