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Safety Tips For B2B Marketplaces

Safety Tips For B2B Marketplaces


    

Safety Tips For B2B Marketplaces

by Joshua Adekane

Globalization has strongly increased trade between countries. With the internet, doing business online has become more important than ever. Unfortunately, fraud has also increased.

These tips and advice could save your company thousands of dollars.

1. Verify the Contact details of your potential business partner

Always confirm if the address, phone number and email address given to you by your trading partner belongs to the same company. If a trader provides inconsistent contact details, for example an address in the USA and phone number from another country, we recommend you look up the address in the local phone directory and call this number to confirm that the person you are in touch with actually works for the company.

2. Check company background information

In many countries the existence of a company and its legal status is a matter of public record. If you cannot get access to that information, you can gain further knowledge about your potential partner by ordering a credit report online.

3. Ask as many technical questions as possible

Test the knowledge of the buyer or seller. Ask questions such as country of origin, quality certification, warranty and other technical questions that are specific to your products. If the potential partner is serious, they will be able to answer you quickly.

4.Investigate market value

Search what the market price of your product and be suspicious of any deal that is too good to be true.

5. Meet your potential business partner face to face

After doing all the suggested verifications, try to meet in person in order to visit the company and make an assessment yourself. If you are going to travel to a foreign country, contact your embassy for assistance to better plan your trip.

6. Be cautious when ordering or providing Samples

As a buyer, order a sample before committing to a purchase in order to be sure that the product meets your expectations. As a seller, request payment for a sample before you send it, especially if your product has a high resale value.

7. Order pre-shipment inspection services

If you are a buyer, you can protect yourself against poor quality by ordering a pre-shipment inspection of the products. You can demand the inspection as a condition to payment.

8. Protect Yourself Against advanced Payment Risk

When you are a buyer and you enter into a contract, it is normal for the seller to request partial payment before shipping the order. Avoid all payments with services like Western Union as it is extremely hard to identify the owner of the account receiving the payment. A safer option would be a letter of credit.

9. Be aware of the risks of doing business in high risk regions

Be extremely vigilant when doing business with regions with high fraud incidents such as Eastern Europe and Africa.

About the Author:
To search for buyers and sellers on the B2B marketplace of Latin America and the Caribbean B2B Marketplace. To investigate the financial and legal past of any company in the world, Credit Reports.


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