Payment Against Acceptance Credit | ING

Payment Against Acceptance Credit

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Payment Against Acceptance Credit is the payment method where the importer, after receiving the goods, makes the payment at the policy/bond maturity date, agreed upon with the exporter.

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Features

Depending on the agreement between the exporter and the importer, the payment can be made as payment against letter of credit, cash against goods, or cash against documents. The maturity date of the policies that will be issued can be any date starting from the date of acceptance, as agreed upon by the parties, without any time limits.

Who can take advantage of this product?

Commercial companies
Corporate companies

Payment Against Acceptance Credit for the Importer

In the case that acceptance of the bank is requested for the policy/bond issued, the bank will undertake the obligation of the payment, and in such a case, a non-cash acceptance credit limit will be required. With the issuance of the Acceptance Credit, the importer takes advantage of the bank's trustworthiness and reputation.
The company that is granted a credit is assured to receive the goods that will be imported in full and in good condition, without using any capital.

Payment Against Acceptance Credit for the Exporter

It provides exporters with the opportunity to purchase goods on a deferred payment basis and reach more customers.
Upon the acceptance of the aforesaid policies by the importer's bank, exporters can create funds by having the policies discounted.
With forfeiting transactions, early payment can be made to the exporter upon the bank's discounting of the future-dated policies/bonds issued by the importer to the order of the exporter. These transactions improve the liquidity of the exporter and provides protection for the exporter against the risk non-payment by the importer and the country risk.

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