divided into three types of payment: remittance (REMITTANCE), collection (COLLECTION), letters of credit (L / C).
1. Remittance include: M/T--- --- - MAIL TRANSFER mail transfer
T / T --------- TELEGRAPHIC TRANSFER wire transfer
D/D--------- DRAFT DEMAND ticket exchange
2. collection, including: D / P ---------- DOCUMENTS AGAINST PAYMENT payment
D / A ---------- DOCUMENTS AGAINST ACCEPTANCE Documents against acceptance
3. letter of credit L / C (LETTER OF CREDIT) The following is the most commonly used two:
SIGHT PAYMENT L / C at sight
DEFERED PAYMENT L / C long-term credit
1. remittance (Remittance)
remittance ways: Mail Transfer (M / T), Wire Transfer (T / T), ticket exchange (D / D). Remittance methods are generally used for the buyer's payment in advance. But there are also shipped for the first loading case, the so-called \
way in the use of remittance, should be clearly stipulated in the contract time of remittance, the specific methods and remittance remittance amount. In advance payment cases, remit the time stipulated in the contract should be linked up delivery time. For example : the buyer no later than December 15 will be 100% advance payment by telegraphic transfer and arrival seller.
2. Collection (Collection)
collection is charged to the importer to exporter of payment for goods or services, price, open a bank draft collection commissioned by the settlement. Exporters will be used as evidence of the commercial rights in goods with the documents and bills of exchange prompted by banks to importers, importers only after the acceptance or payment to obtain the goods right credentials.
light ticket collection and documentary collection of the collection points. Documentary collection of different conditions by a single cross, and \ The payment has \ × days of payment \ be clearly defined by the specific circumstances. hereby are examples of the following:
payment - Current D / P at sight
Buyer Seller
issued by draft at sight, at the sight of immediate payment, pay a single payment.
payment - Forward D / P after sight
issued by the purchaser × × days after sight payment with a single bill, the verdict should be prompted to accept, and shall forthwith pay the maturity date, pay a single payment.
against acceptance D / A issued by the purchaser ** days after sight bills of exchange with a single payment, which should be at the prompt acceptance, and shall forthwith pay on the maturity date. Acceptance after the sellers. Documents against Acceptance does not mean that the buyer must pay due, depending on the buyer's reputation.
D / P DOCUMENT AGAINST PAYMENT (payment)
as a type of collection service, is divided into two basic types of transactions: Current D / P and long-term D / P. The current international trade settlement, the parties are subject to ICC's \
spot and forward D / P basic operating procedures are as follows:
(1) buyer and seller in a contract with D / P will be settled, it is the foundation;
(2) the seller delivers the goods for all documents (including the shipping documents such as bills of lading, and commercial documents such as bills, invoices, etc.);
(3) foreign banks to contact the seller for its D / P collection requirements, fill in the collection order and deliver all documents;
(4) review the seller's accepted foreign bankers accept the collection order and all documents and receipts issued to the seller;
(5) the seller in two batches between the bank will send the full set of documents between the buyer bank (the bank can also be specified by the seller bank is the seller to clear the collection instruction book, which mostly);
(6) All documents received by the buyer bank documents to the buyer after the prompt;
(7) Buy the buyer bank payment (payment by (D / P Sight) conditions), or after examination of the documents to the buyer to accept and at maturity (long-term payment (D / P after Sight) conditions );
(8) Buyer's bank will receive all the documents to the buyer's money the buyer;
(9) the buyer will receive a bank transfer payment to the seller bank, bank transfer to the seller by the seller.
in D / P business, the Bank does not examine the contents of the documents, the bank is not liable to pay duty. Banks only provide forwarding of the documents, on behalf of the issuing, transfer and other services on behalf of receivables.
in D / P export business, exporters should note the following important questions:
1. D / P business, exporters, importers to obtain payment of the guarantee credit, so pay attention to the importer's ability to pay and business reputation, is that an important prerequisite for payment.
2. After delivery of the goods, documents from the exporter to the importer, the transfer process, pay attention to the control through the document to control the goods, the importer before the payment should be firmly in control of documents.
3. Often a problem in practice where the documents are in circulation, transfer points, the exporter submitted to bank transfer point, the seller bank to buyer bank transfer point, the buyer bank handed the importer of the intersection. Therefore, good control of the handover point, circulation of documents in accordance with specifications.
4. As far as possible the way the bill of lading instructions. This can be controlled by controlling the bill of lading the goods.
D / P risk
Although both cases the importer of import bank must pay before delivery of documents to the importer, and therefore the risk of both the law should say the same, but because of the risk faced by business practices in different export Business self-designated bank directly to the buyer for payment at risk.
according to the International Chamber of Commerce \ importers named in the bank for payment, etc. (collecting bank). However, in the collection business, collecting bank is not obliged to accept the commission exporters. In other words, after receiving the collection instruction, the bank is entitled to refuse to provide the service.
exporters through their bankers (the remitting bank) for collection, the remitting bank will arrange the collecting bank (regardless of whether the importer named in the line, and regardless of whether it is the importer's bankers) to handle Tips and receivables. Remitting bank documents for mailing the risks involved in the collection, you need to commit to the exporter. And if the process of the prompt payment of any problems, the remitting bank and collecting bank will be fully effective contact.
the contrary, if the exporter by mail documents themselves, on the one hand documents destroyed in transit, the risk of loss to be borne by the exporter, on the other hand, exporters are not imported to the bank between the client and import to banks businesses on how to manage this collection have trouble, leading the bank to handle the collection time to be included in the normal business management procedures, which require special treatment.
