In the international trade market for export import trade, there are three main payment methods: Payment in full. Bills are collected. L/c (Letters of Credit)
In export, a DA payment term is an agreement in which the buyer is only compelled to pay after a certain period of time has passed. The buyer accepts the time draught and promises to pay in this way. The bank can deliver the documents to the buyer once this acceptance is obtained.
In an import letter of credit, the bank of the importer guarantees to the supplier that the bank will pay the agreed-upon sum whenever the supplier or exporter meets the letter of credit's terms and conditions. In this payment method, acts as an intermediary to assist in the completion of the trade transaction.
The payment period is the interval between when a debt is incurred and when it is due for repayment. The average payment period is the amount of time it takes a corporation to pay its creditors. The payment period for credit card payments is normally roughly a month from the time the item was purchased.
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