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Monday, 5 June 2017

How to make payment when importing goods from China

China is one of the most patronized country when it comes to importation, be it general merchandise, clothing, shoes, household items etc. Due to the country's interest in manufacturing processes and high export capabilities, it has become the world's largest export base and interestingly they are living up to expectations with what seems like an unlimited strength. However, while there are many people doing business comfortably with Chinese producers and suppliers there are still local importers and wanna-be foreign importers within who do not know exactly how to go about payment procedures with China and would appreciate learning just how they can transact business with these export counterparts.

I've gotten several requests from importers who would like to extend their import boundaries from neighboring African countries to China and beyond, asking me to address this and I had to pen down this article for their benefit. If you're one of such categories, here is definitely an article you've been looking out for. Now let's discuss how to make payment when importing goods from China. Truth is, for these and other import processes there's simply no best method of payment because every payment method entails a measure of risk and your choice has to be dependent on a couple of important factors to consider.

1... Telegraphic Transfer
A telegraphic Transfer is a kind of Electronic wiring system for transfer of money usually used overseas or for intercontinental transactions. It originated with the U. K banking system. It is apparently the oldest method of payment from the commencement of intercontinental trades. It is most advisably used for medium funds transactions as well as low funds transactions. A part of the agreed sum is paid or sent in advance and then the completion sent after a satisfying feel of the product or products desired.

2... Sourcing Agencies
These are private or commercial agencies who meddle with the politics of international transactions, they usually have foreign branches in many countries across the globe so what they do is receive your cash deposits in your country and then send word across to their foreign counterpart in China or elsewhere to make the needed payments to the needing companies. As swift as it can be, it is very quick, trustable and reliable. So you can actually pay for your goods from China through sourcing agencies, though they charge quite a bit above normal banks but they can be totally dependable, I know many importers who deal regularly or transact frequently with sourcing agencies while purchasing goods abroad.

3... Western Union
One of the fastest and swiftest payment means of all time. I think this is actually the most widely used owing to its high compatibility rate because it is available in virtually almost all countries around the Globe. With western union, all you have to do is walk into any bank that has this provision, request for a related form to fill which would include some coded messages, questions and answers. You pay the cash value of what you're to send to your Chinese counterparts and you also pay the required charge for the transaction. In less than 48 working hours, the transaction would be sent across, you'll only have to supply your receivers with the question and answer protocols you filled your transaction form with because that's what allows them access to the said funds. It's as simple as that.

4... Credit Card Payments
Yes, another electronic means of payment that evolved not too long ago is the Credit Card payment system. Yes, it surfaced ever since Global Banking was initiated. A credit card is usually connected to a credit account where you can always store business funds. You pay for it to be funded by exchangers. Now the funds in the business account are readily available for use for online purchases or payment for goods through your credit card service. Talking about swiftness, yes credit cards afford you convenience and swift service when it comes to electronic transactions because electronic transfer systems usually do not take longer than a minute in the absence of network errors and in the presence of a stable network support system. But then the associated risk is, they can be hacked into and dissolved if not we'll be secured.

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