Kohtaaminen lentokentällä

Export collection

Export collection secures payment

An export collection enables your company to ensure that the buyer does not get possession of the documents of title to the goods before it has made a payment or accepted a draft.

At the same time, your company can get competitive edge by offering a longer payment period to the buyer.

A documentary collection is a secure payment method in ocean shipments when a negotiable bill of lading serves as a shipping document. However, the seller bears the risk of the buyer's ability to pay and willingness to accept the merchandise.

Your company places a written collection order with the bank and provides the bank with the shipping documents. The order must correspond to what has been agreed in the contract of sale.

The bank will not verify the authenticity of the documents it has received. It will only make sure that it receives all the documents listed in the order.

The order based on your company's instructions will be sent to the buyer's bank which will advise the foreign buyer of the arrival of the order.

Both the seller and the buyer incur charges due to the collection. The seller should agree on the charges in the terms of payments specified in the contract of sale.  Ultimately, the seller is, however, liable for all charges related to the collection.

In all documentary collections, we comply with the ICC Uniform Rules for Collections.