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Collections is a frequently used payment method in international trade
First you agree with the buyer that payment is to be made by Collection. Then you ship the goods and send the documentation (invoice and transport documents etc.), to Nordea*, which will forward the documents to the buyer's bank. The buyer will get access to the documents after having made payment or accepted to pay on a future date.
Abbreviations used in connection with Collections: CAD, D/P, D/A.
Your benefits with Collections
- you gain control of goods until paid for or accepted future payment
- you can offer credit and/or obtain finance
- the banks involved will act according to the internationally accepted rules of the International Chamber of Commerce.
*) with direct collection you send the documents directly to the buyer's bank