A secure way to pay your suppliers
With a letter of credit, you can pay for the goods you import while covering your trading risks1.
Import documentary collections
Make and receive secure payments around the world
A collection is a simple and efficient tool for settling your trade debts. It can be used to make payments of any size and in any freely traded currency.
- Make payments of any value in any freely traded currency
- Payment can be made to your suppliers on their immediate presentation of documents or on a fixed or determinable future date
- You may be able to negotiate a credit period (term bills) by agreeing to use collections
How import letters can help your business
Improves your cashflow
Agree to use collections and you may be able to negotiate both a credit period for term and the costs of the collection to be paid by your supplier.
Reduces your risk
Dealing with a new supplier? A collection gives you evidence that goods have been shipped, often including documents of title (eg, bills of lading).
How it works
Your supplier will send us documents allowing access to traded goods, usually via their bankers and with an invoice and a bill of exchange drawn on you.
A collection schedule acts a checklist of the documents enclosed and also specifies the necessary conditions for release of the documents.
Payment terms will have been agreed in advance between yourself and your supplier and can either be on immediate presentation of the collection (sight payment) or on your written acceptance to pay the bill of exchange at an agreed or determinable future date (term payment).
This product is available to clients of Barclays Bank UK PLC through referral to Barclays Bank PLC. Referred products will be owned and administered by Barclays Bank PLC. A portion of the revenue generated from referred products may be shared with Barclays UK PLC. Alternative service providers in the market may offer similar products.
Other services that may interest you
Everything you need to take your business worldwide
Get free insights into local markets and save on costs with exclusive discounts. Plus, tools and services designed to keep your business banking quick and easy.