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Collection

Documentary collection is a form of payment, according to which documents related to supply of goods or provision of services are transferred to the importer or customer of services through bank institutions only against payment of a collection amount or acceptance of a bill issued to the importer or customer of services.

In order for collection to be used as an effective method of payment, the seller and the buyer should agree all the detailed terms and conditions of collection. When conducting collection, banks shall be guided by the international ICC Uniform Customs and Practice for Collection and generally accepted bank practice.

The main advantages of collection for clients are:

  • the buyer benefit is in that if agreement on deferred payment is reached, the buyer may delay a payment until goods are delivered or even later
  • the seller benefit is in that that the documents of title to the goods shall not be transferred to the buyer until payment or acceptance is made
  • documentary collection is simple and inexpensive

Information updated on 10.10.2011

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