In my opinion, you can take the below-mentioned five steps to lower your international business risk.
1. Spend time learning about the other party.
2. Begin with small exchanges to determine whether everything goes well and the other party is trustworthy.
3. Go to the company and perform all the necessary tests to make sure that your customer or partner is trustable.
4. Make use of stable payment options.
5. Form a proper relationship.
We all need to accept that trade finance may mitigate the risks of with international trade by resolving differing needs of parties An exporter will indeed want that the importer compensate for an export order in advance to avert the risk that the importer accepts the shipment but denies to payments. A prevalent remedy for this situation is for the importer’s lender to issue a LoC to the exporter’s bank, stating that payment will be made once the supplier provides the proof of shipment.