Getting paid

FACTSHEET // JANUARY 2021

Getting paid1
1. Introduction
Getting paid is often the hardest part of your international trade transaction. Even if you are
used to taking payment up-front in your domestic market, you will find that much harder in
an overseas market. Moreover, the method by which your customers agree to pay will have
an effect on the likely cost of providing the goods. You will also want to quote the agreed
payment method in your sales quotation and sales contract. If your customer is desperate
for your goods then you will be in a position to dictate terms — it is far more likely, however,
that you will need to compromise on the payment method.

This factsheet outlines a range of payment methods which are open to you. These will be
determined by the type of goods or services as well as the country from which the order
originated. Some countries have closed or restricted currencies, governing the route by
which money travels from the buyer to yourself. The sales and financial contracts will thus
need to take into account the laws specific to the country with which you are dealing. And
you may want to reflect the perceived financial risk in the price.

2. Managing the risk

Ultimately, exporting2 is undertaken to make money. However, getting paid is an
understandable concern when your customer is thousands of miles away, speaks a different
language and ‘does things differently’ to you. Management of this risk should form an
integral part of your exporting plan. Several methods of payment are open to you, each one
allowing some degree of risk reduction. The one that you choose will be determined by
factors such as the sales agreement, the country in question, the goods involved and the
chosen method of distribution. However, it will be worth familiarising yourself with the
various methods, and the advantages and disadvantages of each one, before looking at the
decisions in front of you. If, for example, you use a confirming house, then payment will
become their responsibility, rather than the buyer’s. If goods are to be carried by ship then
the option to withhold documents for collection becomes much more effective than for

1
This factsheet is based on material originally published in Exporting for the First Time by Graham Smith & Paul
Sampson and edited by Colin Weatherspoon & David Irwin, copyright Project North East, 1996, and used with
permission.
2
This factsheet tends to talk about ‘exporting’ and ‘exporters’ as shorthand for businesses that intend to engage
in international trade or investment, on the basis that the business intends to sell something in an international
market.

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carriage by air, rail or road, where such documents usually accompany the goods
themselves. This makes you more reliant on the customer to pay the balance and should
therefore be used in conjunction with the more secure methods of payment. Your bank will
be able to advise you but keep in mind this general equation: greater risk reduction equals
higher costs at this stage.

Once you have established contact with an overseas firm, research it (see factsheet on
Know Your Customer). Use your common sense; even at home, you would be hesitant to
supply goods on credit to a new customer without trade references. References on foreign
customers can be obtained through their or your bank, through the embassy, or through a
specialised credit referencing agency. There will be a charge for this investigation, but
supplying as many details as you can at the start, will help to make the final report more
informative. It may also be possible to ask other firms trading with that buyer for references,
if you can get hold of this information, but if these are intended to be used to obtain credit
and/or insurance they must be accompanied by the bank status or credit reference report.

The choice of payment method will affect cash flow for both parties and if you cannot obtain
advance payment, you will need some means of securing this. This is where items such as a
Confirmed Irrevocable Letter of Credit come in..

Risk areas
Commercial.
Distance — goods do not arrive or are faulty.
Communication problems — language / cultural / distance.
Non-payment.
Political risks.
Foreign exchange.

Risk management
Language and communication problems — seek help, use your network, bank, etc.
Buyer / country risk — insurance is vital.
Payment risk — involve your bank in committing to uphold the sales agreement,
promissory note, an aval (guarantee), Letter of Credit, but make sure that you know
where the risk lies.
Foreign exchange — hedge

Familiarising yourself with suitable payment methods before you negotiate with customers
is sensible, but listening to their position and needs will be an important factor in
determining which payment method is finally decided upon.

At this stage it will be useful to formulate a non-payment action plan, which can be put into
effect to recover unpaid invoices. What this involves will depend on the specific sales
contract, but it should be clarified before anything is signed and should be included in the

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sales provisions. Insurance can be taken out against non-payment. However, if this
becomes necessary you may well find that you are unable to recover the full amount of the
order. While insurance is imperative to ensure that some of the balance is recovered, you
should try to minimise non-payment risk within the payment arrangement itself.

