According to the above definition, the purpose of the contract is twofold:
1. Reciprocal credit granting as payments are deferred in an Account Merchant
The reciprocal granting of credit is a consequence of the deferral of payments.
The account merchant holder is confident in the willingness to comply with the other account holder. It has a belief in its counterpart’s future repayment capacity and, therefore, does not require immediate compliance.
2. Submission of payments to subsequent liquidation and compensation in an Account Merchant
The parties may indicate what kind of transactions will be excluded from such legal treatment.
Just as they can agree that a specific and determined consignment does not enter into the account.
A. Advantages of hiring an Account Merchant
Depending on the characteristics set forth, the current account offers the following advantages:
1. The advantages inherent to credit, since the current account merchant is a reciprocal credit. When one party grants credit to another, it lends him financial help. In the case of the current account, since credit is reciprocal, each party lends itself to itself and thus satisfies needs of its own.
2. Depending on the reciprocal credit the merchant can destine his money to other activities, making it to fructify in other businesses. The merchant does not have to carry large amounts of cash, immobilized and available.
3. Trade relations are simplified by avoiding partial and reciprocal payments, reducing them to a single and definitive payment and also avoiding movements of money, with the consequent elimination of risks and expenses.
B. Commercialization of the Account Merchant
The Commercial Code (CCom) does not regulate this contract completely. It contains several articles that mention: 82 , 557 , 719, 720 , 964 and 1019.
It is isolated and dispersed rules that do not contain a complete regulation of the contractual.
LANGLE said to be commercial because he was born in the trade and is used in commerce; They are usually traders who celebrate and use it for the activities of their traffic. It is true what the Spanish author says; It is in the business world where this figure works effectively.
We could say that it is commercial in all cases, since the few legal norms that regulate it are in the CCom; The discussion is irrelevant because whatever its nature is governed by the rules referred to.