In my experience with suppliers from China - I cannot think of one that will accept escrow - in fact, many of them yelp at the first muttering of the name!
This could be because the suppliers are scammers - but not all of them can be - am I right?!

Also, most legitimate companies in the UK will not accept escrow! I find this ridiculous!

Quoting from [alexfiddock]:


In my experience with suppliers from China - I cannot think of one that will accept escrow - in fact, many of them yelp at the first muttering of the name!

This could be because the suppliers are scammers - but not all of them can be - am I right?!


Also, most legitimate companies in the UK will not accept escrow! I find this ridiculous!

I find it ridiculous as well since there is a well known escrow service in that country as well.

Ranger

Hi ranger,
Have a look at this post - what is your oppinion on it?

http://resources.alibaba.com/topic/23977/Alibaba_Escrow_Services.htm?message=83264

Many thanks!

Quoting from [alexfiddock]:


Hi ranger,

Have a look at this post - what is your oppinion on it?


http://resources.alibaba.com/topic/23977/Alibaba_Escrow_Services.htm?message=83264


Many thanks!

Alex, first off I would say that Alibaba is a marketing platform.  I do not know of one similar marketing platform or marketing agency that offers escrow.  This also includes Industry specific marketing platforms that charge members 25K USD yearly to use their site in promotion of products and or services. 

It would be a first in the field of marketing platforms.  Moderators do not make policy but we do enforce it.  Only Alibaba and its managing staff can make decisions for change.  As a member I can say that yes this service would be nice but there are other agencies that already do this.  Escrow is not fool proof, you can still be cheated.  Escrow services do not validate suppliers and or buyers.  They do not become involved in the negotiations for products or services on behalf of either party.  They make payment upon the supplier satisfying the requirements outlined by the buyer.  Therefore if you do not pay for an inspection of the items to be supplied they will not ask the supplier to present one for payment.  If the supplier ships you wood chips instead of MP3 players that is on you not the escrow company.  If you are having a product like an MP3 player inspected you decide on the manner of and what is inspected.  If you merely ask that they verify that they are MP3 players without specifics such as storage size and verification of included memory it is not the responsibility of the escrow company to provide this. 

Once again money will be sent when the supplier satisfies or provides the documents requiered for payment outlined by the buyer.  Is escrow safe for buyer and seller?  For the seller it guarantees that payment has already been made by the buyer and that they will recieve that payment upon providing the documents agreed to by buyer.  For the buyer it is safe if you understand that payment will not be made until such time that seller satisfies the agreed upon terms and provided the neccessary documents.

What I find more often than not is the willingness for people here to commit monnetary and time resources to validating their suppliers.  IM not real sure how some of the new buyers thought business was done before.  IM old school as well as new but years ago you got on a plane and you met your supplier face to face, negotiated the deal, inspected the items, arrainged shipment ,and paid for the goods.  Business in trade is not push button you have to do some work, commit time and resources.  Until that happens you allow scammers to flourish and people will continually whine they got scammed.  If you get scammed you did not do your job!!!!!!!!

This may not be the response you were hoping for but it is how I see it.

Ranger

Replying to [Ranger]:

I’m sorry - but I consider that post almost irresponsible and narrow minded.

I agree with you on your opinion that the buyer must make sure that the company is legit... However, when making smaller purchases it is more difficult, because the supplier is most likely going to be an agent for a company and their financial information will only be sourcable to a certain extent.

For individuals who do not have enough time, knowledge to spend hours researching a deal that would obviously be 'pennies' in your eyes.

Trade is NOT about making sure you done get ripped off. It is not about taking reasonably large financial risks.

Also, when you said that escrow is not without its risks. Well, I have one thing to say - it is a lot less risky than the current situation!

Quoting from [alexfiddock]:


Replying to [Ranger]:


I’m sorry - but I consider that post almost irresponsible and narrow minded.


I agree with you on your opinion that the buyer must make sure that the company is legit... However, when making smaller purchases it is more difficult, because the supplier is most likely going to be an agent for a company and their financial information will only be sourcable to a certain extent.


For individuals who do not have enough time, knowledge to spend hours researching a deal that would obviously be 'pennies' in your eyes.


Trade is NOT about making sure you done get ripped off. It is not about taking reasonably large financial risks.


Also, when you said that escrow is not without its risks. Well, I have one thing to say - it is a lot less risky than the current situation!

Alex you asked for a perspective and I gave you one.  If you find it as you stated thats your right.   In 25 years of doing deals I have never used an escrow service.  They didnt even exist until the last decade. 

"Trade is NOT about making sure you done get ripped off. It is not about taking reasonably large financial risks."

Alex, where in my statement did I say that it was.  I mentioned the word "TRADE" one time in my whole statement.  I said "trade was not a push button business."  However, if your business involves trade deals, the risk that you subect yourself to can only be diminished by you or those individuals you pay to do it.  You say that escrow is safer than me making a T/T payment to my supplier.  That isn't true.  If you do not have the items inspected escrow will not save you a dime.  In my 25 years I have never done new business with any company that I have not visited, had an inspection service visit, or had a trading partner in that country visit and verify.  How many questions do you ask when verifying a supplier?  What are those questions? 

As far as "pennies in my eyes"  I got my start via a plane ticket to India a few thousand dollars saved and a hand shake with an Indian business man that placed his trust in me and I in him.  I know how hard it is to climb the ladder and then stay there.  There are no short cuts.

Ranger