3. Invoices
Invoices are a basic document of any supply situation and, in exporting, are generally used
as a record of goods shipped and the terms on which this took place. Details of freight,
contents and insurance are usually included, but each country has its own requirements. A
‘pro forma invoice’ may be used for making quotations and obtaining payment, where this is
made in advance. ‘Customs invoices’ may constitute a certificate of origin and value on
which a customs duty will be based. These have to presented on a particular form, specified
by the country that is importing the goods. When the declaration of the exporter alone
cannot constitute a certificate of origin and value ‘Certified Invoices’ can be used. These will
need to be authorised by the Chamber of Commerce and the relevant embassy of the
receiving country, who will lay down the exact requirements on what is to be detailed on
the form. This process will take time and money and this must be taken into account when
compiling information for approaching banks, etc.

4. Foreign exchange risks

One decision that you will have to make regards the currency in which will quote: dollars or
the currency of your target country? By quoting the buyer in sterling you will eliminate the
risk of fluctuations in exchange rates, which may result in the order gaining or decreasing in
value. However, buyers do possess some negotiating power and may be reluctant to
undertake a contract quoted in a currency other than their own. One way around the risk
that this involves is to establish a contract with your bank to sell the currency to them at a
future date and at a set rate of exchange. This will guarantee that you will receive a precise
amount of dollars, but also requires you to provide the foreign currency once the balance
becomes due whether or not you have managed to secure payment from the original
customer. It also removes the possibility of gaining from favourable movements within the
exchange rate, but this gamble cannot outweigh the security of obtaining a set amount of
dollars. This arrangement will allow you to be encouraging when customers ask to be
quoted in their own currency.

Foreign exchange rate risks may have an effect on the end price that is quoted, as you will
need to allow for losses involved in the time delay, transaction costs, etc as well as
exchange rate fluctuations themselves. Keep tabs on exchange variations as these will
effect the prices at which you offer to sell and hence, your competitiveness. Unless you gain

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payment in advance, or by an irrevocable letter of credit, you run the risk of not having the
currency that is paid to you being exchanged for dollars. This can happen for countries of
high exchange risk or where there are tight controls on currency leaving the country.

5. Choices of payment
These should be considered in the light of the use of INCOterms and what precisely
payment will include.

5.1 Cash in advance

From your point of view, cash in advance is the ideal risk management method, particularly
when dealing with an unknown customer.

Payment method
Payment would generally be made in response to a commercial or pro forma invoice and
may take several forms:

By cheque. You should wait until it has cleared before the goods are dispatched. Unless
the cheque is in US$ or sterling this method may incur a long delay before money is
cleared, making it subject to exchange rate fluctuations and problems within the buyer’s
country.
By a bankers draft. This is preferable to payment by cheque, but the exchange rate risk
remains until currency items are cleared.
Society of Worldwide Interbank Financial Telecommunications (SWIFT) is used for the
transfer of money between banks. This system is specific to banks, so you will need to
approach them if you wish to use it.

Exchange risk
All transfers of currency, cheques in particular, are subject to several days handling time.
This is dependent on the efficiency of the banking chain involved and on the correct
presentation of requirements and documents by all parties involved.

Non-payment risk
Payment in advance is risky for the customer and you may have to offer some
encouragement, such as discounts in exchange for payment in sterling. An arrangement
where the customer pays a deposit, and offers to complete the balance on receipt of the
goods, should really be avoided unless you can implement a back-up procedure against
non-payment (such as withholding future shipments in long-term agreements).

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5.2 Open account
Payment method
For a well-known customer you may wish to offer an open account arrangement. All the
necessary documentation will immediately be supplied to allow the importer to take delivery
of the goods. In effect this is the opposite to the above arrangement; the goods are in
advance. The buyer will then pay according to the instructions on the bill.

This system has its advantages and disadvantages for both parties and, despite its
drawbacks, is widely used. It is cheap and, in theory, straightforward. However, what you
expect from the relationship in terms of payment, insurance, etc should be made clear from
the very beginning.

Exchange risk
Within this arrangement, exchange risks are high as payment will be made at a future date.
Provision should be made in respect to the expected currency, payment date, penalties, etc
within the sales agreement.

Non-payment risk
Insurance can be obtained against non-payment, but this will not recover the full value of
the goods. In this situation, credit references are vital, and you should make it absolutely
clear to the buyer what will become due, when and in what currency. The implementation of
a non-payment ‘action plan’, as with the credit reference, becomes even more urgent in the
case of an open account.

