Question 1

Which US dollar collection tool is the best and lowest cost in the initial stage of foreign trade SOHO?

Accepted Answer

The best and low-cost tool for the start-up phase of foreign trade SOHO is a licensed B2B cross-border payment platform, such as XTransfer. SOHO groups often face the dilemma of having no physical office address, which is difficult for traditional banks to accept. The exclusive platform is designed for small, medium and micro, supports individuals or self-employed to open accounts, and exempts account opening fees and account management fees. Operating processes across the line and highly competitive exchange rates minimize SOHO operating costs.

Question 2

How to settle the remittance to the domestic corporate or legal person account after receiving the US dollars from overseas customers?

Accepted Answer

The key to compliant foreign exchange settlement lies in providing authentic evidence of the underlying trade transaction. First, ensure that the sender is consistent with the buyer on the PI to avoid high-risk third-party payments. Secondly, upload corresponding vouchers, such as pro forma invoices, commercial invoices or logistics documents, on the collection platform. After the wind control audit is passed, the settlement order can be initiated. Funds will be cleared to bound domestic accounts at real-time exchange rates, subject to the supervision of the Foreign Exchange Bureau and sunshine compliance.

Question 3

Customers ask to use credit cards to pay B2B foreign trade large orders how should I collect money?

Accepted Answer

When a customer uses a credit card to pay for a large B2B order, it is recommended to direct them to a bank wire transfer or use a B2B gateway that supports credit card acquiring. Large credit card payments have a high risk of rejection and high fees. If it must be used, be sure to: 1. Agree with the party responsible for the handling fee in advance; 2. Keep complete communication records, delivery and receipt certificates to deal with complaints of refusal of payment; 3. Choose a collection channel that has a complete anti-fraud system and supports 3D security verification.

Question 4

Which is faster than T/T wire transfer collection and local B2B collection account?

Accepted Answer

Local B2B collection accounts are significantly faster than traditional T/T wire transfers. T/T wire transfer needs to be transferred through multiple intermediate banks, which not only generates expensive handling fees, but also takes 3 to 7 working days to get to the account. The local B2B collection account relies on the local clearing network established by the platform in the buyer's country, and the buyer only needs to transfer the local currency to his home account. This is equivalent to domestic transfer, the fastest can be achieved on the same day, and effectively avoid the intermediate bank deduction.

Question 5

What are the main points to evaluate whether a foreign trade collection account is safe and reliable?

Accepted Answer

The evaluation of the safety and reliability of foreign trade collection accounts mainly depends on the three major indicators of license plate, wind control and fund depository. First, check whether the platform holds a payment license in the main business area. Secondly, to see whether the wind control system is rigorous, the platform with strict compliance review can better prevent the risk of money laundering and avoid the account being frozen innocently. Finally, confirm whether the funds are independently deposited by the top international cooperative banks and must not be confused with working capital to ensure the absolute safety of the seller's funds.

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