FOB Shipping Point vs FOB Destination Point? Essential Points Of Difference
FOB shipping point vs FOB destination point often becomes a matter of confusion between many people and supply chain providers. You should be well aware of the reality before you use it.
Free On Board shipping point states that the buyer takes onus for the loss or damage of goods. Once the goods are away from the shipper. However, you need to understand it before getting an insight of the entire concept.
Free On Board Destination means that the seller retains the liability for the loss of damage. Unless the goods delivery process is initiated to the buyer. These are the basic differences between the two concepts. FOB vs CIF will also offer you some clear insights into it.
Difference Between FOB Shipping Point vs FOB Destination Point
There are several points of difference between the FOB shipping point and the FOB destination point. You need to go in-depth to have a better insight into it. Avoid making your opinion and conclusion depending on inaccurate information.
Both parties need to clearly define their responsibilities regarding documentation. It can include bills of lading to ensure a smooth and efficient transfer of ownership and control.
1. Ownership & Responsibility: FOB Shipping Point vs FOB Destination Point
In FOB Shipping Point, the buyer assumes responsibility and ownership for goods as soon as they are loaded onto carrier. They are usually a truck or a vessel at the seller’s shipping point. FOB shipping point vs FOB destination point has this core point of difference.
In FOB Destination Point, the seller has ownership and responsibility for the goods until they reach the buyer’s specified destination. It is essential that you know the facts well while attaining your needs with ease.
This is one of the crucial points of differences between the FOB shipping point vs FOB destination point. You need to identify the perfect solution that can make things easier for you in attaining your requirements.
2. Loss Or Damage Responsibility: FOB Shipping Point vs FOB Destination
The buyer is responsible for the shipping costs, insurance, and any potential damage or loss that may occur during transit from the seller’s location to the destination. The onus will stand still with the buyer.
The seller is responsible for the shipping costs, insurance, and any potential damage or loss that may occur during transit from the seller’s location to the buyer’s specified destination. FOB shipping point vs FOB destination point has some differences in terms of their damage of property.
3. Accounting Entry
The accounting entry for the seller is typically recorded as a sale once the goods are loaded onto the carrier at the shipping point. You should get through the complete concept to need a correct idea of it. FOB shipping point vs FOB destination also has differences in terms of their accounting entry. The type of consignment you use matters a lot here.
The accounting entry for the seller is usually recorded as a sale once the goods reach the buyer’s destination. You need to know the truth while attaining your requirements with complete ease. Once you develop the perfect solution, things can become easier for you in the long run.
4. Shipping Cost: FOB Shipping vs FOB Destination
FOB Shipping Point: The buyer is responsible for shipping costs from the seller’s location to the destination. You need to understand reality if you want to grow your business in the right order. Try to ensure that the shipping cost must be as low as possible.
FOB Destination Point: The seller until the goods reach the buyer’s specified destination. You need to know the truth while meeting your requirements with absolute ease.
5. Insurance
FOB Shipping Point: The buyer is typically responsible for obtaining insurance coverage for the goods during transit. Here, the onus of getting the insurance for the shipment lies with the buyer. The distribution channel here matters a lot.
FOB Destination Point: The seller is usually responsible for providing insurance coverage for the goods during transit. Try out the perfect solution that can make things easier for you in attaining your requirements simply.
6. Delivery Cost
FOB Shipping Point: The buyer has more control over the shipping process and can potentially receive the goods faster. The reason is the ownership transfers at the point of shipment. You need to get through the complete idea that can make situations easier for you to get your requirements with ease. Ensure that you make the proper arrangements of the delivery cost.
FOB Destination Point: The seller has more control over the shipping process, and the buyer might experience a longer delivery time. The reason is that ownership transfers at the point of destination. Although the responsibility of the seller keeps on moving with the places.
7. Revenue Recognition
FOB Shipping Point: The seller can recognize revenue once the goods are loaded onto the carrier at the shipping point. The point of seller recognition holds the key here. You must be well aware of it while meeting your needs.