5.3 Documentary Letters of Credit

Payment method
Under this method the buyer will approach their bank to open credit in favour of your goods.
Conditions for this credit will be laid down at this point; such as the dispatch of goods being
arranged according to the importer’s instructions. The overseas bank will then request a UK
bank to advise you of the credit and conditions. Once the conditions have been fulfilled on
your part, the bank will pay you accordingly. Obtaining the credit, especially if you wish it to
be confirmed (see below) depends on you presenting the correct documents, in accordance
with the terms of credit, to the confirming bank. The credit, and hence payment, is partly
reliant on yourself to fulfil these requirements.

Different types of credit include:

Transferable credit — may be transferred, in whole or in part, to a third party; eg the

exporter may use the money to pay a supplier. Must be opened as such.
Revolving credit — for continuous trade one credit can automatically be reopened;
removing the need to open credit several times.

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 Back-to-Back credit — the exporter, will open credit in favour of a supplier, using the
original buyer’s credit as security. Similar to transferable credit, this method carries with
it a greater risk but allows more variables from the terms of original credit.
Counter credit or countervailing credit — similar to back-to-back credits but the second
credit, in favour of the supplier, is seen as completely separate and is more dependent
on the exporter’s relationship with his bank than on initial buyer.
Red Clause credit — allows the advising bank to advance some money to the exporter.
Stand by credit (SBLC) — a form of guarantee, this becomes operative in the event of
some other type of payment not being honoured.

When a letter of credit is received, ensure that it is checked extremely carefully. Make sure
that you can comply with the conditions and that all details are correct. It will be easier to
make changes and correct mistakes at this point and many problems arise because
exporters agree to terms which are not fully or correctly understood. If you do not, or
cannot, meet the dates laid down for shipping, etc. then you run the risk of the credit
expiring. It might be worth going through the document with your financial adviser at this
point. The total credit given should cover everything that you expect to receive. Go through
the details with a fine tooth-comb and then supply a copy of the letter to those involved in
producing, packaging and shipping the goods and those the preparation of documents,
insurance and the credit.

Once the goods have been dispatched, the seller will take the documents to the confirming
bank to collect payment. Hence, payment will take place after the goods have been
dispatched but possibly before they have reached their destination. Once the bank has
checked that all the documents are in order payment will be made immediately, or at a set
future date.

Exchange risk
Payment and exchange rate risks can be reduced by making the credit both irrevocable and
confirmed. Being irrevocable, once agreed it cannot be altered in any way without the
consent of all four parties involved. It should also be confirmed by a reputable bank; that is,
the money is credited to a domestic bank before it will be paid to you and is not held in the
bank abroad. This will help to prepare against any obstacles which may block the transfer of
the money. As highlighted above, thoroughly check that all details are correct and
acceptable at every stage of the transaction. Any errors, be they on your part or on anyone
else’s, can lead to lengthy delays in payment, increasing the exchange rate risk.

Non-payment risk
The security of this method lies in the theory that the importer is receiving the goods under
his conditions and that you can be sure of payment if these conditions are met. As above, a
confirmed, irrevocable letter or credit serves to minimise the effects of any disputes that
may arise. Insurance may be taken out against non-payment of an unconfirmed letter of

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credit, but you are unlikely to be able to redeem the full value if this occurs. An irrevocable
letter of credit constitutes an agreement between the buyer’s bank and you, separate to the
initial sales contract made between yourself and the buyer. In this you will be assured of
payment; the issuing bank will pay no matter what happens to the buyer, provided that you
fulfil your part of the contract.

The request for confirmation will come from the overseas bank to yours and the domestic
bank must be sure that it will be reimbursed for payments made to you. The buyer may be
billed by their bank for the confirmation processes, but it is likely that you will redeem this
cost in return for the extra security that it brings. It is important that the procedures are
gone through in the correct order; any letter pre-printed as “Irrevocable and Confirmed” is
assuming that the domestic bank will add its confirmation before it has agreed to do so!

Further information
The ICC ‘Uniform Customs and Practice for Documentary Credits’ (UCP 600) and their
supplement for electronic presentation (eUCP) aims to govern the use of letters of credit
world-wide. If a letter of credit does not show that it has been issued in accordance with
this 2007 revision, query this to avoid problems in interpretation. The ICC provide checklists
and advice for buyers submitting an application for credit. If things are done correctly first
time a lot of time and effort can be saved. Your bank should be able to advise you about this.