In addition, exporters, importers often can not determine the accuracy of the information provided by banks, such as bank name, address. If the name and the address incorrectly, may lead to the receipt of all documents, which may result in the original documents by the other person by delivery of the goods. Deliberate fraud in the case of exporters, direct mail,
belstaff jackets sale, document fraud who will undoubtedly bring great convenience.
D / P and D / A in the definition and difference?
Speaking from the collection
this:
A. The basic meaning of the collection
Collection (Collection) is a creditor (exporter) commissioned the bank to the debtor (importer) to receive payment of a settlement. The basic approach is the exporter first shipment, and then available, including the transport document (usually the bill of lading), and shipping documents, including drafts out, complete with a single bill to pay the exporter bank (remitting bank), entrusted by branch or agency of import (the collecting bank) to the importer to receive payment.
B. collection is based on the type of collection is included with the shipping documents, divided into a documentary collection and clean collection.
used in international trade, mostly with a single collection. Documentary collection, there are two pay a single method: payment and Acceptance.
a. payment (D / P). Exporter in the commission receivables at the bank, to instruct the Bank only in the payer (the importer) are paid only when the shipping documents to their hand, that is to pay a single payment for the condition, known as payment.
money on the time of payment can be divided into immediate and long-term payment. Immediate payment (D / P Sight), the exporter after delivery by the date stipulated in the contract, draft at sight (or not, draw) with a full set of shipping documents, commissioned prompted banks to importers, importer sight (and documents) immediately after payment. Banks are paid after the surrender of their shipping documents. Forward payment (D / P after Sight), the exporter after delivery by the date stipulated in the contract,
belstaff leather, issued a full set of shipping documents, together with long-term bill, commissioned bank to the importer suggested that the importer after the bill is correct single trial Deck against, are paid at the maturity date, and then obtain the shipping documents from the bank.
forward payment and payment by delivery of single condition is the same: the buyer can not obtain on behalf of non-payment to document ownership of the goods, so the responsibility for the risk the seller is basically unchanged.
forward payment is the seller give the buyer's financing, factoring the length of time depends on the bill payment period, usually means there are two deadlines: one is the payment date and arrival date is consistent. The buyer after the payment, you can take delivery. The other is the date of payment to be delayed than arrival date many. The buyer must agree to the request by the collecting bank trust receipts (T / R) to borrow the shipping documents in order to first delivery.
so-called trust receipts, import side, by a single document to provide a guarantee that they would pick up the goods on behalf of the bank trustee, customs clearance, warehousing, insurance, sale, and to recognize the ownership of goods remain with banks. After the sale proceeds of the purchase price of goods should be handed to the bank when the draft is due. Collecting bank, if agreed to by a single importer, can not recover the money in case the maturity, the collecting bank should bear the responsibility to repay loans. But sometimes take the initiative to authorize the exporter by the collecting bank loan trust receipt documents to the importer. This approach will be the exporter for the refusal of the draft is due to bear the risk has nothing to do with the collecting bank, called the payment, receipt by the Trust by single (D / P, T / R). In essence, this is not the \
b. Against Acceptance (D / A). Against acceptance that the goods shipped, the exporter issuing long-term bills of exchange, bank entrusted with the collection of shipping documents, and clear instructions to banks, the importer in the bill immediately after acceptance to be receiving a full set of shipping documents and then pay the bill due date payment.
against acceptance and the above mentioned \ Once the buyer due non-payment, to facilitate exports of goods may be two empty silver. Thus, exporters who strictly control the use of such means attitude.
C. Use of the collection
collection method more favorable to the buyer, low cost, risk,
belstaff uk, financial burden is small, or even obtain seller financing. The seller, even if a payment method, because the goods have been shipped, if the other party or financial condition due to low market prices and other reasons poor non-payment, the seller will suffer loss and round trip transportation costs of goods for resale loss. Forward payment and documents against acceptance, the seller to bear the financial burden is heavy, and against acceptance at risk. Collection is the seller give the buyer a certain preferential payment. The seller, it is a means to promote sales, but one must be cautious about the risks.
way of China's foreign trade enterprises to export collection, the main payment method used, and should focus on consideration of three factors: commodity market conditions, the creditworthiness of the importer that management style and financial situation and the transaction amount corresponding. Of particular importance is the commodity market conditions. Because of low market prices are often caused by poor business management style main drivers of non-payment. The case of strong market prices, less likely to protest, and even protest, we dispose of the goods is also more convenient. I do not normally accept foreign trade enterprises pay a single way of exports. In the import business, particularly in foreign processing and assembly and processing with imported materials, often on imported materials and parts used against acceptance of credit.
