Step-by-step guides to streamlining your trades.

From starting a trade to completing milestones, Outward has you covered with our handy videos & tutorials.


Setting up a trade

This demonstration will show you how easy it is to set up a trade on our platform. To start a trade, simply click on the "Start new trade" button on the home screen.

There are 5 easy steps to establishing a trade, and it doesn't take long to work through. In this example, we will act as the seller, and we've agreed to sell 500kg of New Zealand Manuka Honey, and the value of the transaction is $25,000 USD. We support a range of currencies on Outward, but if you would like to use a currency we don't have in the dropdown, get in contact and we'll see what we can do to support you.

Now we'll enter the buyer's email address, and once the trade is created, they will receive an email inviting them to the trade.

Next, you select the type of transaction you want to conduct: you can choose either escrow or direct. If you select direct you will not be able to use our escrow service, but you can still utilise our trade management platform to support your transaction.

The next step is to setup your payment milestones. You can setup both direct and escrow payments. In this example, we'll include a direct payment as a deposit, on acceptance of the trade, for $5,000, followed by an escrow payment one we prior to the shipment date, of $20,000. You can add as many milestones as you like, and you can configure the payments with conditions that meet the requirements of your trade.

When setting the escrow conditions, you will need to consider the time it will take for the payment to be received into our escrow account. This can take around 3 days via the banking SWIFT system.

Now we select the bank account we want to use for our trade. If I was the importer/buyer, this would be the account I expect to make payments from. As the seller, I select the bank account I want payments to be made into.

For this transaction, the escrow fee is $150 USD. The escrow fee can be paid for by either the buyer or the seller, and can also be shared between them. In this example, we've agreed to share the fee at a 35%:65% split.

We now continue to the next step to identify which form of transport we're using, and the shipment and delivery ports. In our example, the shipment will go via sea, between Wellington New Zealand, and Shanghai China.

We then select the incoterm for the trade, and the last shipment date for the trade. If the shipment can't be achieved before this date, the buyer and seller will need to agree to the changes at a later stage.

We can now continue to the next stage, where we will enter the documentary requirements for the trade. Outward utilises a documentary release process simillar to a letter of credit. As the goods in our example are being transported via sea, we need to select Bill of Lading.

The original Bill of Lading can either be couriered to the buyer, or you can select telex release depending on how you'd like to conduct title release for the goods. In this example, we'll select "Original documents", so we'll need to courier these to the buyer before the escrow funds can be released.

Now, we'll upload the pro forma invoice if we have it already, and then enter all documents required to clear customs and the port of delivery. In this case, we'll add a packing list, and a certificate of origin. We've also agreed with the buyer that we'll include a pre-shipment inspection report, so that the buyer can be comfortable knowing the goods meet the specification of our agreement.

Because we're couriering the documents, we need to select which documents the buyer will receive a copy of, and the number of copies that will be sent. In most cases, this will only be the Bill of Lading, as other documents can be shared electronically via the Outward platform. Thus, for our example we will just be sending 1 copy of the Bill of Lading.

The final step, is simply to review everything we've entered so far. Agree to Outward's terms of use, and then press the "Start Trade" button.

At this point, your counterparty will be emailed an invite to participate in the trade. You will now be able to see the pending trade, and can now go back and view the details of the trade, and add any messages you may want to share with your counterparty prior to acceptance.

That's how simple it is to set up a trade on Outward!

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Outward Limited is a Registered Financial Service Provider under the Financial Services Providers (Registration and Dispute Resolution) Act 2008 – FSP Number FSP661811, and is also a member of an independent dispute resolution scheme operated by Financial Services Complaints Limited 'FSCL' who are approved by the Ministry of Consumer Affairs. Outward Limited complies with the Anti-Money Laundering and Countering Financing of Terrorism Act 2009. Outward Ltd is a limited company registered in New Zealand, NBNZ no. 9429042384236. Registered office Level 2, 29 Waterloo Road, Lower Hutt, 5010, New Zealand.