Letters of credit are used extensively, and in principle are relatively secure. However, any
errors can lead to lengthy delays in payment and the procedures themselves are intricate
and time consuming. Exporters may find themselves out of pocket in regard to interest lost
during the time taken to process payment. When collating documents to be presented at
the bank, be as thorough as possible; this is an area where many people fall down and the
submission has to be made time and again. If you decide to use letters of credit it will be
worth having a member of staff trained in the terms and procedures of UCP, etc. Mistakes
can result in losing the security for which the credit was opened in the first place.

5.4 Bills of exchange

Payment Method
Letters of credit require the customer to commit finances before any goods are received and
they may prefer to make payment after delivery. A Bill of Exchange will allow you to credit
customers and dispatch the goods yet still secure payment by sending the documents
needed to take delivery through the banking system. The initial document is referred to as a
draft. Your bank will forward this to the overseas bank, who will then present it to the
customer. If payment is agreed, documents enabling them to take delivery of the goods are
handed over.

In this instance the banks act only as agents for the delivery of the documents. However,
the simple use of the banks does present some additional security in that the buyer will then

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be reluctant to earn himself a bad name by delaying payment. The draft constitutes a legal
document which can be used to extract payment if problems arise (although litigation will
be required).

The two main types of draft used are:

Sight drafts or Documents against Payment (DP) — payable immediately by the person
on whom it is drawn. Once paid, the delivery documents can be handed over.
Term drafts or Documents against Acceptance (DA) — payable at a set future date after
sight. If the customer agrees to the terms, ‘Accepted’ is written on the form in exchange
for the delivery documents. The bank will then return the draft (now a Bill of Exchange)
to you via your bank. You can then retain it until payment is made.

Clean collections — all commercial documents, except the bill of exchange which is sent via
the banking system, go direct to the buyer. This avoids delay in clearance, but involves a
putting a higher degree of trust in the buyer to fulfil his obligations.

Cash against documents (CAD) — commercial documents forwarded through the banking
system with instructions to release payments, but without the bill of exchange and
therefore, with limited legal protection. For the buyer this will avoid taxes on bills of
exchange which are imposed in certain countries.

Exchange risk
In this respect, term drafts (DA) carry a higher degree of risk; payment may not be made on
time and fluctuations within exchange rates may occur during the delay. A ‘Bills for
collection form’ can help to minimise these risks, informing your bank of what action should
be taken in the case of non-payment/acceptance.

Non-payment risk
However, when it comes to legal weighting, term drafts carry more strength than sight
drafts. If the buyer refuses immediate payment in response to a sight draft, banks may be
unwilling to become involved in a legal dispute. Additional security can be obtained by using
a draft that is signed by the buyer’s bank; the risk then becomes theirs.

Bills of exchange are more secure for goods sent by ship, when documents for collection
can be withheld. For goods sent by rail, road or air these documents generally accompany
the goods to aid clearance at the destination.

Further information
The International Chamber of Commerce ‘Uniform Rules for Collections’ (URC 522) and its
electronic supplement (eURC) outline procedures and responsibilities of those involved.

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5.5 Countertrade
Payment method
An option which is popular with countries which lack the foreign exchange to pay for
imports, countertrade involves export sales becoming conditional on the acceptance of
goods from the importing market. Within this several options are available:

Barter — The exchange of goods between firms, to pay for imports. This may involve
some exchange of cash and may make use of intermediaries and brokers. Goods to be
exported may be retained until sufficient funds have been raised from the onward sale
of goods received in exchange. Barter is fairly rare as it is unusual that the exact needs
of the two parties will coincide.
Counterpurchase — In this common form of countertrade, the exporter buys
goods/services from the importing country. Two separate contracts are involved; the
initial sales contract containing standard cash/credit terms, and a second contract for the
counterpurchase agreement. The goods or parties involved in the second arrangement
may be unrelated to the first.
Compensation/buyback — Payment for the provision of technical know-how or
equipment is made in respect of the buyer’s future trade. The exporter may even buy
goods past the amount involved in the original supply. This type of countertrade is most
commonly found within the export of processing plant or mining equipment, involving
longer-term arrangements and large amounts of funding.
Offset — export sales are conditional on the incorporation of specified
materials/components from the importing market, into the final product. This is generally
applied in situations involving advanced technology, defence, aircraft systems, etc,
although it is becoming more common within other areas. Offset may form part of a
larger, long-term contract.
Evidence accounts — Exporters who have established an ongoing and significant level
of business within a certain market may be asked to set up a counterpurchase
arrangement with that market. Accounts are kept of what is imported and exported.
Switch trading — This arrangement can be extremely complex; involving a chain of
buyers, sellers and brokers in various markets and dependent on international trade
relationships.

