Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
Last Published: 7/9/2019

It is common practice in Austria to require either payment in advance (at least partial), or certified and irrevocable letters of credit for initial transactions.  Due diligence information is readily available for most companies, greatly reducing the risk of non-payment.  Once the relationship with a customer is established, open account and extended terms will be expected.  As Austria is an advanced industrialized nation, programs offered by the U.S. government and multinational institutions designed to reduce the risk of trading with developing countries do not apply here.  A bilateral arbitration agreement exists and can be included in contracts.  In Austria, the common business practice is to allow 30 to 60 days for payment.  Early payments (within 14 days) are usually credited with a discount of 3 to 6%, depending on the industry.  Supplier credits are common.
 

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.