Hello Everybody,
I am new to Alibaba and I am very interested in many products. I am a retailer in the US and I am having some trust issues in regards to making any purchases. Many of the sellers I have contacted require a T/T, Western Union, or Money Gram for a form of payment. How can I be safe in transacting thousands of dollars in type of payment format. I just do not feel safe basically handing money out and then wondering if i will ever get any products. What type of payment would be safe for me as well as the seller? Someone please help me out.

Thanks,
Tosky

Replying to [tosky]:

Hi Tosky,

Use a Letter of Credit rather than handing out cash. That is much safer for both the buyer and the seller. The bank which issues the LC takes responsiblity for the trade.

Also if the goods are arriving by sea freight, check out you different options as far as the price of the landed goods are concerned (FOB, CNF etc).

Hope this helps.

Replying to [mohamad said]:

Didn't you take delivery and verify the quality before you paidout the balance 70%?

Incidentally, do read Ranger's recent posting about 50-50 scams. And also about the following posted against the same theme:

Replying to [Ranger]: "Derivatives" of the 50:50 scams are:

1). 50% after signing contract, 50% L/C. You lost the first 50%.
2). 10% Downpayment, 50% stock in Port, 40 after completed surveyor inspection. You lost the 10%.
3). 25% after sight inspection satisfactory and signing contract, 25% after completed surveyor inspection at port, 50% L/C. You lost the 25%.
4). 50% after the goods reached port, 50% after the goods loaded. You lost the 50%, because the seller decided to sell the goods to a better pricing, he got at least another new 50% from another buyer.
5). 100% Unconditional Irrevocable Standby L/C or Unconditional Bank Guarantee. Prepare to lose your money at the date stipulated in the SBLC/BG.

Care to add more? It's a jungle out ther, unfortunately.

Replying to [PierreMerlin]:

hi, currently we do payment through WU/TT with our old customers, however, with more and more new potential customers ask paypal, but i learnt that paypal is very strict to chinese suppliers, so i'd like to know is escrow similar to paypal? and how to use?

thanks!

Replying to [tosky]:
Dear Mr.Tosky, kindly go with a bank guarantee from your banker, let the supplier know about you from your banker, it will safeguard both yours and that of the suppliers

Replying to [tosky]:


The concern and problem shown by you while dealing first time with any supplier who demand 100% advance payment, is very much OK because every one has got the right to protect his/her interest. Similarly the suppliers are very keen to their interest. They are not sure that if they supply, perhaps they will get the money for the goods supplied.


The safest way is that you appoint your buying agent in the country from where you are importing. If you need our services for safety and other services, we can work as your buying agent/indentor in Pakistan. If agreed, you can contact us on the following e mail address:-

  E-mail address deleted by Mod


We will be responsible to safeguard for any kind of transaction made through us. Will wait with interest.


B RGDS

Deo-Jat

Replying to [Gracewu]: Hi, it's my 1st time dealing with India. Seller ask me 50 in advance and balance when goods ready to dispatch. He is asking for T/T payment. I went to visit his manufacture in India and I have been in contact for six months. Where do I have to go to process T/T payment. I'm based in the States. My bank doesn't do it. Thanks for your help.

Replying to [mohamad said]:
are you in a postiion to open an account with Western Union, there is a lot issues with insurance and also if anything goes wrong there is a paper trail.
regarding goods that are spoilt, who says so, I would think about changing suppliers, you should call the shots, becuase you are a customer. regards

Replying to [virginia]: hi, not sure why your bank doesn't do it, did you ask why and did your bank tell you why??

in fact, we didn't send money via TT, but receive via TT, and we provide the following to our customers: our bank name, swift code, bank account, bank address, and beneficiary's name, then they TT us through their bank. i think it should work in every bank, and we do have USA customer pay us by TT, but surprise to learn that yours don't. i think you need to check with your bank again and hope you can work out soon, best wishes

Replying to [tosky]:

Replying to [virginia]:

Whether you deal with someone in India or Timbuktoo (it is in North East Africa), I would not suggets parting with the full value even before you set your sight on the consignment. The parties should have a meeting point that safeguards both their interests and covers the risks somewhat.

Why not meet (at least) half-way, if nothing else is good enough?

Also, have a look at my posting right here on November 17.