Protecting Your International Ventures
Don’t get swindled by overseas customers.
Opinions expressed by Â鶹Éç contributors are their own.
In the global marketplace, do you know how to get paid without losing your shirt? The first step is to call your banker. He or she will suggest one of three payment methods: payment in advance, a letter of credit, or a sight or time draft. A good international banker can walk you through your choices.
If you’d rather make a go of it on your own, is good for payment on transactions of less than $10,000. And VeriSign’s and both accept multi-currency payments and offer specialized options.
On larger transactions, and are two reputable companies offering letters of credit that guarantee payment.
Thinking of selling goods on open account? Don’t. This method of payment cannot be used safely unless you’re dead certain that the buyer is creditworthy, and unless the country of destination is politically and economically stable. Otherwise, it’s a huge risk.
In the global marketplace, do you know how to get paid without losing your shirt? The first step is to call your banker. He or she will suggest one of three payment methods: payment in advance, a letter of credit, or a sight or time draft. A good international banker can walk you through your choices.
If you’d rather make a go of it on your own, is good for payment on transactions of less than $10,000. And VeriSign’s and both accept multi-currency payments and offer specialized options.
On larger transactions, and are two reputable companies offering letters of credit that guarantee payment.
Thinking of selling goods on open account? Don’t. This method of payment cannot be used safely unless you’re dead certain that the buyer is creditworthy, and unless the country of destination is politically and economically stable. Otherwise, it’s a huge risk.
