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Large companies & public sector
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The documentary collection offers better security than payment to an open account.
The seller (exporter) ships the goods to the buyer (importer) and submits the required export documents to his bank with clear instructions. The presenting bank forwards them to the buyer's bank for collection.
The buyer can receive the documents after they fulfill the seller's instructions, i.e. against payment, against acceptance of a bill of exchange, or against another clearly stated condition.
Types of documentary collection
The buyer/importer can collect the following documents:
Against payment
It means immediate payment of goods or services and delivery of contractually agreed documents to the buyer-importer.
Against acceptance
It means handing over the agreed documents based on the buyer's acceptance of a bill of exchange.
Against other terms and conditions
For example, against the bank's or buyer's statement/promise to pay at maturity, etc.
