What is Open Account Payment method in import export business | Payment terms in Import Export |

What is Open Account Payment method in import export business | Payment terms in Import Export |

Open Account Payment Term in Import-Export Business by Harsh Dhawan

In international trade, the Open Account payment term is one of the most buyer-friendly and widely used methods for trusted trade relationships. Under this system, the exporter ships the goods first and sends all shipping and commercial documents directly to the buyer, while payment is made later, usually within 30, 60, or 90 days after delivery.

This method helps importers manage their cash flow efficiently, as they receive and sell the goods before making payment. However, for exporters, it carries a higher risk because there is no bank guarantee or security of payment. Therefore, exporters generally use open account terms only with reliable and long-term buyers, or they protect themselves through export credit insurance, letters of guarantee, or buyer’s credit checks.

Many large importers prefer open account terms due to trust, lower transaction costs, and simplified documentation. For exporters, offering this facility can improve competitiveness and expand their international market reach. However, it is essential to have clear agreements, strong communication, and proper risk management to ensure smooth transactions and secure payments.

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