Documentary collections can provide you with a cost effective and secure support to trading with overseas partners.
Shipping and other documents evidencing that the goods have been shipped, will only be released against payment, or against a legally enforceable instrument of future payment such as a bill of exchange.
Why use documentary collections?
As an importer you are able to examine the shipping documents before paying or accepting a bill of exchange. This enables you to ensure that the goods match those that you were expecting to receive.
As an exporter, your overseas customers can only take delivery of the goods once they have paid for them or accepted a bill of exchange to pay at a later date.
Documentary collections are subject to universally accepted rules set out in Uniform Rules for Collections (UCR) publication 522 issued by the International Chamber of Commerce.