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Open account collection is a service where exporters and importers agree to pay by using the open account method. However, unlike in regular open account, documents must be submitted through the bank rather than directly to each other in order for the importer to accept the payment before getting the documents to bring the goods out of the port/airport. Payment will be made by the importer within 30 or 60 days of receiving the goods or the day the goods arrive.
Open account collection is a service where exporters and importers agree to pay by using the open account method. However, unlike in regular open account, documents must be submitted through the bank rather than directly to each other in order for the importer to accept the payment before getting the documents to bring the goods out of the port/airport. Payment will be made by the importer within 30 or 60 days of receiving the goods or the day the goods arrive.
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