Open Account Payments
This method of payment stipulates that the buyer (importer) receives the goods and pays the Seller (supplier) at a later date. Payments are done within 24 hours after receipt of customer request.
- Buyer takes delivery of goods before payments are made to the seller.
- Seller relies on the creditworthiness, integrity and reputation of the Buyer.
- This method of payment is risky to the seller as there is 100% exposure in the event of Buyer’s non-payment.
- Banks are involved only in the transfer of funds.
- Less expensive as compared to Letters of credit.
- Easy means of obtaining goods from abroad to trade.
- Customers have access to foreign currency at very competitive rates.
- Encourages the buyer into a long-term trade relationship.
- Visit any of our branches nationwide for an application form (Customer request).
- Submit the form together with the following documents:
1. Commercial Invoice.
2. Import Declaration Form (IDF).
3. Bill of Entry (Customs Declaration).
4. Original Bill of Lading / Airway Bill.
- Customs Classification and Valuation Report (CCVR – for Documents cleared before June 2020).