Read the payment terms first
Start with the signed agreement. Note the deposit and balance, due dates, and evidence required before each payment is released. Payment terms and delivery responsibilities are separate. A documentary collection also differs from a bank’s undertaking to pay.
- Invoice amount and currency
- Payment trigger and required evidence
- Verified beneficiary and approval owner
Put payment dates on the shipment schedule
Add the funding dates to the production and logistics schedule. When a date changes, check the foreign-currency amounts still unpaid. For each conversion quote, record how the rate is expressed, when it expires, the fees, and how much the supplier is expected to receive.
- Compare quotes for the same amount received by the supplier
- Verify bank-detail changes independently
- Track settlement and reconcile what the supplier received
Discuss the payment method with your provider
The payment-terms guide shows the steps for advance payment, letters of credit, documentary collections, and open account. Freight and Funds does not send payments or issue financial instruments. Ask the provider which methods are available and what terms apply.