3. Letter of Credit (Letter of Credit)
letter of credit (L / C) is the issuing bank according to the requirements of importers and exporters and tips or on behalf of its own, open to the exporter (beneficiary), consistent with conditions in the documents promise to pay money order or invoice file.
credit characteristics
(1) the issuing bank should be issuing the applicant's request to open;
(2) payment artificial banks;
(3) is a contract-based, independent of the contract, the contract;
(4) is the business of the bank documents.
content of the letter of credit
(1) letter of credit instructions. If the credit type, nature, amount, and duration and maturity locations.
(2) description of the goods. The name, different specifications, price, quantity, and packaging.
(3) transportation instructions. Shipment of the latest period, the port of departure (to), destination (to), mode of transport, whether in batches, and can turn the ship and so on.
(4) documentation for instructions. Commercial invoices, bills of lading, insurance policies,
belstaff brad jacket, etc ..
(5) special provisions. According to each specific business need to be made a requirement.
(6) clause. Issuing bank drafts holders to ensure that the beneficiaries and the payment of the motion.
credit procedures
(1) buyers and sellers in the contract by letter of credit.
(2) buy a local bank for issuing the direction, to pay the issuing deposit or other guarantee.
(3) the application by the issuing bank issuing the content,
belstaff shop, and pay the beneficiary through the advising bank.
(4) after receipt of the seller, such as copies of the statement that the required delivery, and out of the draft and prepared a variety of shipping documents to the bank for negotiation of payment.
(5) negotiate about to draft and send the shipping documents specified by the issuing bank or paying bank claims.
(6) the bank received the documents, notify the buyer that payment redeem.
types of credit
(1) according to whether the documents are divided into: for Documentary Credits - the issuing bank draft or simply by documentary letter of credit payment against documents. With recourse - is a mere beneficiary of the issuing bank drafts drawn or simple receipt of payment letter of credit.
(2) under the responsibility of the issuing bank is divided into: irrevocable letter of credit - is the letter of credit in the period, and by letters of credit of all concerned parties (the issuing bank, confirming bank, the beneficiary ) consent, modification or revocation of issuing letters of credit Hang Bude. Revocable letter of credit - is the letter of credit in the period, the issuing bank without prior notice or consent of the beneficiary to the right to modify or revoke the letter of credit .
(3) to use under the letter of credit (payment method) divided into: payment letter of credit - a bank of payment specified,
belstaff jacken, the beneficiaries of the documents alone payment (do not open draft). Acceptance letter of credit - a bank where specified in the acceptance of letters of credit, is the acceptance of credit. Negotiate letters of credit - is to allow the beneficiary to a designated bank or any bank letter of credit presented for negotiation, that negotiation is divided into open letters of credit limit (or specify) negotiate letters of credit.
(4) divided according to the time of payment: sight payment credit. Long-term credit. Is divided into deferred payment letters of credit and bank acceptance credit.
(5) divided according to whether the third party to provide credit: credit. Refers to the issuing bank to open a letter of credit by another bank guarantee documents for compliance with credit terms to fulfill payment obligations. Irrevocable confirmed letter of credit , which means that both the issuing bank letter of credit irrevocable guarantee of payment, as well as confirming the payment of the guarantee. No credit. Without another bank to add its confirmation letter of credit.
(6) several special credit
validity. Also known as the draft is payable at sight letter of credit.
revolving letter of credit. The letter of credit being used whole or in part, its amount can be restored and re-use, or required until the required number of total amount. Is divided into automatic cycle, semi-circular and non -automatic cycle of three.
credit terms with wire. Such letter of credit allows the exporter receiving payment as soon as possible.
red clause letter of credit. Also known as an advance credit.
back to back letter of credit. Also known as the switch to open letters of credit, is the use of intermediaries as a way to benefit.
off credit. In order to achieve trade balance out roughly equal to the amount of credit in favor of each other.
standby letter of credit. Preparation of such letters of credit for issuing the applicant is breach of contract case occurred a way to obtain compensation.
Guarantee (Letter of Guarantee), also known as bank guarantee (L / G), refers to banks, insurance companies, security companies (sponsors) should be the applicant's request, to a third party (the beneficiary) in writing of credit opened security credentials. Guarantor of the applicant's debt obligations or liability.
installments and deferred payments
(1) installment of the products in order to pay part of the deposit before production, in various stages of production and then pay the remaining loan installments, the last payment or delivery is usually a guarantee of quality seller full time paid.
(2) is a form of deferred payment in the form of credit, the buyer in addition to payment for the goods, should also bear the payment of interest. Under the conditions of the deferred payment, title to the goods shall pass on delivery.
other payment methods:
O / A credit to open account
CWO cash with order with the order to pay now
C.O.D cash on delivery cash on delivery
CAD cash against documents payment vouchers are now
P.O.D pay on delivery cash on delivery
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