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    1. Fran83 is offline

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      #1

      Is there such a thing as safe payment method?

      Is there such a thing as a safe payment method? I need to pay a supplier who’s located in China, but I’m really afraid I’ll get scammed.
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    2. WWW01 is offline

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      #2
      Good question. And good thing you’re asking it before you make any payments. Scammers are everywhere, not just in China. And they all obviously want to get you to send money so that they can then run off with it and never supply you a thing. A couple of points relative to Chinese suppliers:

      • Rarely will you be able to pay these suppliers using a credit card. Unless your company is from Mainland China and has offices in Hong Kong, they probably won’t accept credit cards. (If it turns out that they do accept credit cards, you may first want to confirm your levels of protection from your credit card company.)

      • In lieu of credit cards, you might be able to pay using PayPal. If your supplier is based in Hong Kong, paying via PayPal should work just fine.

      • A 100% safe payment method is hard to come by when dealing with Chinese suppliers.

      The best thing you can do is to simply take the time to verify the supplier you’ll be working with. There’s nothing worse than that sinking feeling in your stomach that you’ve just lost a wad of money. Make sure you’re truly comfortable with them.
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    3. 1Baker is offline

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      #3
      What I’ve done to test my suppliers is place very small initial orders with them, just to test the waters. If all goes the way it’s supposed to, I’ll have my products; if it does not, well then I’m only out a little bit of money.

    4. Fran83 is offline

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      #4
      That’s a good idea. But what are my options if credit card and paypal are out?

    5. WWW01 is offline

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      #5
      For Chinese suppliers you’ll most often pay by wire transfer (a.k.a. Telegraphic Transfer), which is a money transfer from your company’s bank account to your supplier’s bank account. Just make sure your supplier gives you the company’s bank account number rather than his own private bank account number. Once you’ve directed your bank to send the money, it’s gone. If your supplier is going to scam you there’s no chance of ever getting that money back.

    6. Fran83 is offline

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      #6
      It doesn’t sound like paying by wire transfer is any too safe. What about using Western Union?

    7. WWW01 is offline

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      #7
      Hah! Western Union is actually the most popular payment transaction for scammers because the scam can be pulled off quite easily. You should never make large payments using WU and in fact, you should try to avoid using WU entirely when making payments to suppliers when possible.

    8. Fran83 is offline

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      #8
      Wow. Is there really no safe payment method?

    9. WWW01 is offline

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      #9
      If you’re going to place a large volume order with one of your suppliers abroad, you could pay with a Letter of Credit. The LOC is probably one of the safest ways to pay suppliers because the bank will provide a guarantee that it will only release payment to the supplier once the bank has received confirmation that the goods have been received.

      There are some companies that offer third party escrow services. It’s similar to the LOC in that you place your order and make your payment to the escrow company. They’ll hold your payment until you’ve received your order and confirmed that it is all complete and correct, at which time they’ll forward payment on to the supplier. While this sounds like a good idea, I don’t know of any Chinese suppliers who would agree to using an escrow service.

      Bottom line, you need to do your homework before buying from and paying money to any supplier abroad. Deal only with those you know are reputable.

    10. Fran83 is offline

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      #10
      I guess that’s my question –how do I know if they’re reputable, and hence safe to deal with?

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