International Payment Methods
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- International Payment Methods
Cash in Advance:
- Time of Payment : Before Shipment
- Goods Available to Buyer : After Payment
Open Account
- Time of Payment : As agreed; e.g.: 30 days
- Goods Available to Buyer : Before Payment
Letters of Credit (L/Cs) are legal instruments issued by banks (on behalf of their customers) with the conditional obligation to make payment to the beneficiary of the L/C
- Documentary (Trade) Letters of Credit are used to facilitate payments in import and export transactions
- Standby Letters of Credit are “standing by” for an event of default or non-performance before they can be drawn on.