Hello.  I am just curious if doing business in China, is Western Union, Money Grams,  T/T, and Bank of China the only means of payment they have access to.  I just find it odd because here in the states, we have so many ways to safeguard against being scammed through cc's and other means.  In this day and age let us be honest and say that the days of taking a person at their word is over with.  You just cannot trust people to send the goods just because they say that they will.  What are my options because I really would like to find some legitimate companies overseas where I could actually turn a profit here in the states "legitimately".  Thank you so much for your feedback and help.

 

Sincerely,

John

For me safe payment means that the amount arrives safely where I sent it. Neither payment method will save you from being frauded if you are not ready to do the most basic due diligence and verify your partner. On the other hand if you have a good business relationship with somebody you can pay him any way, you won't be scammed.


Your business environment in the US is like an incubator, everybody is trying to avoid risks as plague, because everybody fears litigation, this is why you have so secure methods. Leaving your boundaries be prepared that the world outside is not so nice.


c[ ] 

Quoting from [brainfreeze0]:

Hello.  I am just curious if doing business in China, is Western Union, Money Grams,  T/T, and Bank of China the only means of payment they have access to.  I just find it odd because here in the states, we have so many ways to safeguard against being scammed through cc's and other means.  In this day and age let us be honest and say that the days of taking a person at their word is over with.  You just cannot trust people to send the goods just because they say that they will.  What are my options because I really would like to find some legitimate companies overseas where I could actually turn a profit here in the states "legitimately".  Thank you so much for your feedback and help.

 

Sincerely,

John

In China, there are three types of payment that supplier use,  they, TT, LC, Western Union.

1.The normal types is T/T for big or small amount. 30% deposit, balance against fax of BL, people usually do like this.

2.WU for small amount or trusted supplier.

3.LC for big amount or first time busines or middium size amount.

Ways to secure your payment: verify the supplier by a third party, pre-shipment inspection.

TT is a very normal method of payment. You know it as a bank Wire Transfer.

Bank of China is the largest bank in China and is very secure..... Its the equivelant of, say, Citibank or Bank of America are in the US.

Moneygram. WU are never safe forms of payment.

Safest is (basically) a Letter of Credit (LC) which would be issued by your bank. The problem with LC's is they are moderately expensive to use.

If you are trying to buy Brand Name products out of China then you should stop right there and forget it. You CANNOT buy brand name goods in China for import to the USA.

Quoting from [brainfreeze0]:

Hello.  I am just curious if doing business in China, is Western Union, Money Grams,  T/T, and Bank of China the only means of payment they have access to.  I just find it odd because here in the states, we have so many ways to safeguard against being scammed through cc's and other means.  In this day and age let us be honest and say that the days of taking a person at their word is over with.  You just cannot trust people to send the goods just because they say that they will.  What are my options because I really would like to find some legitimate companies overseas where I could actually turn a profit here in the states "legitimately".  Thank you so much for your feedback and help.

 

Sincerely,

John

In my opinion, LC is best way to pay the chinese, but this will not ensure the quality of the goods that you order. For that you have to arrnage to get pre shipment inspection.

Also you must not open a confirmed LC to the suppliers and discuss about the foreign charges etc. which otherwise you may have to bear.

Partial wire transfers (T/T) with balance by D/P is also a safe option, if the supplier is credible. but again quality remains a question mark.

Wester Union, moneygram must be avoided at all costs. Too expensive, and not credible, since if the company cannot accept even T/T, as mode of payment, then its not worth doing business with the supplier.

Also it must be noted that you transfer money to the direct company accounts, not to a personal account or any export agent etc.

If there is a export agent involved, check their credentials, and insist their complete involvement in the order.

Also if possible, speak to the bank manager at the suppliers bank to check upon the suppliers stats.

Thanks

 

 

Quoting from [brainfreeze0]:

Hello.  I am just curious if doing business in China, is Western Union, Money Grams,  T/T, and Bank of China the only means of payment they have access to.  I just find it odd because here in the states, we have so many ways to safeguard against being scammed through cc's and other means.  In this day and age let us be honest and say that the days of taking a person at their word is over with.  You just cannot trust people to send the goods just because they say that they will.  What are my options because I really would like to find some legitimate companies overseas where I could actually turn a profit here in the states "legitimately".  Thank you so much for your feedback and help.

 

Sincerely,

John

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Turin makes very good points.

There are other ways to ensure a good business relationship. You can use a supplier here in the US and turn a profit. Wholesale profit will be small because their interest is turning over alot of goods at a small profit. Your payment is then secured.. Turin is correct about the quality too. You may make a payment overseas then find that the quality is not what you expected. Unless you plan on taking a trip there to secure your investment you will be open to lesser quality. If you intend on purchasing a larger quantity of goods with a contract you may spend alot of time doing due diligence and probably run into a number of disappointing experiences before you find someone trustworthy. Also, you did not identify what kind of product(s) you are interested in purchasing. Why not supply additional information so we know what your market is. There are many excellent sellers on here. I mention this because if your interest is in products like fake Nikes you are asking for more problems then its worth. Companies like Nike have been receiving Government support, both in China and the US to crack down and stop those sales.  The profit may be appealing, but the consequences of getting caught far exceed the benefit of the profit. There are people on here that can assist you finding others in the US that can help you  Many of us have traveled to China and other parts of Asia and can offer assistance finding good manufacturers for whatever product you need.

Sean, Blue Seas Global