7 in 10 times, the bank rejects a supplier's paperwork on the first try.
Rejected on the first tryAccepted
Many importers pay suppliers through a bank letter of credit. Before the bank releases the money, it checks that the invoice, packing list and shipping papers all say the same thing. The International Chamber of Commerce estimates that 65 to 80% of these document sets are rejected the first time because something does not match. Each rejection means a delay, extra bank fees, and sometimes goods stuck at the port. [1]