Is there a secure payment method to china?

x_Q · 11-12-2007, 11:12 PM

Title says it, is there a secure payment method to china. Most of the Chinese business's I speak with require T/T, Moneygram or Western Union; all of which are not secure forms of payment.

Thanks,
x_Q

greedyboy · 11-12-2007, 11:41 PM

Although TT is pretty much common place it isn't secure. PayPal is becoming more popular.

There really is no really secure method of payment other than getting the goods, inspecting them and then paying for them (which is not a reality).

no matter what method you use, you need to do the relevant checks and satisfy yourself that the recipient is trustworthy.

Paying for and receiving your order is only half the battle. Doing business in China can be rewarding. However it's not as easy as most people seem to think and it seems good reliable suppliers are becoming harder and harder to find for the novice. years ago you could take your pick now everyman and his dog is claiming to be factory and selling the next 'hot' thing.

PT · 11-12-2007, 11:49 PM

This is not rare, and definitely not a reason to discard a supplier. However, this does mean you should take extra care. It will be a gamble; at least for your first few orders. However, there are many ways to prevent this.

This forum is full of people who will happily take a look at the supplier in great detail, absolutely free of charge. So make the most of it! You should do a few searches before hand though, as they may well have been discussed before. Google may also pull up a few results, if you type in the companies name. Get in touch with the companies local authorities, do they even exist? Check out their address, phone number, and so on.

There are even companies out there which will verify them on your behalf (visit their warehouse/ factory). So that may well be worth pursuing.

Good luck and take care!

**Pete** · 11-12-2007, 11:56 PM

Probably the safest is a Sight Draft, where the draft (like a check) is sent to the seller, with the provision that the buyer's bank will not honor payment until the buyer approves release of the funds after an inspection of the goods.

Terms can be made more specific, such as when landed, when passed through customs, when opened and inspected, etc.
.

x_Q · 12-12-2007, 08:17 AM

Thanks, can I just ask my bank about sight drafts or is it possible to find a service on the web that will work?

greedyboy · 12-12-2007, 11:56 AM

No supplier in China will entertain anything other than TT or at the very lease an LC for VERY large orders.

cbeebies · 14-12-2007, 07:32 AM

Quote:

Originally Posted by x_Q

Title says it, is there a secure payment method to china. Most of the Chinese business's I speak with require T/T, Moneygram or Western Union; all of which are not secure forms of payment.

Thanks,
x_Q

As long as you're not buying brandnamed products(Ipod, Nokia, Nike, etc.) from China, you're safe of T/T, MoneyGram or West Union any payment.

Do your own due diligence before buying, check the supplier's references if you can't visit them yourself. Any payment over USD10,000 must go to a company account instead of personal account.