International trade requires that a variety of payment options be used.

(a) Identify and describe in detail 3 payment methods that are used in international trade.

(b) Describe in detail what happens in each stage of the transaction flow for a Confirmed Letter of Credit (also called a Confirmed Documentary Credit)

(c) Identify and explain 3 ways that payment risk can be managed without referring to any of the payment options referred to in (a) or (b)