Bills for Collection
Incompass offers you Bills for Collection, a common means of obtaining payment for businesses that conduct cross-border trades. This agreement facilitates payment from suppliers who are known to your business and with whom your business has built good relationships with.
How does Bills for Collection work?
A typical Bill for Collection will work in the following way:
- The seller and buyer enter into a contract and agree that payment be made on the basis of a documentary collection.
- The seller ships the goods and tenders the documents to Incompass along with a corresponding collection order.
- Incompass forward the documents along with its collection instructions to the buyer's bank.
- The seller’s bank notifies the buyer of arrival of documents for his payment/acceptance.
- The buyer pays the amount due or accepts the draft and in turn receives the documents.
- The purchaser remits the amount to the seller's bank via Incompass.
- The seller’s bank credits the amount to the seller’s account.
Types of Bills for Collection
Inward Bills for Collection
By routing your inland bills through Incompass, you experience fewer delays in receiving payments and gain increased control over your trade receivables. This will result in efficient cash flow management as well as market leading rates.
Outwards Bills for Collection
Outward Bills for Collection (OBC) is the handling of domestic sales and export documents, which are presented to the bank by the seller to collect payment from the buyer through the buyer’s bank. Incompass facilitate this process for you, meaning your payments are handled with the least disruption to your business.
Why should you let Incompass assist you with Bills for Collections?
The Incompass team is a group of experienced and skilled professionals who assist some of South Africa's most prominent companies with Bills for Collections.
You can count on expert advice and guidance when dealing with our team. Our team will meet with you to discuss your unique business needs and then work to deliver an agreement best for your company.
Incompass can also guarantee that you'll benefit from the following:
- Cost savings: Bills for Collection are more affordable forms of guarantee than other methods.
- Better control: With a Bill for Collection you retain control over goods traded when the original Bill of Lading is sent via the banking system instead of directly to the buyer.
- Competitive pricing: Incompass offers competitive pricing. Speak to our team to find out more.
- Less hassle: Incompass take care of you, the client, meaning you do not have the hassle of finding the best bank for your Bills for Collection.
Peace of mind when trading is only a phone call away.
- Market leading forex rates.
- No administration fees.
- ISO 9001 accredited service levels.
- ISO 27001 accredited security levels.
- 100% transparency on all money transfers.
- Tailored services to meet your money transfer needs.