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.
Last Published: 7/6/2017
Letters of credit are a common method of payment in Jamaica. Prior to the establishment of a solid business relationship, upfront payment should be requested, although many Jamaican companies dislike this approach. Once a good business relationship has been formed, companies in good standing may move towards trading on an open account. In 2010 the Parliament of Jamaica approved the Credit Reporting Act and in March 2012, the government approved and granted a license to Creditinfo Jamaica, the country’s first credit bureau. A second credit reporting agency, Crif NM Credit Assure has also received a license. There is also a regional entity, Caribbean Information and Credit Ratings Services Limited (CariCRIS), formed in 2004. Occasionally, U.S. firms register trade complaints for non-payment by local buyers.

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