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Gross Settlement

Commissioned Collection Business


Collection with acceptance is a settlement method which allows the recipient to entrust the bank to collect payments after delivery from the payer in a different place, conditioned on the payer’s agreement on payment with the bank. The recipients and payers who are eligible to use this method must be the state-owned enterprises, supply & marketing cooperatives, and the collectively owned urban and rural manufacturing enterprises with good operation and management records after having been reviewed and approved by the opening bank.

The voucher for collection with acceptance to be issued must register the following items:
1. The marked “D/A”;
2. The confirmed amount;
3. The name and account number of the payer; the name of the payer’s opening bank;
4. The name and account number of the recipient; the name of the recipient’s opening bank;
5. Number of the sheets or volumes of enclosed documents and certificates;
6. Contract name, number;
7. Date of appointment;
8. Signature of the recipient.

D/A service conditions

1. The payment to be made through D/A must be those generated from commodity transactions, those out from the labor provisions in relation to commodity transactions. This service is not applicable to payment from commission, consignment or credit sales.
2. Prior to the service, both the payer and the recipient should have entered into a sales contract in accordance with Law on Economic Contracts, and should have specified D/A as the agreed method of settlement in their contract.
3. When using D/A service, both the payer and the recipient shall act with the commitment to contract and commercial integrity. For the one and same payer if the recipient failed to collect on its sales more than 3 times, the opening bank of the recipient shall suspend the collection service to this payer; if the payer unreasonably withheld payment more than 3 times, the opening bank of the payer shall suspend its D/A service.
4. The recipient shall have the shipment documents (including the rail way, airway, roadway bills, their respective copies and the postal receipt) available for using the service; under special circumstances involving the People’s Bank, the D/A can be processed with other documents if the shipment documents are not available.
5. The D/A for each payment will start from RMB 10,000. Starting point for payments within Xinhua Bookstore system is RMB 1,000.



After the shipment is made according to the sales contract, the recipient may appoints the bank for the collection service.
1. The recipient shall submit to the bank the collection vouchers enclosed with the shipping documents or other certificates and transaction documents in accordance with the D/A requirements. If the recipient wishes to take back the shipment documents, the bank shall stamp on the documents with “SHIPPING DOCS CHECKED”.
2. On receiving the collection voucher and the enclosed documents, the opening bank of the recipient shall check them carefully according to the D/A service scope, conditions and the requirements on the voucher; if necessary the bank may check the contract signed by the recipient. D/A shall not be processed for shipment that failed to comply with the requirements or the contract. The review time shall not go beyond the day that follows.


On receiving the collection voucher and the enclosed documents, the payer’s bank shall timely notify the payer.
1. the acceptance of sales payment is divided into Payment against Documents and Payment on Acceptance of Goods. Both parties shall agree to either of the methods and specify the agreed method in their contract;
① Payment against document: the term of acceptance is 3 days from the day following the date of notification by the payer’s bank (will be extended for the official holidays). If during the acceptance term the payer didn’t file a refusal against the payment, it shall be deemed as acceptance by the bank. When business starts In the morning of the day following the due day of the acceptance term (extended for official holidays), the bank will automatically pay the sum from the payer’s account to the recipient in a way specified by the recipient.
②Payment on acceptance of goods; the acceptance term is 10 days from the day following the date of the delivery notice issued by the shipping agency. For the agreed acceptance term that has been specified in the contract and has been marked on the collection voucher, the bank will follow this agreement.
2. Whether it is payment against document or payment on acceptance of goods, during the term of acceptance ,the payer may agree to accept by notifying to make the payment in advance and the bank shall process money transference without delay; for the additional payment due to price, quantity or amount changes, the payer shall notify the bank in advance in writing and the bank will include it when it is processing the payment.
3. The payer shall not offset other payment or the previous collected payment during acceptance.
4. Overdue payment: If the payer has no sufficient for payment at the end of the acceptance date, the part that remained unpaid shall be deemed as overdue payment.
5. Refusal of payment: the payer may refuse to pay if any of the following circumstances occur
1) No sales contract or no D/A for payment is specified in the contract;
2) No prior agreement between the two parities for the unwanted goods delivered in advance or delayed by the recipient.
3) Goods are not shipped to the address according to the contract;
4) Payment for commission, consignment or credit sales; for Payment against Document, the listed goods are found not complying with the models, specifications, quantity, prices specified in the contract, or the goods have arrived but they are found not complying with the contract or the packing list after inspection.
5) For Payment on Acceptance of Goods, the goods are found not complying with the contract or the packing list after inspection.
6) The payment has been made or has been miscalculated.