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Different payment methods - Coggle Diagram
Different payment methods
Before delivery of goods
Simultaneous payment with delivery of merchandise
After goods are delivered
International means of payment
Documentary means of payment
: the buyer will take possession of the merchandise when it gets these documents (which are sent by banks)
Commercial invoice
Packing list
Certificate of origin
Certificate of quality
Simply (clean) means of payment
: documents are sent directy by courier or with the mercandise
Some methods
Clean payments
Advance Payment
Open Account
(exporter pays after receipt the merchandise)
Clean collections and documentary collections
Documents Against Payment
Documents Against Acceptance
Payment order
Personal check/Bank check
Documentary credit (Letter of Credit)