advance against collection
Definition
Short term bank-loan advanced to a seller/exporter against his or her time-draft accepted by a buyer/importer. The loan amount is deducted by the bank when payment is received from the buyer/importer, otherwise it is recovered from the seller/exporter.
advance against collection is in the Banking, Commerce & Finance and International Trade & Relations subjects.
This content can be found on the following page:
http://www.businessdictionary.com/definition/advance-against-collection.html
email to a friend print this definition cite this definition