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TeachMeFinance.com Acceptance Letter Of Credit -- A letter of credit which instead of agreeing to pay the beneficiary immediately upon presentation of documents, requires presentation of a time draft drawn by the beneficiary upon the issuing bank or another bank. However, the beneficiary may, in effect, obtain prompt payment by discounting the draft. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.