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: 3/26/2019
While traditional trade finance instruments such as letters of credit, collections, and funds transfers are available to exporters, the associated fees are high compared to those of other regions.  If a letter of credit is chosen, the exporter should require an irrevocable, confirmed letter of credit to ensure prompt, reliable payment.  The United State Department of Agriculture's (USDA) West Africa Regional GSM-102 Credit Guarantee Program provides access to financing for imports of agricultural products.  The payment guarantee to the U.S. exporter is for a minimum of 90 days and a maximum of one year.  The GSM-102 program is generally available only to importers with a good credit history and substantial assets with the guarantor bank.  In addition, USDA's regional Supplier Credit Guarantee Program offers a 65 percent guarantee for credit extended directly from a U.S. exporter to an importer.
 

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.