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    1. buyinbulk is offline

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      #1

      What's the safest payment method?

      I would like to know what are the safest payment methods you use?

      How about paying by credit card directly to a merchant account?

      Have you guys used Escrow.com in the past?
      Over 150,000 Verified Sources + Deals 95% Off MSRP + Free Website!

    2. Thank you for this post:

      chinabuy1.com (23 Oct 2014)

    3. Major Supplier is offline

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      #2
      Credit cards since you can contact the credit card company for a chargeback. Most who accept credit cards will do it through a secured third party. This way you don't have to give them your personal info directly.
      Want To Be An eBay Powerseller?
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    4. Half Empty or Half Full? is offline

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      #3
      Why don't you place a small order at first, that way you can see the quality of their products in your hand. Even if something does happen you won't be faced with a total loss.

    5. For Members Only is offline

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      #4
      Letter Of Credit

      This is a legal document that you can request from their bank in order to guarantee that payment for goods will be delivered. This gives the seller confidence that they will receive the payment for the order. In order for the payment to through, the seller will give the bank all the necessary shipping documents that confirm the delivery of goods. This is often used in international trade to lower the risk of dealing with foreign countries.

    6. wholesaleinsight's Avatar
      wholesaleinsight is offline

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      #5
      I use PayPal or my credit card. Never heard of a letter of credit, but I guess it's for the more expensive orders.

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      WholesaleForum is offline

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      #6
      The underlying question is "safest for whom?".

      Some forms of payment are safer for buyers, others are safer for sellers.

      Suppliers are just as concerned as buyers about getting scammed. Also, for larger manufactured orders, manufacturers need a guarantee from the buyer that the order will be fulfilled. They obtain that guarantee in the form of a deposit which varies depending on the manufacturer and on the buyer's trading history (usually between 10-25% of the order total). A supermarket with a long trading history is likely to obtain better payment terms than a new retailer, in the form of a smaller deposit and in more convenient payment terms (eg 30-60-90-120 days credit if you are an established buyer with a strong track record).

      There are some good articles on payment methods at the following links:

      1. International Payment Practices Overview
      2. Using Escrow For Payments
      3. Payment by Cash in Advance
      4. Payment By Letter of Credit
      5. Payment by Documentary Draft
      6. Other International Payment Methods

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    8. EnternationalTrader is offline

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      #7
      Great posts!

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