When you Deal with Foreign Sales What is The form of Payments

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Jay Mallick

When you Deal with Foreign Sales What is The form of Payments

March 06, 2013 08:46

We just want hear feedback from Forum Members,who do deal with Exports/Foreign Sales.
What is the Safest way of Getting Paid from Foreign Customers.

Thank you

Jay

Houston,Tx. USA

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Carlos Padilla

re: When you Deal with Foreign Sales What is The form of Payments

March 06, 2013 10:51

Wire transfer and paypal. Always get paid in advance.

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Errol Krupman

re: re: When you Deal with Foreign Sales What is The form of Payments

March 06, 2013 05:52

Ditto

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Patrick Doyle

re: When you Deal with Foreign Sales What is The form of Payments

March 06, 2013 05:52

Cash, Cash, Cash. I agree with Carlos, Always get paid in advance.

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Robert Harris

re: When you Deal with Foreign Sales What is The form of Payments

March 06, 2013 06:05

Wire for any large orders and Paypal for small stuff.

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Alex Styller

re: When you Deal with Foreign Sales What is The form of Payments

March 06, 2013 08:18

Foreign clients know that wire upfront is not negotiable. I never had problems requesting and getting wire in advance. Very large amount can suggest fly and buy scenario.

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Sean McCauley

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 09:15

Bank wire plus shipping and fees in advance!

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Gregory B. Holman

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 09:15

Wire. And get their company information and verify it.

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Susan Bozinos

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 12:38

Wire only. I wouldn't even accept Pay Pal, as it can be reversed/disputed. And of course, never a credit card or check. If it's a company you haven't dealt with yet, see if there are any posts about them in the forum. You can never be too careful.

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Adam Band

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 12:38

The safest way to get paid from a foreign customer is a "confirmed irrevocable letter of credit". Ask your bank about it.

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Art Stanfield

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 12:39

We usually require bank wire transfers but include Paypal payments as well.

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Victor Cruz

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 12:39

Letter of Credit is also a viable option and we can
assist bank presentation and shipping.

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Gregory B. Holman

re: re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 02:53

Letters of credit have MANY pitfalls, and payment may be conditional on certain things that you do not have control over. Also, payment may be delayed by a foreign bank.
If you must do a letter of credit, make certain that it is drawn on a US bank.

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Victor Cruz

re: re: re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 05:20

I have many years experience with international L/C, if negotiated correctly and confirmed by a US Bank they serve as a valuable tool to protect all parties. We can guide you through the entire process.

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Alex Styller

re: re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 06:15

usually not worth the trouble for vendor or customer. may be the only option for some countries like for example Bangladesh. they can't wire.

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Bonnie OBrien

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 02:53

Payment in advance of shipping, usually via wire transfer to bank.

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Steve Lacroix

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 02:53

Wire transfer. Prepaid.

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Richard Taylor

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 05:20

Wire transfer with terms agreed prior to payment.
Unless dealing with repeat & known respected traders.

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Ron de Ru

re: When you Deal with Foreign Sales What is The form of Payments

March 07, 2013 05:20

Here's what everyone gets from us. We do not ship without prepayment.

International Customers
Can pay via PayPal or Bank Wire Transfer, Currency Source, Western Union or Money Gram.
Bank details for wires are printed on our invoices.

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Kim Schofield

re: re: When you Deal with Foreign Sales What is The form of Payments

March 08, 2013 08:02

I understand everyones opinion. However, for example, we are an international company. We have to pay 100% in advance but, when we get shipped the wrong part, or something misrepresented we are stuck begging to get the issue sorted out.

We have been sold incorrect parts, defective parts and even systems sold as new that were actually refurbed. Every single one of these transactions were with DotMed listed companies, most in the top 100 listing. So, this business works both ways.

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Ronald Tarr

re: re: re: When you Deal with Foreign Sales What is The form of Payments

April 07, 2013 12:22

yes, it is very important for the "customer" to have faith in the companies they are sneding money to. So make sure you deal with companies that are not going to send you defective equipment that have missing parts etc. We are bassiclly saying we do not trust you but we expect you to trust us.

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Richard Taylor

re: When you Deal with Foreign Sales What is The form of Payments

March 08, 2013 08:05

Also,
If you do get interest from foreign buyers don't automatically think something is wrong (or will go wrong).
Of course be cautious (as with all transactions), but don't let it put you off.

Some of my best customers are outside my homeland and I value them massively.

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Michael H Badell

re: When you Deal with Foreign Sales What is The form of Payments

March 08, 2013 05:49

Wire Transfers. Make sure that you give it time to clear since in some counties they are able to pull back the wire after it has been ordered

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Shahid Ahmed

re: When you Deal with Foreign Sales What is The form of Payments

March 11, 2013 09:01

L/C at sight

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Ronald Tarr

re: When you Deal with Foreign Sales What is The form of Payments

April 04, 2013 02:11

I now have a bank account that is only for international wire transfers. I do not keep a lot of money in it since there alot of international scams. Once they have your account number etc then the account can be compromised. Wire transfer prior to shipping is the only way to do business with overseas customers.

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Ron de Ru

re: re: When you Deal with Foreign Sales What is The form of Payments

April 04, 2013 03:29

We do the same. We have one Wells Fargo account for Wire transfers. We keep it at a minimum and most importantly tell your bank that nothing should ever leave this account, ever, accept by one designated person and ONLY to transfer to your checking account. That way if your bank ever sees any activity on that account other than wire deposits they will know it is fraud.

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