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The attached table provides a classification of financial products according to the certainty of payment collection they offer.
We will look at each of them in detail, examining the most important points of each product.
| MEANS OF PAYMENT COLLECTION | SECURITY IN PAYMENT COLLECTION |
|---|---|
| Documentary Credit | High |
| Stand-By Letter of Credit | High |
| International Guarantee | High |
| Virtual PoS Terminal | High |
| Documentary Remittance | Medium |
| Banker’s cheque | Medium-Low |
| SEPA Debit | Medium-Low |
| Simple Remittance | Low |
| Transfer | Depends on when payment is made |
| Personal cheque | Low |
Before developing each product, it is important to know that the majority of Foreign Trade operations are processed by banks using the Swift system (Society for Worldwide Interbank Financial Telecommunication). This platform is internationally renowned for its agility and security.
Any operation issued or received via Swift will generate a message that can be used as a confirmation that the operation has been carried out.
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