LC Discounting – Welcome To Canbank Factors LTD.

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LC Discounting – Welcome To Canbank Factors LTD.

LC Discounting

Buyer (Opener) opens LC favoring Seller (Beneficiary) for the amount of supply.
Seller submits original invoice along with other documents required under LC to Factor for discounting.
Factor presents all the documents to the Opening Bank for getting confirmation to the effect that document presented are in conformity with terms of LC and payment will be made on the due date in terms of the LC.

http://www.dancor.sumy.ua/articles/community/256782/

After getting due date confirmation from the opening Bank, amount under the invoice will be paid to the Supplier.
On the due date LC opening Bank makes payment to Factor.
Rate of discount will be collected upfront along with other charges.

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