During international business, payment methods is certainly the most important concern of the two sides, some big business may be failed due to the payment terms. Both suppliers and buyers would like to ensure their money safety during the business.
Generally, the most common payment methods in international business are as follows:
Bank Transfer: It is the most popular payment method, better for suppliers, as the payment is irrevocable; therefore many suppliers prefer this method. The payment via bank transfer is very quick, usually 3-4 working days, and the fee is not high, usually about USD20.0. But, it is better to choose a big bank which has international influence in case of any funds lost.
L/C: It is the most complex payment method, the payment last too long time and too many banks and departments are involved, and the fee is too high, so now, little suppliers or buyers prefer this payment method.
Credit Card: credit card is better for buyers, as the money paid via credit card can be countermanded within 30 days, so if buyers are not satisfied the products, they can get the money back, while for suppliers, it will be a great lost, so suppliers will not accept such payment method.
West Union: It becomes more and more popular for SOHO now due to the convenience, suppliers only need provide the personal details, then buyers can pay the money to individual person. For the SOHO who has no real company or bank account, it will be the best choice.
Cash: The most traditional and direct payment, but are seldom used now due to the limit of space and time, however, if buyers come to the factory for product inspection before shipment, maybe cash will also be a good choice, which will save the bank fee and time.
As a makeup brush factory, we have been in international business for many years, the payment methods we usually accept are bank transfer, west union and cash. If buyers have any special requirements on payment methods, please feel free to contact us, we can further discuss.
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