International Payments

Those involved with international payments should be familiar with the payment methods used. Letter of Credit (LC) An LC, a common form of international payment, is fairly simple. The customer applies for an LC with its bank. The bank issues the LC to the your company's bank, and notifies you that the LC has been issued. Your company then ships the goods to the customer. In this scenario, the issuing buyer’s bank pays the your bank, and your bank pays your company. The LC stipulates, of…