A Documentary Collection would normally comprise a set of commercial documents relating to the goods being exported, which are sent to the Importer's bank along with a Collection Schedule and usually a Bill of Exchange. A set of documents containing a Bill of Lading would normally allow the holder to take possession of the goods. A Collection takes one of the following forms:

Documents Against Payment: the Collection documents are presented to the Importer and released in exchange for immediate payment (payment 'at sight').

Documents Against Acceptance: this applies with a Tenor Bill of Exchange and describes the situation where the Collection documents are released after the Importer has 'accepted' them. Acceptance is signified by the Importer's signature on the Bill of Exchange or other payment authority enclosed in the Collection. Payment will be made at a fixed or determinable future date.