Global Collections Account

What happens if my client does not pay?

Your bank follows up until the entry closes. Ask for an extension before the period ends, and give your reasons. Your bank can grant one if it is satisfied they are genuine.

If payment stays unrealised for more than a year past the due date, or the extended date, Regulation 13 says your further exports must be against full advance payment or an irrevocable letter of credit.

Other questions in Regulatory and Compliance