subject: Payment Systems When Dealing With Chinese Traders [print this page] Payment Systems When Dealing With Chinese Traders
Payment is one of the cornerstones of effective business practice. In the case of China, the different merchants are advised to be vigilant about the way that they handle payment issues. As a minimum they should expect to conform to some pretty stringent methods for paying for goods. The typical "China wholesaler" will attempt to be flexible but the system is what will ultimately determine the acceptable methods of payment. The majority of distributors will only accept Western Union payments or wired transfers. This is meant to ensure that there is an audit trail of all the transactions that have gone through the system. Worries about Western Union and money transfers If you decide to pay for a wholesale LED flashlight using these methods, then the audit trail might be lost due to the volume of transactions. In any case you will need to pay some money in order to find the pertinent documentation. That is a prospect that is very difficult for many people in the industry such that they end up giving up on the entire concept. Merchants are therefore advised to start off with a smaller order in order to see how the process develops. They can then make payments using the methods that seem to work well for both parties. The great thing about the internet is the fact that there is plenty of information for people who are inquiring about different payment methods. It is no longer the case that you have to rely on the bank. There are plenty of other avenues that you can use very effectively. There are also serious options for people who wish to improve the possibility of making money online. This is no longer a business model that is hostile to enterprise and different payment methods. In fact a variety of payment methods are positively welcome for merchants. The role of financial institutions Some financial institutions are more flexible than others. They will listen to payment proposals from their long term customers and then make a decision as to whether that is the right course of action. That is different from the old rigid ways of working where the payment methods were set in stone. It gives the merchants greater flexibility in terms of the way that they can distribute different products on the market. China is not the most difficult place to explore and therefore merchants have no excuse for failing to use the potential that is available to them.
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