11 Aug 2020 
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 Which payment method is the safest?
Solution Using more secure payment methods can put you at ease with your transaction ending successfully, especially with suppliers you are dealing with for the first time. For this, we recommend that you use the following payment methods (listed by order of importance):

1: Escrow.com is a 3rd Party that acts as a controller of sorts of the transaction. They hold on to your payment of the transaction and verify if the products ordered are as per your requirements and standards. Once they have verified the products, they will release the payment to the seller and deliver the products to you. Please do note that Escrow does charge a fee for these services. For more information, please visit www.escrow.com

2. Letter of Credit (L/C) is a document issued by the buyer’s bank, authorizing the seller to draw a specified sum of money under specified terms, usually upon the receipt by the bank of certain documents (bill of lading and other requested documentation etc). L/C is a formal payment method that offers protection to both parties.

3. PayPal is your account that can be funded with an electronic debit from your bank account or by a credit card. For more information, please visit www.paypal.com

4. Bank Wire Transfer (T/T, Telegraphic Transfer) is a simple a wire transfer to a bank account.  However, T/T payment in advance presents risk to the buyer or importer if the supplier is not honest, especially if the beneficiary is a Personal Account and not a Corporate Account. This can be determined by looking at the Titles of the account (e.g. Mr/Ms. Abc Xyz and DEFG Trading Co. Ltd. respectively)

Western Union is also a widely used payment method; however it is very insecure and unreliable. It is recommended to use the above mentioned payment methods as opposed to Western Union in order to be secure with your transaction(s).


Article Details
Article ID: 126
Created On: 04 May 2010 12:51 PM

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