International Payments

An accounts payable (AP) shop has enough to worry about when making payments within the United States. When making international payments, complexity is heightened by issues such as currency, foreign language, customs and regulations. Those involved with international payments should be familiar with the payment methods used. Letter of credit (LC) An LC, a common form of international payment, is fairly simple. The buyer (purchasing) applies for an LC with its bank. The bank issues the LC to…