FOB Destination Point: Revenue recognition may be delayed for the seller until the goods reach the buyer’s destination. Try to make things work in the correct order while attaining your needs with complete ease.
Final Take Away
Hence, these are some of the core points of difference between the FOB Shipping Point and FOB Destination point. You need to be well aware of it while attaining your requirements with absolute clarity.
You can share your views and points in our comment in our comment box. It will assist us to know your take on this matter. Once you follow the right methods, things can become simpler for you. It’s crucial for parties involved in a transaction to negotiate carefully and specify the FOB terms in the sales contract. To avoid misunderstandings and ensure that responsibilities and risks are clearly defined.
FOB shipping point vs FOB Destination Point has some core differences that you must go through with proper plans. Without a piece of proper knowledge, you cannot boost your business to the next level.
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You must not make your choices in grey while improving your business. Frequently Asked Questions(FAQs) [su_accordion class=""] [su_spoiler title="1. What Are The Impact Of COVID-19 Pandemic On the World Economy?" open="yes" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]The impact of the COVID-19 pandemic on the world economy is huge. Some have suffered a lot, while some have improved a lot. But it will take some time for you to recover from the damage.[/su_spoiler] [su_spoiler title="2. When Was The COVID-19 First Discovered?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]In mid-December 2019, the COVID -19 pandemic was discovered in the Wuhan city in the Hubai province of China. After that, it has spread to 215 countries of the world.[/su_spoiler] [su_spoiler title="3. How Much Time Will Industries Take To Recover From This COVID-19 Situation?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]It will take a minimum of 2-4 years for the industries to recover from the COVID -19 situation and gain traction; it will help your business grow in the right direction.[/su_spoiler] [su_spoiler title="4. Will, The Growth Rate Of Industries Will Be Faster Or Slower?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]The industries’ growth rate will be slower in the first quarter of 2022, and if no further attacks of this pandemic occur, the growth rate will be faster.[/su_spoiler] [su_spoiler title="5. Which Industries Will Grow At A Faster Pace Post-Pandemic?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""] The are several industries that will grow faster post-pandemic; some of the names are as follows:- E-commerce. Digital Marketing businesses. OTT platforms. Teletherapy. Telecommuting Tech. Ed-tech industry.[/su_spoiler] [/su_accordion] Read Also: Why Create A Powerful Business Continuity Plan? What Is Network Marketing And How To Do It In 2021 How To Start A Business In 2021 – Best Business Strategies
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The following are the major features of Money View personal loans: The Loan Amounts Are Flexible The loan amounts at Money View are not fixed, and depending on your needs and demands, you can get a variety of options when it comes to loans. From ₹5000 to ₹5 lakhs, you can get any amount between that. You Will Get Loans Fast The verification and loan approval at Money View is really fast. The verification process happens as fast as two minutes. Hence, in such cases, the disbursal of the loan amount is as fast as 24 hours. However, even if you do not get fast loans, you will get it within a couple of days. Loans Are Free From Collaterals One of the most worrying things about borrowers is the presence of collateral in loans. If you are getting loans from Money View, you will be able to get those loans free from collateral. This means, even if you are a defaulter of a loan, your collaterals will not be taken. Low Rate Of Interest One of the best things about Money View loan interest rates is that they are quite low. Since the Money View loan EMI payment depends upon the rate of interest, having a low interest helps loan borrowers a lot. The rate of interest starts at 1.33% per month. Full Paperless Transactions The loan borrowings are mostly free of any hassle with Money View. From the process of application, to the disbursement of the loan, everything is digital and paperless. This allows you to get a loan by not staying in person, and also get a loan fast. Apart from that, it contributes to the environment as well. Flexibility In Repayment Of Loans One of the best things about Money View personal loans is that you will enjoy flexibility with it. You can enjoy flexible repayment tenure of loans for up to 5 years with Money View. This is really helpful for individuals that have low monthly salary. Low Credit Scores Applicability You can borrow loans from Money View, even if you have