Bahamas - Methods of Payment Bahamas - Methods of Payment
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.
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Generally local Bahamian companies provide payment in advance for goods and services – cash in advance, check or wire transfer are typical and international credit cards are common. This is the case with small companies and companies that are first time purchases for U.S. companies.
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Large companies provide a letter of credit with a bank for a specified amount of funds. Local banks sometimes use their U.S. office to provide the letter of credit.
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Some local companies also maintain accounts in the U.S.