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: 2/12/2019

Payment methods and terms vary depending upon the U.S. company’s business model and relationship with its Armenian trading partner. Requesting advance payment for goods and services from an Armenian customer may be a prudent course for new-to-market companies, until both parties establish a positive record of payment. Once a U.S. firm has established a strong relationship with an Armenian trading partner, it may consider extending short and eventually longer term credit as a way to bolster sales volume. This should be done with caution and only after careful evaluation and establishment of successful payments.

Large Armenian banks service foreign trade transactions. Methods of payment generally include a letter of credit or advance payment. To carry out transactions through banks, buyers and sellers must have a written contract.  Domestic or international company-to-company sales are primarily made by bank transfer (especially in the state sector), letter of credit, or on a barter basis. In March 2010, ACBA Credit-Agricole Bank became the first American Express Representative in Armenia and performs a wide variety of transactions with American Express Cards and Traveler’s Cheques.

While some establishments accept cash only, credit cards are increasingly accepted at hotels, restaurants and stores. 
Armenia has one licensed credit bureau, the Armenian Credit Reporting Agency (ACRA) (http://www.arca.am/).  There is no licensed collection agency.

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide available at www.Export.gov/TradeFinanceGuide.

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.


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Armenia Market Access Payment