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METHODS OF PAYMENT

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CREDIT CARDS

These card are issued by credit card companies and this company guarantee payment for goods and services that the cardholder buys.

The purchaser must sign vouchers when buying something with credit card and this cost is charged on his account.

The following month the cardholder receives a statement with all his transaction and he pays them.


SWITCH CARDS

They are plastic cards issued by a bank for use in a cash point machine to get money out.

For using this card the owner has a code (Personal Identification Number).

You can use it to buy goods in shops which offers this services and the sum you spend is deducted from your account.


CHEQUE

The cheque is an order making by drawer to a bank known as drawee to pay money to the payee.

There are two types of cheque:

open cheque - you can go to a bank and cashed the money directly

crossed cheque - can pay it into a bank account


BANK TRANSFER

It is an irrevocable and unconditional order of payment issued by the debtor's bank to the creditor's bank.

The bank transfer ca be called SWIFT (the Society for Worldwide Iternbank Financial Telecommunications).

Each owner has a swift code.


TRAVELLER'S CHEQUE

This is a cheques issued from a bank into currencies of another countries.

They must signed when they are issued and when they are cashed.

You need an identity document.


DRAFT

It also called Bill of Exchange.

It is an order of drawer to the drawee to pay the amount to the payee who sometimes is the drawer.

The draft must contain:

the name of drawer, drawee and payee

the signature



the sum be paid

the date and the place of issue

the date of payment

The draft can be:

at sigh if it is cashed immediately

at 30-60-90 days if it is cashed after 30-60-90 days from the issuing date

at a fixed date if it is cashed at a specified date


BANK GUARANTEE

It is a method of payment and the bank guarantees the payment of the sum if the debtor fails to pay.


DOCUMENTARY COLLECTION OR CASH AGAINST DOCUMENT

It is a methods of payment and the  shipping documents are given to the importer when:

pays the draft if it is at sigh and it is called D/P (document against payment)

accepts the draft if it is at a future date and it is called D/A (documents against acceptance)

the shipping documents are: invoice, transport documents, packing list, draft, insurance policy)


LETTER OF CREDIT OR DOCUMENTARY CREDIT

The importer asks his bank (issuing bank) to open a credit in favour of the exporter.

The issuing bank sends a L/C to the exporter bank (advising bank).

The advising bank informs the exporter , he confirms the L/C and if he wants more security asks his bank to guarantee the payment.

The exporter dispatch the goods and gives the documentation to the advising bank.

The advising bank sends the documentation to the issuing bank.

The issuing bank check the documents and issues a draft.

The importer receives the draft.


CASH WITH ORDER

The importer pays for the goods when he places the order.


CASH ON DELIVERY

The invoice and the goods are delivered to the importer at the exporter's expense and when they reach the importer he must pay them.


OPEN ACCOUNT

The importer have good relationship with exporter and receives the goods and documents before he pays.






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