Every business starts with research to get insight into import-export frauds first you need to dig deep into this matter. With everything available on the internet, you can search about the frauds and scams going on in the market as everything goes viral in a fraction of seconds. Also, social media has given people a lot of power to share their stories and experiences.
In any business, whether its exporting or any other business, too much optimistic behavior and trust in anyone can prove to be hazardous. You should only take up the call if you find anyone through personal contact or reference, this is the best way to do safe business.
Many times buyers face a lot of problems related to goods such as they do the advance payment for the goods and when they received goods they were not the same as they demanded, or the quantity received is less or delayed delivery. These problems occur just because the buyer doesn’t check for the previous records of the exporter or supplier.
Let’s discuss some ways to avoid these frauds, scams and lose of money :
1. Ask for References
It is good to always be on the safer side. When you get in touch with any buyer, supplier, importer, exporter, manufacturer, etc, you should always ask for references like you can ask for contacts of the previous clients and ask them about their experience with the company and gather information related to their reputation and service. Also, make sure that the contacts that you are asking belong to the market in which you do business or from a market that is outside of their local market.
2. Say No To Advance Payment
In business, you cannot trust someone completely even if you have worked with someone earlier as well. So you should try to avoid advance payments to the supplier or Exporter and try to protect yourself by opting for a better mode of payment which is suitable for you and the supplier like a Letter of Credit. One should always go for the safest mode of payment to avoid any kind of fraud and scams. This also leads to better network building as you will not only gain profits but the trust of your buyer.
3. Quality First
As a buyer, your product is everything for you so it’s your right to ask for a sample before placing the order. Once you have the sample you should check for the quality and if you think the product is suitable for your customer the only go ahead with supplier. Also, you should be prepared to pay for the sample at a lower price, in comparison to actual.
Make sure that you visit your business partner’s location or make someone else check for their reputation and see are they true to their word or not.
5. Be Cautious
When it comes to running a business you need to be careful as a business is a profession of mind. A market is a big tool for you to look at who is true and who is not. If someone is offering you a very low price then you need to understand that the price offered by him matches the market price. If not then you know what you need to do.
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