Factors or barter brokers can provide assistance for companies wishing to enter into such
agreements. Barter brokers use computerised databases to pair businesses with matching
needs. These brokers are growing in number and can be useful in that matching your needs
with an overseas firm would be extremely hit and miss without this type of information.
Factors may agree to sell on the goods that you take from the importer; allowing the deal to
go ahead even if the ‘return’ goods are not ideal for your own needs. The factor will quote
you a price for the goods, less commission, and this will determine your quote to the

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importer. Your goods will then be shipped according to the factor’s instructions, who will
pay you when money is received from the buyer.

Done correctly, countertrade can work very well, but mistakes can be costly. You will need
to carefully assess the needs of the other parties/countries and which arrangement is most
suitable for the goods involved. What is frequently mis-calculated is the cost involved in the
process itself and this can eat into profit margins; for this reason the use of a third party is
recommended. The two strong advantages that it brings are: it bestows on the exporter
(you) the powers associated with the buyer’s position in obtaining better trade terms, etc
and it provides finance for trade which might otherwise not have been possible.

6. Maintaining cash flow

Although not a replacement for one of the payment methods, you may choose to use
factoring, invoice discounting or forfaiting to speed up payment and improve your cash flow.
If you do this, which is effectively a way of borrowing working capital, or if you borrow
working capital directly from the bank, there is a cost which must also be taken into account
in your pricing.

If you do need additional working capital to cover your exports, it is recommended that you
keep your export finance separate from any internal credit management already in place.
Until trade is established keep this as a subsidiary, or part of, the latter. Include staff at all
levels of the export drive and do not pass a decision on an order before undertaking some
kind of credit assessment on the buyer. This applies both to new and existing customers.
Initial advice on foreign firms can be obtained from your bank, or from the ECGD (see
below) who will not insure shipments to customers that they consider to be a high risk. All
departments will need to be consulted as payment terms will affect the cash flow and
operations of them all. Agree on a plan which may be implemented if payments become
overdue and distribute the details of this to staff. Maintain a programme of regular checks
on the buyer, their trading record and the results of your partnership.

Credit management is an area where the smaller company has the advantage of being able
to implement a plan within all departments. Methods of payment that you can offer are
often tied in with the attraction of large orders from overseas and the trading terms that can
be used, and so it becomes an issue of equal importance for both the sales and accounts
team. Methods of payment may also affect the end price of your product. In order to obtain
maximum benefit from an order, and avoid costly disputes, it is important to have the
correct trade terms established right at the start.

Err towards caution when adding in payments to cash flow forecasts, even ‘sight drafts’ or
DP does not necessarily guarantee immediate payment as there may be unforeseen
problems. When calculating the costs of the new venture you will need to take care to
include all outlays; including costs for documentation, storage, transportation, service

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charges for the various agencies used and the loss of interest due to the delay involved in
obtaining and exchanging the payments.

Late payments can cut into profit margins extremely quickly and you must be prepared to
refuse business. Even where goodwill exists on both sides there may be unavoidable delays
in either direction for many reasons, eg weekends and public holidays, as well as standard 2
day processing of currency. Make sure you are up to date with your own payments and
obligations, eg reimburse the buyer for charges involved in obtaining confirmation of letter
or credit. If you find several buyers in one country, you may consider opening a local account
which buyers pay into, providing local exchange controls permit.

6.1 Credit insurance

Non-payment may arise for several reasons: from international events such as war or a
politically based ban on the export/import of those goods; from a reason specific to the
buyer’s country or from circumstances arising from the buyer themselves. Credit insurance
must be included as part of your financial plan, and for some established exporters it has
become integrated as part of their cash flow protection programme and balance sheet.
However, many exporters still neglect this vital issue. Insurance is actively encouraged by
the government of most countries as it is seen as a mechanism by which more exports are
made possible. An increasing number of policies are available to choose from, but many
private insurers are hesitant to provide cover for political risks as well as commercial causes
of non-payment. Obtaining insurance should be taken into account when researching
potential markets.

