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How to Get Payment for Exporting?

 
 

"There is no point in selling if you are not going to be paid... the reason that the bank's collection services are needed because the exporter does not trust the foreign importer..."

 

 

 
Part 1
Documentary Drafts, export collection procedures & trade open account

A draft is a written document prepared by the exporter and the foreign buyer agrees to pay a given sum of money, for value received at sight or at a stipulated future date, known as a time draft.


 
 
Part 2
What are Letters of Credit and Trade Consignment?

The exporter retains ownership of unsold goods and bears all the loss, either having them returned to the exporter's country or sold locally at perhaps greatly reduced prices.

   

 

 
 
Part 3
Letters of Credit Collection Procedures

The collection procedure involves the use of a documentary draft. The exporter delivers the draft to his bank, together with all the shipping documents, bill of lading, insurance certificate, consular invoice, etc.


 
 
Part 4
Online Internet Electronic Letters of Credit

Electronic letter of credit is a letter of credit transaction which is carried by electronic means of communication and issued according to the rules such as eUCP allowing electronic presentations.

 

 

 

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Site Contents for Secrets of International Trade