Quoting from [Madan Choudhary]:
Hey Can you Explain me About the Payment Terms in Export & Also Say Which one is the safest One
Hello Chowdary Sahab,
Well this is a really nice question .
(1) The best answer to your qusetion is simply IRREVOCABLE Letter of Credit at Sight (Previously from AAA Rated Banks as after last year economical shrikages there are very leess AAA Banks left) from 1 st Class International Bank accepted by Exporters Banks
(2) L/C that bounds you or your capital Like 30 Days L/C ,60 Days L/C , 90 Days L/C are NO MORE POPULAR NOW .
(3) Important to note is that some regions have different implication and some product have miserable outcomes (eg in case of Textile Products ).
(4) Important to note is not to get into annual long L/C or any other contracts.
(5) If you ask my heart . I would love to get 100 % Payment in Advance .
Make lot of money
Take care
Habib/AWC
1- AS I suggest this is the simple and safest way to export is the TT in advance, if you a new buyer ( what ever if your buyer is renowed or new importer) bcz most of the buyer make this practice that once we receive the goods then we could make some issues on it and then ask for the discount.
2- on the other end this practice is not for the always, when you consider that your buyer have good words and also you experienced good with them, then you may go for the Irrivocable L.C., at sight. ----------------but not less then this.................. and never do........................ i bet you will loose at some ends.
I want to tell Habib that 100% advance is the most risky. My brother in law got advance of 50 lakhs from Uganda. He sent the goods and was very happy. Two months later the bank withdrew 50 lakhs from their account. Reason, chemical was placed on the cheque and after two months the effect of the chemical vanished.
i came to alibaba to find suppliers, and every where i look they are doing this T/T, Western Union, Money Gram and L/C. Let me tell you that is a huge risk you are taking.
i did payments with that before, not through alibaba though, with another supplier and you know what, he stole my money.. and to this day i still get harassing emails telling me i still have to pay for an order with his company. he has the nerve.
The most and best way to pay in my books is the Escrow service. with another site, i dont think i can disclose here, i do purchases there as well, and escrow works, excellent. i have never had a complaint with them. the only thing is that i need the Lcd hdtv and thats why i am here looking, but everything else i get it there without a problem and with the safest transactions and i know i can always get my money back, because with the escrow, my money is held until i get my items, and says its what i paid for, then the seller gets paid.
if you want more info please get intouch with me and i will be sure to help you. we are all here looking for help and no one would like to get ripoped off. i know i did not like it and i had paid with T/T.. bit never again
Your method of escrow sounded very good to me. I am new in business and would like to know as much as possible before I get into it. Please let me know how to set up this escrow. Thanks
Quoting from [Madan Choudhary]:
Hey Can you Explain me About the Payment Terms in Export & Also Say Which one is the safest One
Your method of escrow sounded very good to me. I am new in business and would like to know as much as possible before I get into it. Please let me know how to set up this escrow. Thanks
Quoting from [Madan Choudhary]:
Hey Can you Explain me About the Payment Terms in Export & Also Say Which one is the safest One
Good morning,
The method of ESCROW payment sounds interesting, I would like to find more about it (how does it work, who lolds the money in between, what is the cost, etc) If you could please send me some details by email I'd greatly appreciate it. You can email me at: zackfid at gmail dot com.
Thank you.