As well as insurance, many brokers offer a range of support services and have access to a
huge amount of credit and trading reference information on potential buyers. This will help
them to advise you of the risk attached to a specific order. Five per cent to twenty per cent
of any loss must be covered by yourself to avoid misuse of the cover. Once a claim has been
made, the insurer may attempt to recover the funds from the buyer, through the courts or
British Embassy of the relevant country. Alternatively they may try to resell reclaimed goods,
or reclaim a proportion of the funds if resale is overseen by yourself.

6.2 Fraud and non-payment

It is an unfortunate fact that fraud is on the increase. However, problems can be avoided by
establishing a policy of caution and the methodical checking of orders and payments. If an
‘original’ letter of credit or bankers draft, arrives direct from a buyer, double-check its
authenticity with the named bank, not an overseas ‘enquiry’ number; even if the buyer
claims that a domestic bank has added its signature. Sometimes these can be spotted by
mistakes in the spelling and address of the banks. It would be good policy to develop a
system of checking any documentation received, particularly letters of credit which do not
show that they are subject to the ICC UCP 500. The Commercial Crime Service of the ICC

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investigates and reports on international fraud of all types and can provide advice on
methods of protecting against fraud.

Fraud can also arise from carriers; remember, there is no such thing as cheap and secure
freight! One example of fraud that is on the increase is the sending of threatening invoices
for advertisements or directory entries placed in publications overseas. If you receive any
‘surprise’ invoices it should be safe enough to ignore them. If you employ a local agent, you
can consider paying them to take the risk of non-payment by the customer. Make sure that
all departments understand what decisions are being taken and what action to expect, in
this way the whole company can become involved in keeping an eye out for any
discrepancies that occur.

If payment problems arise, ask your bank to liaise with buyer’s bank. Weigh up cost of
protest (in time and money) against the reason behind non-payment by the buyer. If he has
no money, pursuing this may be a waste of your efforts. It will also ruin your relationship for
future trading — whether this is a factor or not will depend on the value that you place on
the customer and the size of the order in question.

You will probably already have basic procedure in place for checking new orders, but it may
be worthwhile establishing a specific administrative procedure for export orders. The plan
will need to be as thorough as possible, taking into account all the actions taken and
time/money invested in fulfilling an order and can be done in consultation with professional
advisor. Things to look out for include:

the addresses and details of banks, etc on documents received from the importer.
Payments to and from foreign countries should be made through a bank and any details
which seem unfamiliar should be checked out.
‘once in a lifetime’ opportunities which need quick decisions; any deal worth its while
will allow each party time to consider the implications. Opportunities to be grabbed may
present themselves, but smaller companies cannot afford to risk substantial amounts of
money and caution is the best policy in these early stages.
letters of credit or bank transfers may cover stolen amounts!

Much can be done simply by being sensible and methodical!

7. Further information
The International Chamber of Commerce has developed many of the rules on tings like
letters of credit. See https://iccwbo.org/global-issues-trends/banking-finance/access-trade-
finance/.

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For electronic supplements, see https://iccwbo.org/media-wall/news-speeches/icc-banking-
commission-releases-new-erules-use-electronic-documents/

Whilst ICC aims to sell many of its documents, eURC and eUCP are both available in full
electronically: https://cdn.iccwbo.org/content/uploads/sites/3/2019/06/icc-uniform-rules-for-
collections-v1-0.pdf and https://cdn.iccwbo.org/content/uploads/sites/3/2019/06/icc-
uniform-customs-practice-credits-v2-0.pdf

DISCLAIMER While all reasonable efforts have been made to ensure the accuracy of the information in
this factsheet, the publisher makes no warranties that it is accurate or up-to-date and will be neither
responsible for any errors or omissions nor any consequences of any errors or omissions. Professional
advice should be sought where appropriate.

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PROFIT is an initiative of the Asian Development Bank,
managed by a partnership of IMC Worldwide, ASSIST
Asia & Bombay Chamber of Commerce & Industry.

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