If there are discrepancies, the issuing bank will routinely notify “refusal to pay”, so there is no need to panic for the time being. Contact the foreign merchant to explain the situation and ask the foreign merchant to contact the issuing bank directly to accept the discrepancies and pay. Generally speaking, foreign merchants who are sincere in doing business will not pay much attention to small discrepancies.
If you feel that the issuing bank has made a mistake in judging the discrepancies, you can also entrust our bank to contact it on your behalf and argue with reason.
If there are indeed discrepancies, see if it is in time to change the bill and submit the corrected documents. As long as the modified documents are submitted to the designated bank within the validity period specified in the letter of credit, and the newly submitted documents do not have new discrepancies, it is deemed that there are no discrepancies in the documents, and the issuing bank must pay.
But in this case, every second counts. In addition, arranging shipment as soon as possible is also one of the preventive measures. Early shipment and early bill issuance will give you room for maneuver.
If there are discrepancies and the foreign merchant refuses to pay, it is a really tricky accident. We should try to coordinate and communicate as much as possible. If the foreign business insists, the exporter is often passive and can only compromise according to the situation. However, we should pay close attention to the whereabouts of the goods during the negotiation. In theory, after the bank refuses to pay, it must wait for the instructions of the exporter or foreign business. Unless the payment is made, it shall not release the order to the foreign business without authorization. But sometimes the foreign business will negotiate with the issuing bank, on the one hand, arguing with us and demanding fines, and on the other hand, secretly picking up the goods, which will not affect the turnover of the foreign business, but also have the opportunity to blackmail the exporter. At this time, if the exporter can understand the status of the withdrawal of the goods indirectly (mainly through the assistance of the freight forwarder), it can determine whether it can take tough measures to require the issuing bank to pay immediately or return the order immediately.