METHODS OF PAYMENT -
September 8th, 2010
Methods of Paymen
• Open account: Goods and documents are dispatched to foreign customer. Payment is made on a previously agreed date (e.g. 30/60/90/120 days from date of invoice or receipt of goods
• Letters of Credit: A bank undertakes to pay the value of the goods providing the exporting firm has met all the conditions of the letter of credit
• Cash against documents: Once goods are shipped the exporter hands the required documents to his bank that claim against the importer’s bank.
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