A Standby Letter of Credit (SBLC) is one of the legal documents that are issued to reduce the risk of fraudulent business transactions. This document helps put the parties involved in a trade at ease. You can get an SBLC bank guarantee.
You’ll find that there are a lot of financial institutions in Dubai that provide such guarantees. However, not all of them are legit or have competent employees. So how do you avoid hiring a shady or inexperienced issuer? Below, you’ll find some qualities that every good SBLC issuer should have. If they check all the boxes, they’re the ones.
Excellent Customer Service
A good issuer will have excellent customer service skills. Notice the body language, facial expression, and tone. If your issuer isn’t friendly or patient, you should definitely rethink working with them. Your SBLC issuer is someone you’ll have to keep in touch with, so it is important that they make you feel comfortable and have great interpersonal skills.
Ability to Multitask
You won’t be your issuers only client. This is why you need to make sure that they can multitask and attend to your needs. Also, transactions can be complex and involve several processes that usually come with a lot of paperwork. Your issuer would have to go through them while also answering your questions and maintaining a helpful attitude. Time is money, so the more efficient your SBLC issuer is, the faster your transactions will proceed.
Your issuer must be knowledgeable about financial terms and concepts and be able to answer all your questions regarding them. You shouldn’t only judge their speaking skills but also their listening and writing skills. There are so many issues that can be avoided or resolved with proper communication. Also, discretion in your communications is needed. Financial matters are sensitive so you need to be sure that your SBLC issuer will protect your confidential information.
Pays Attention to Detail
An SBLC needs to be 100% error-free. This means that your issuer has to be detail oriented. Make sure they are principled, have a good attention span, and a sense of responsibility. A focused SBLC issuer would easily avoid costly mistakes.
Again, your SBLC issuer is going to be handling important documents. Pay attention to their organizational skills as well as their workspace. If they are organized, that’s a good sign!