A draft is a written document prepared by the exporter and the foreign buyer agrees to pay a given sum of money, for value received at sight or at a stipulated future date, known as a time draft.

The exporter retains ownership of unsold goods and bears all the loss, either having them returned to the exporter's country or sold locally at perhaps greatly reduced prices.

The collection procedure involves the use of a documentary draft. The exporter delivers the draft to his bank, together with all the shipping documents, bill of lading, insurance certificate, consular invoice, etc.

Electronic letter of credit is a letter of credit transaction which is carried by electronic means of communication and issued according to the rules such as eUCP allowing electronic presentations.