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Payment terms

Payment terms

Payment terms are established by the Purchasing Department and dictate when payments to non-employee suppliers will be made.

L/C-Letter of Credit

In modern business practice, a letter of credit (LC) also known as a Documentary Credit, is a written commitment by a bank issued after a request by an importer (foreign buyer) that payment will be made to the beneficiary (exporter) provided that the terms and conditions stated in the LC been met, as evidenced by the presentation of specified documents.

T/T- Telegraphic transfer

Telegraphic Transfer or telex transfer, often abbreviated to TT, is a term used to refer to an electronic means of transferring funds. A transfer charge is often charged by the sending bank and in some cases by the receiving bank.

  • 30% T/T in advance and 70% T/T before delivery
  • 50% T/T in advance and 50% T/T before delivery
  • 100% T/T in advance
D/P-Documents against payment

Arrangement under documentary collection in which an exporter instructs the presenting bank to hand over shipping and title documents (see document of title) to the importer only if the importer fully pays the accompanying bill of exchange or draft.

Western Union-西联汇款

The Western Union Company is an American financial services and communications company. Its North American headquarters is in Meridian, Colorado, although the postal designation of nearby Englewood is used in its mailing address. Up until it discontinued the service in 2006, Western Union was the best-known U.S. company in the business of exchanging telegrams.

PayPal

PayPal Holdings, Inc. is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders. PayPal is one of the world's largest Internet payment companies. The company operates as a payment processor for online vendors, auction sites and other commercial users, for which it charges a fee.

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