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2024/01/29

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A must see for beginners in foreign trade! Summary of payment methods for foreign trade! Suggest col

Foreign trade payment is a crucial part of foreign trade transactions. The choice of payment method will directly affect the transaction of orders, and on the other hand, it will also affect the control of one's own profits and risks. So what are the payment methods for foreign trade? How should foreign traders choose?

1. T/T: Telegraphic Transfer refers to the process of sending a telegraphic transfer or SWIFT to a branch or agency in another country, upon application by the remitter, to instruct the recipient to pay a certain amount.

T/T telegraphic transfer can be divided into pre T/T and post T/T. In simple terms, pre T/T means that the buyer pays first, receives the money, and then the seller ships the goods. Of course, the probability of 100% pre T/T is relatively low, so it is generally to give a deposit first. Post T/T refers to payment after the goods are shipped, and after 100% post T/T, the seller needs to bear all the risks, so they will also be accustomed to sharing the risks in a certain proportion.

Tip: When making a T/T, be sure to indicate the final payment date, otherwise it will be more difficult to follow up on the payment.

2. Western Union Remittance

Western Union remittance also involves payment before shipment, and the funds are received very quickly, which is beneficial for the seller. At the same time, the transaction fees are also borne by the payer, and the seller does not even need to bear the cost of foreign exchange settlement.
The procedures for Western Union remittance are also relatively simple. You can use it by opening an account at the Western Union remittance cooperation bank. However, it is obvious that the risks are entirely borne by the customers, and there are very few customers willing to accept this payment method.

3. Letter of Credit L/C

This is a payment method of one hand for one hand, with the bank issuing a written certificate to the seller at the buyer's request, guaranteeing the seller's responsibility for payment of the goods. In trade activities, customers usually deposit the payment with the bank first, and then issue a certificate to the seller. After the shipment, the bank will make the payment on behalf of the buyer.
Due to this approach being relatively secure for both parties, it is also more frequently used in international trade.

4. PayPal

PayPal is not only one of the main payment methods for B2C transactions, but also one of the optional payment methods for B2B transactions. PayPal has a wide range of users, strong brand effect, and relatively high trust. However, the handling fees for large business transactions are very high, so it is generally only suitable for small orders.

5. Suhui Jin

Suhui Jin is a global fast remittance service for individuals, which can complete the remittance process from the remitter to the payee in over ten minutes, so the speed is very fast.

In addition to the five commonly used payment methods mentioned above, foreign trade payment methods also include D/A, D/P, etc. It is worth noting that if the seller does not have a significant advantage, it is highly likely that they will need to accept pre order payment or a lower proportion of deposit. Therefore, it is very important to conduct customer background checks and reduce the probability of overdue payments.

Sellers can use tracking data to view customer transaction records and make a rough judgment, for example, the customer we searched for, ONE BANANA NORTH AMERICA CORP.

（Source：ueedata）

The number of transactions with the same supplier is very high, with the highest reaching 6469, all of which are recent transactions, indicating that their current business situation is relatively good and their reputation is good. Otherwise, these suppliers would not have engaged in such multiple transactions with them. So, if the seller can cooperate with the other party and make some concessions in terms of payment, it is also possible.

Of course, sellers still need to conduct more detailed background checks to minimize transaction risks as much as possible. If you would like to know more details about payment methods or are unable to determine whether the customer is reliable, you can send us a private message~

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Payment Info

Payment Company：广州联雅科技发展有限公司

Payment Account： 44044301040010464

Bank Name：中国农业银行广州房建支行

* Please make sure to indicate the order number in the remarks：

Tips

1、 After successful remittance, please contact customer service through the QR code below to provide transfer vouchers, open a member account, and collect invoices

2、 For offline remittance, please remit directly to your dedicated account on Finder Data. The general arrival time for various methods is 1-2 days for Agricultural Bank of China and 3-5 days for interbank transactions (the specific arrival time is subject to the actual arrival time of the bank)

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