Import documentary collections
Make and receive secure payments around the world
A collection is a simple and efficient tool for settling your trade debts. It can be used to make payments of any size and in any freely traded currency.
- Make payments of any value in any freely traded currency
- Payment can be made to your suppliers on their immediate presentation of documents or on a fixed or determinable future date
- You may be able to negotiate a credit period (term bills) by agreeing to use collections
How import letters can help your business
Improves your cashflow
Agree to use collections and you may be able to negotiate both a credit period for term and the costs of the collection to be paid by your supplier.
Reduces your risk
Dealing with a new supplier? A collection gives you evidence that goods have been shipped, often including documents of title (eg, bills of lading).
How it works
Your supplier will send us documents allowing access to traded goods, usually via their bankers and with an invoice and a bill of exchange drawn on you.
A collection schedule acts a checklist of the documents enclosed and also specifies the necessary conditions for release of the documents.
Payment terms will have been agreed in advance between yourself and your supplier and can either be on immediate presentation of the collection (sight payment) or on your written acceptance to pay the bill of exchange at an agreed or determinable future date (term payment).
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