International payment – supply chain management – Business Link #unsecured #business #loan
Manage your cash flow more efficiently
- Use your existing credit cards 1 to support and facilitate payment for imports instead of tapping into cash reserves
- Take advantage of your card’s interest free payment terms and reward points 2 and utilise your potential early payment benefits
- Free up your cash flow for other critical business needs.
Take the guesswork out of foreign exchange rates
- Access competitive real-time exchange rates
- Know exactly what a purchase will cost in AUD at the time of the transaction.
Management of your international supplier
- Manage your international suppliers on 1 platform allowing you to manage and track the entire supply chain process between you and your supplier; keeping you updated at every stage with email notifications
- Store all important documents at each stage from purchase orders and invoices to shipping and payment.
- International payments are made securely via Business Link and processed by Westpac
- Payments are deposited directly into the supplier’s pre-registered bank account without your sensitive credit card information ever being disclosed to the supplier.
How it works
Business Link is an end-to-end online platform that facilitates payment for international suppliers by using your existing credit cards 1 with access to competitive real-time exchange rates
The buyer applies for Business Link
The international supplier is invited by the buyer to apply for Business Link and join the buyer’s closed community with support in English and Mandarin.
- Buyer submits purchase order. The purchase order is based on the Buyer and Seller’s Agreement formed outside of Business Link.
- Supplier accepts purchase order. Supplier submits invoice, documents (Bill of Lading or Airway Bill) and payment claims.
- Buyer authorises secure payment via Westpac Business Link using the buyer’s credit card. 2
- Payment is sent to the supplier’s pre-registered account.
- Buyer receives the goods.
Business Link fee
Business Link fee (excluding GST)
- 2.5% of each Australian dollar amount that is debited to the Card under clause 3.7(b) of Section B
- 0.25% Business Link Fee (inclusive of GST) 2.75% of each Australian dollar amount that is debited to the Card under clause 3.7(b) of Section B
The services of other financial institutions or third party processing institutions may also be used to carry out an International Payment. In many cases, these institutions will impose payment or handling fees and charges and are beyond our control. Westpac will not be liable for any amount deducted by, or payable to, another financial institution involved in carrying out an International Payment.
Fees and charges imposed by other financial institutions or third party processing institutions may be deducted from amounts transferred to the Seller. If this occurs, this means that the Seller will receive less than the Payment Amount.
Card payment processing fee
Foreign currency conversion fee
Foreign currency conversion cancellation fee
If an International Payment does not proceed for any reason, or a Buyer amends or alters any of the details of that payment, Westpac will need to cancel the underlying foreign exchange contracts. As part of the cancellation process, it may sometimes be necessary to ‘unwind’ the underlying foreign exchange contracts used to lock in a Buyer’s International Payment rate. This will result in a Buyer’s International Payment being cancelled. A different or new rate will also be used in the cancellation process. Depending on market movements in the relevant foreign exchange rates, there could be a cost or gain arising as a result of cancellation. Westpac will pass on to the Buyer any such cost but may, at its discretion, decide to withhold any gains. Westpac will withhold gains if, for example, in its reasonable opinion, the International Payment was not amended or cancelled in good faith by the Buyer.
The amount of Australian dollars a Buyer will receive on conversion back into Australian dollars will depend on the prevailing Spot Rate of Exchange at the time Westpac effects a Buyer’s cancellation request.
We may charge you a tracing fee of $35 per request.
A Buyer may sometimes need to confirm the destination of an International Payment. Westpac can assist a Buyer by tracing the International Payment to confirm if it was deposited to the Seller’s account.
This service is available by calling Business Connect Now or your Relationship Manager.