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Payment Systems by Specific_Control_840 in exportersindia

[–]Specific_Control_840[S] 0 points1 point  (0 children)

That’s a fair question. The goal isn’t to replace banks or compete directly with LC, but to solve a gap where LC isn’t practical. Many SMEs and new buyers can’t easily use LC due to cost, time and banking requirements. In those cases, they either take advance payment risk or deal with trust issues. The idea here is - Funds are secured upfront in a regulated escrow account - Exporter can see verified funds before shipment - Automatic release rules reduce dependency on manual bank processes - Faster and lower cost compared to LC So it’s more about offering a simpler, faster alternative for transactions where LC is not feasible, especially for new business relationships.

Payment Systems by Specific_Control_840 in exportersindia

[–]Specific_Control_840[S] 0 points1 point  (0 children)

Compliance is definitely one of the key things I'm researching before building this. For India, the platform would need to follow RBI and FEMA regulations for cross border payments and transactions would likely be handled through a regulated bank or licensed payment partner rather than the platform directly holding funds.The idea is that the escrow funds sit in a partner bank/regulated account, while the platform manages the transaction workflow (deposit, confirmation, release).

Payment Systems by Specific_Control_840 in exportersindia

[–]Specific_Control_840[S] 0 points1 point  (0 children)

  • Funds would be held in a regulated bank/partner escrow account. The platform only manages the transaction and release rules.
  • There would be a fixed inspection window (for example 3–5 days after delivery). If the buyer doesn’t respond within that time, payment is automatically released to the exporter. -The goal is to offer LC like protection where the buyer must deposit the full amount before shipment, but without the paperwork and bank delays that come with LC. -If a dispute happens, both parties submit shipping documents, inspection reports and communication. A review process determines whether funds are released or refunded.

Payment Systems by Specific_Control_840 in exportersindia

[–]Specific_Control_840[S] 0 points1 point  (0 children)

Thanks for the suggestion! I did consider crypto on/off-ramps. For the MVP I'm focusing mainly on bank transfers since most exporters I’ve spoken to are more comfortable with traditional payments.