Keep control of your payments with collection services.
If your business is trading across international borders, you need to ensure you get paid securely in a way that suits your needs and the market you are trading with. Allied Irish Bank (GB) offers collection services to help ensure payment for companies that are trading internationally. Collections allow the exporter to maintain control within the banking system over the goods shipped until payment, or an undertaking to pay at a future date (Acceptance) is made. The importer will pay for goods purchased after taking receipt of the relevant financial/shipping documents relating to the goods.
There are two types of collection services:
1. Clean collection: involves the collection of a financial instrument e.g. bill of exchange, promissory note or cheque.
2. Documentary collection: the collection of commercial and shipping documents (e.g. bill of lading, airway bill, certificate of origin, invoice, packing list etc.) with or without an accompanying financial document.