Question 1

What is the best way to collect money in US dollars for domestic hardware machinery exports?

Accepted Answer

The best way to use is to collect money through a regular third-party B2B foreign trade collection platform. Hardware machinery exports usually have higher unit prices and involve customization. Traditional wire transfers are not only slow but also have more intermediate line deductions. Using the exclusive collection platform for foreign trade (such as XTransfer), enterprises can obtain local bank accounts in Europe and the United States, and buyers can directly make payments in local currency, thus increasing the speed of receipt to the fastest day. Not only saves the high intermediate bank fees, but also enjoys a very competitive real-time exchange rate, which is the best choice for B2B exports with high customer unit prices.

Question 2

What should I do if an overseas buyer asks for B2B payment by credit card?

Accepted Answer

To meet buyers' credit card payment needs, a compliant payment gateway supporting B2B foreign card receipt must be opened. The first step is to find a cross-border collection agency that supports B2B trade background. The second step is to submit the enterprise qualification and historical transaction records to complete the receipt function for filing. The third step is to generate a payment link or bill through the platform and send it to the buyer, who can enter credit card information to complete the payment. This can effectively improve the order conversion rate, but need to pay attention to guard against the risk of credit card refusal, be sure to retain complete communication and shipping documents.

Question 3

How can small and medium-sized foreign trade factories that do not have import and export rights charge overseas US dollars in compliance?

Accepted Answer

Small and medium-sized factories without import and export rights can collect US dollars in compliance through market procurement trade mode or formal cross-border payment platform. High-quality third-party collection agencies designed for small and medium-sized factories to design a perfect settlement channel. You only need to provide real transaction background proof (such as purchase contract, pro forma invoice, logistics waybill), you can apply for opening a virtual foreign currency account on the platform. After receiving the US dollar, the platform will complete the balance of payments declaration on behalf of the platform, and directly settle the legal and compliant RMB to the domestic bank account.

Question 4

What are the advantages and disadvantages of T/T wire transfer and local collection accounts?

Accepted Answer

Local collection accounts fully rolled T/T wire transfers in efficiency and cost. T/T wire transfer has the advantage of high penetration rate, but the disadvantage is obvious: it needs to go through multiple intermediate lines, takes 3 to 7 days, and each deduction of high handling fees. The advantages of local collection accounts are: 1. zero intermediate bank fees, buyers pay how much is the full amount of the account; 2. Fast arrival, usually T 0 or T 1 can be recorded; 3. The buyer experience is excellent, only need to transfer money to the local bank of the same country, greatly reducing the buyer's payment trust threshold and operating costs.

Question 5

I heard that some foreign trade accounts are easy to be closed, how to evaluate and avoid the risk of account closure?

Accepted Answer

Accounts are usually closed because they trigger a bank's compliance anti-money laundering alert. The core of evaluating whether an account is safe depends on whether its funding source review mechanism is rigorous. Guidelines to avoid shutdown: first, it is strictly prohibited to collect funds from sensitive and high-risk countries; second, to eliminate collection and payment and other payments unrelated to their own trade; third, each receipt must keep complete evidence of the trade chain (PI, logistics, customs declarations, etc.) for spot checks. Choose a professional collection platform that understands the real scene of foreign trade and actively cooperate with the data review to ensure the long-term stability of the account.

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