a low credit score. Even if you have not taken a loan before, you can get once from Money View. The minimum CIBIL score that you need to have is 600, and the minimum Experian score required is 650. Benefits Of Money View Loans There are several benefits of the money view loans. You must go through the details of it while making your choices in the right direction. Money-view loans can be of great help for you when you are in dire need of that. You must go through the details to have a clear insight into it. 1. Quick & Convenient Application Process Money View Loans offers a quick and hassle-free application process. You can apply for a loan online through their mobile app or website, reducing the time and effort required for loan approval. You need to understand the convenient process that can make things easier for you in attaining your requirements with complete ease. You should ensure that the chances of mistakes and errors are as low as possible. 2. You Will Receive Flexible Loan Amount Money View Loans provides a range of loan amounts to suit different financial needs. You can choose a loan amount that aligns with your specific requirements. You need to get through the complete process that can make things easier for you in attaining your requirements with complete clarity. You should follow the right process that can make things easier and effective for your business. 3. Customized Loan Tenures Money View Loans offers flexible repayment tenures, allowing you to select a repayment period that fits your financial situation. This can help you manage your monthly EMI payments more effectively. According to your budget, you can make the selection of your loan tenure. There are no forceful pressure on you regarding this matter. 4. No Collateral Required Money View Loans are typically unsecured personal loans, meaning you don't need to provide collateral or assets as security for the loan. This makes it accessible to a broader range of borrowers. You do not have to submit any kind of collateral to get the loans on time. You cannot just make things too complex from your endpoints. 5. Competitive Interest Rates Money View Loans aims to provide competitive interest rates, making their loans more affordable compared to some other lenders. You will get the privilege to enjoy the competitive interest rates. You need to get through the process that can make things easier for you to reach your goals with complete clarity. 6. Quick Disbursements Once your loan application is approved, Money View Loans often disburses the funds quickly, sometimes within hours, which can be beneficial in emergencies or urgent financial needs. You must tryout to seek for those kinds of loans whose process of disbursement is easier and effective for your brand. It can make things happen well in your way. How To Download The Money View Loan App? The following are the steps you need to follow to perform Money View app download: Step 1: Open Play Store on your Android smartphone. Step 2: On the search bar, type “Money View.” Tap on the “Money View: Personal Loan App” option. Step 3: Tap the install button, and then let the download and installation process take place. Step 4: Once the Google Money View app is installed on your smartphone, you can start the app and then do a Money View loans login, to get access to the variety of loan options. Money View Loan Review – Loan Highlights Loan AspectsMoney View OfferingsRate of Interest1.33% per month onwardsLoan AmountINR ₹5000 to ₹5 lakhsTenureUp to 5 yearsMinimum Monthly Income- Salaried Professional: ₹13,500- Self-employed individual: ₹15,000Loan processing charges2% – 8% of loan amount approvedInterest on overdue EMIs2% per month on overdue principal loan amount/EMILoan cancellation chargesNo additional chargesCheque bounce₹500 each timeLoan Eligibility Age21 to 57 yearsMinimum CIBIL/ Experian ScoreCIBIL: 600 and Experian: 650 Money View Review – Borrower Reviews Of Money View Although there have been some Money View loan consumer complaints, but mostly reviews are good. Take a look: Image Source Image Source Image Source Image Source Summing Up In this article, you learned about Money View, the app it provides, and the loan services it offers. Hope, now you have a better idea of the types of loan opportunities that Money View offers. If you are looking to avail yourself a loan from the Money View platform, consider visiting the official website of Money View. There you can visit the “Apply Online for Personal Loan” option, and click the “Apply Online” button. Once you apply for a loan and your official documents get verified, you will be able to get a loan disbursal within 24 hours. If you have further questions about the Money View personal loan, consider asking it in the comments section below. Have A Look :- Maximizing Tax Refunds: Tips And Tricks For Canadians Speed Up Your Funding: A Quick Guide To Business Loans Starting A Business In The USA – 4 Tips To Kickstart Your Venture
March, 03 2023