What is the difference between a documents against payment collection and a documents against acceptance collection?
What will be an ideal response?
Under a D/P collection, the importer must pay the amount of the sight draft to the collecting bank before the documents are released. When the funds are received, they are transmitted to the remitting bank for payment to the exporter. The exporter consequently does not give up control of the merchandise until payment is received by the collecting bank.
Under a D/A collection, the exporter extends credit to the importer in the following way. The collecting bank presents a time draft to the importer, who must sign it, date it, and write accepted across it. The shipping documents are then released to the importer.
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