YOU ARE HERE: HOMEHow is the payment term?

How is the payment term?

Initial Orders:

  • All new customers must pay upfront for their first order. You’ll receive an invoice, and payment is due before your order is processed.

Credit for Established Customers:

  • Once you’ve done business with E-SPIN before, you may be eligible for credit terms on future orders. This allows you to pay for your order later, improving your cash flow.

Applying for Credit:

  • To apply for credit, you’ll need to fill out a credit facility application form provided by E-SPIN’s finance department.
  • You’ll also need to submit supporting documents to help E-SPIN assess your financial health and determine a suitable credit limit for your business.
  • Make sure all documents are complete and accurate to avoid delays or rejection of your application. E-SPIN reserves the right to reject applications with missing information or changes to the standard terms.

Maintaining Your Credit Line:

  • E-SPIN offers credit terms to encourage repeat business. However, if you only place one or two orders per year with E-SPIN for more than three months, your credit line will automatically expire due to inactivity.
  • To reactivate your credit line, you’ll need to submit updated financial documents for review by E-SPIN’s finance department.

Losing Credit Privileges:

  • E-SPIN may revoke your credit privileges if you consistently fail to make payments within the agreed-upon timeframe or if they encounter difficulties collecting payment from you.
  • In such cases, you’ll be required to switch back to prepayment for future orders and rebuild your creditworthiness before re-applying for credit.

Credit Charges and Approval:

  • E-SPIN charges additional fees for credit terms and financing, typically ranging from 3% to 7% depending on the length of your credit period (14, 30, or 45 days).
  • Approval for credit is based on a review of your financial statements, business documents, and any submitted guarantor forms.

Required Documents (May Vary by Country):

  • E-SPIN typically requires the following documents for credit applications, although specific requirements may vary depending on your location:
    • Three years of audited financial reports
    • Trade references (verifying your past payment history with other businesses)
    • Guarantor forms signed by two major shareholders/directors of your company

E-SPIN is Not a Financial Institution:

  • It’s important to note that E-SPIN is not a bank or a financing company. They primarily focus on supplying products and services.
  • The information provided is intended as a general guideline, and they recommend exploring bank overdrafts or similar facilities for more extensive financing needs.
  • For any specific questions or clarifications regarding your account and credit eligibility, contact your designated account representative at E-SPIN.