Business Btec Unit 5 C and D

Cash in Advance - --A bank transfer in Advance -May be used if cash is needed to produce good first -Letters of Credit - -Guarantees that banks issue on behalf of the customer wherein if the buyer doesn't pay on time, the bank will pay and then collect from the buyer. -open account - -export/import financing in which an exporter ships merchandise and later bills the importer for its value -consignment - --Payment is sent after the goods have been sold to the final customer -Contract in place that the seller is the legal owner until the goods have been sold. -International Credit Card - --May have lower fees for different currencies -Widely used but with different rates and benefits -International Bank Transfer - --Secure way to move money from one country to another -Could be set up in other countries but may only accept popular currencies -Commercial Payment Systems - --Popular payment methods to move money between countries -Visa, Google Pay, Apple Pay -Key Influences of the Internet - --Speed of Communication -Ease of Communication -Changes in Processes