Documents Against Payment (D/P) is a term used in reference to the international trade, under which an importer receives the shipping and title documents from the presenting bank only if he fully pays the accompanying draft or bill of exchange.

As the exporter instructs the corresponding bank to discharge documents to the importer only against payment, it is termed as Documents Against Payment. The payment needs to be made to the presenting bank before the collecting bank or buyer's bank discharges the documents.