CHINA GOODS IMPORTATION TUTORIAL
Pay for your products
Post by Sparklyn, 07-Jan-2025.
To place your order, you will have to pay a deposit on the value of your order. Usually an initial deposit of between 30-50% will be requested by a Chinese manufacturer to get your product/order into production. The remainder is paid upon delivery of the goods. Never pay the entire amount of the purchase price upfront. If there is a problem with the order, you may not be able to get your money back.
Remember that the wholesale cost of your product is not simply the recorded cost of the item on the order, but the total cost of having it shipped to you, including taxes, tariffs, shipping, and insurance fees.
A letter of credit is commonly used in trade with China. Go to your bank to get detail formality and cost.
Payment for Chinese exports is most often made by credit card, but many Chinese suppliers also accept other forms of payment, such as cash, check, or even PayPal.
You need to have a good estimate of the landing cost before you make your order. Landing cost = cost of the goods + transport costs by forwarder + import duties (if any) + local transport costs + cost of service providers (inspections, agents, etc.).
There may be many hidden costs and you can consult an import management company, but the best way to avoid bad surprises is by making a first order of a small quantity, and collect all costs and fine tune your landing cost estimate.
Use escrow services for payment whenever possible. Escrow companies allow a buyer to deposit funds with an independent third party, to be delivered to the seller once he or she has fulfilled his or her end of the supply and shipping agreement.
Remember that the wholesale cost of your product is not simply the recorded cost of the item on the order, but the total cost of having it shipped to you, including taxes, tariffs, shipping, and insurance fees.
A letter of credit is commonly used in trade with China. Go to your bank to get detail formality and cost.
Payment for Chinese exports is most often made by credit card, but many Chinese suppliers also accept other forms of payment, such as cash, check, or even PayPal.
You need to have a good estimate of the landing cost before you make your order. Landing cost = cost of the goods + transport costs by forwarder + import duties (if any) + local transport costs + cost of service providers (inspections, agents, etc.).
There may be many hidden costs and you can consult an import management company, but the best way to avoid bad surprises is by making a first order of a small quantity, and collect all costs and fine tune your landing cost estimate.
Use escrow services for payment whenever possible. Escrow companies allow a buyer to deposit funds with an independent third party, to be delivered to the seller once he or she has fulfilled his or her end of the supply and shipping agreement.