Менеджеры и менеджмент (Executives and Management). Коломейцева Е.М - 68 стр.

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13. The ... price is 30 % higher than the wholesale price.
14. Before we can accept your order, we require a ... of 5 % of the total price.
15. When fixing a price for an export order, the ... are very important.
16. Doing business on the phone with companies ... is very costly.
T a s k 35. Sum up the main facts.
Accounts and foreign payments
Very often in business situations you may find yourself having to talk about money with suppliers and customers.
You may be physically handling money or dealing with figures and money on paper. If you work in the accounts de-
partment of a firm you may have to fill in invoices for customers' orders. Or you may have to send a customer a re-
minder because they have not paid an invoice. You may even have to decide whether customers can have further credit
and can delay paying their outstanding hills: this is called 'credit assessment'. If you are working in international trade
you may need to he familiar with the different types of payment that exist.
In most middle-sized and large firms there is an Accounts Department which deals with the money paid out to
suppliers for goods delivered and the money received from customers for goods supplied.
The table below gives you a very general idea of the different activities which involve money in an accounts de-
partment. Two of the most important processes are paying suppliers and billing or controlling credit of customers. It is
normal to send a proforma invoice in advance when supplying goods to a customer. In a situation in which the customer
is known and reliable, firms may send an invoice after the delivery.
Accounts dealing with money coming in and going out from a firm
Purchasing invoices RECEIVE from supplier
payments – cheques, etc. SEND OUT to supplier
(you pay the invoice)
Sales Invoices SEND OUT to supplier
payments – cheques, etc. RECEIVE from customer
(you invoice the customer)
Methods of Payment in Foreign Trade
1. CWO – cash with order: Note that cash simply means money in tills context. This method is uncommon since
you extend credit to your supplier; in addition you run the risk that the goods will not be dispatched in accordance with
the contract terms. But this is usual with mail order, where you pay by Eurocheque or cheque or by using a credit card.
In business, CWO contracts often include provision for partial advance payments in the form of deposits (normally be-
tween 10 per cent and 20 per cent of the contract price). Or they include progress payments at various stages of manu-
facture (particularly for capital goods). Then the remainder of the payment is usually made by one of the methods de-
scribed below.
2. Open account: This is a simple agreement in which you agree to pay for the goods after you have received
them, usually on a monthly basis. There are various ways in which you can send money to your suppliers under open
account. Your suppliers may suggest the method to be used, for example:
Cheque: This is usually the slowest method of payment. Your suppliers may have charges from their own bank
and also from banks in your country since a cheque has to be cleared through the international banking system before
they receive credit. Different banks have different methods and this could take as long as a month. For these reasons
your suppliers may not accept payment by cheque.
Banker's draft: You can arrange for your bank to issue a draft, which is a kind of cheque, drawn on an overseas
bank in either sterling or foreign currency. You send this direct to your suppliers who pay it into their bank account.
Then they will usually receive immediate credit.
Telegraphic Transfer: This is the fastest method of sending money abroad but costs a little more than most other
methods of transferring money. Your bank instructs an overseas bank, by cable or telex, to pay a stated amount of
money to your suppliers. Your own or foreign currency may be sent in tins way. If you wish, the overseas hank can be
instructed to inform your suppliers as soon as the money arrives.
International Payment Order: You can arrange for your hank to instruct an overseas hank to make payment to
your supplier, by airmail. International Payment Orders are slower than Telegraphic Transfers, but they are slightly
cheaper because there are no cable costs.
International Money Orders: These can be purchased from your bank. You post the money order to your suppli-
ers and they receive immediate credit from their bank in the same way as with a draft. This is a very cheap and simple
way to make payment of relatively small amounts.
3. Documentary Bill of Exchange: This is a popular way of arranging payment and offers benefits for both you
and your suppliers. The main advantage is that you are not required to make payment until you suppliers have dis-
patched the goods. Your suppliers are protected by law and also know that money owing against bills of exchange can
easily he obtained. It is in effect a demand for payment from your suppliers. They will draw it up on a specially printed

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