B2B marketplaces are increasing online but no one is able to match the level f Alibaba which is called as the best one according to its customer’s reviews. Well, there is no one better than this because of the products availability as well as there are thousands of exporters are available here. Most of the suppliers are manufacturers but there are contracting companies also available.
This biggest platform is used worldwide by popular countries like USA, Australia, EU, India and many more. This is the best method to earn profit but there are many Alibaba payment terms which you have to follow so that you and the manufacturer don’t get into any kind of fraud. The telegraphic transfer (t/t) is the common method which is used in china. Basically, China’s government come up with a law in which the manufacture will be getting the 30% of the payment in advance on placement of order and the 70% payment will be done before delivering the goods.
Paying On Alibaba
If you are using Alibaba and met with a manufacturer and thinking to place an order but don’t know that how to pay then you should know the methods of payment in china. Well, there are two methods, first one is paying off platform and the second one is following the Alibaba payment method. Basically, Alibaba is trying to come up with the best method of payment so that most of customers can deal with manufacturers and pay.
There is still time in this thing that’s why most of the payments are done in standard method and that is t/t transfer but this isn’t the safest method for customer. The first issue is that you are paying 30% advance on placement of order and when the manufacturing will be complete then you have to pay 70% but is it safe? Most of the manufacturer doesn’t provide the quality and product according to customer demand and this is the reason that this is doubting thing for customers.
Even asking for the refund is also the problem because such manufacturer will claim to give you discount in next order and this is how, you will be getting false product. Still, there are many Alibaba Payment terms you can checkout.
Is There Any Secure Method Exist For Alibaba Supplier’s payment?
As you know that there is no Alibaba payment method but there is an external method which is introduced by Alibaba with China’s top financing company. The name of this method is given as Alipay. This is an Escrow system and it is the securest one available online. In order to get started, the buyer needs to verify that he/she is the trusted one. As the buyer is verified then this is the time for payment.
Now, you are not paying the manufacturing company because this escrow system will get the money. This is the intermediate now and you will pay the advance using telegraphic transfer, credit card and western union. As the payment will be done then it will be locked on the placement of order. In this Alibaba Payment Terms, the buyer can’t get his money back and the manufacturer is assured that there are no chances of fraud. As the product will be ready, an inspection will be held on the complete set of the product and if everything is fine then the money will be unlocked for the manufacturer.
The law created by China’s law was good for the manufacturer but most of them manufacturer and supplier started doing fraud. However; Alibaba Payment Terms alleviated all the issues with ease. There are many more methods and off platform methods are the little bit risky. If you are working with a manufacturer from a long time and business relations are improving then you can try the off-platform method. This is all about trust and when you are novice then this is risky to trust anyone. Always consider many vital things regarding the company like it’s a manufacturer or a supplier before getting started.
Requesting For Refund
You are able to get the refund in few Alibaba Payment Terms and condition. If you have placed an order and then the manufacturer gave you the deadline that they will provide you the product in a month but he isn’t able to do this work then the manufacturer can request for little more time. If you are not agreeing then you can get the refund in this condition. If the product isn’t same as the demand then you can claim for refund.