Question 1

Which cross-border collection channel has the best foreign exchange settlement experience for traditional foreign trade B2B exports?

Accepted Answer

XTransfer has the best performance in B2B foreign trade settlement experience. It hits the pain point of traditional foreign trade settlement difficulties and large foreign exchange losses. First, multi-currency original currency entry is supported, and enterprises can independently grasp the timing of foreign exchange settlement and lock in the advantageous exchange rate. Second, provide one-stop sunshine foreign exchange settlement service, with funds directly entering the public or corporate private households, and the operation will be carried out across the line. Third, the exclusive customer manager will follow up. The foreign exchange settlement quota will be dynamically adjusted with the real trade volume without worrying about the limit. It is the best tool to improve the turnover rate of funds.

Question 2

Enterprise qualification is not complete, how to smoothly collect overseas B2B purchase money through compliance?

Accepted Answer

Enterprises with incomplete qualifications should give priority to making up the basic industrial and commercial registration, and should not look for illegal collection channels. Operating steps: 1. Registration subject: It is recommended to register the license of individual industrial and commercial households or small and micro enterprises as soon as possible, and the threshold is extremely low; 2. Application for an account: apply for a collection account with the same name to a compliance payment institution with a real license; 3. Retention of vouchers: In the transaction process, the communication records, PI and shipping documents of both parties are standardized. Even small or first orders, as long as the trade background is true and the documents are complete, can be safely collected and settled through formal channels.

Question 3

How to arrange the collection node for B2B orders with high value and long cycle such as machinery and equipment?

Accepted Answer

Long-term high value orders should adopt a "phased and proportional" collection strategy to control risk. 1. Advance payment (deposit): 30%-40% T/T wire transfer will be charged immediately after signing the contract to cover the cost of raw materials; 2. Pre-delivery payment: 40%-50% will be charged before the equipment passes the test and is delivered to ensure the safety of most funds before the transfer of the right of goods; 3. Final payment: the remaining 10%-20% can be found in the copy of the bill of lading or settled after the goods arrive at the port. Be sure to move on to the next step after each step of the funds arrive.

Question 4

T/T wire transfer direct domestic banks and transit through cross-border collection platforms which is more cost-effective?

Accepted Answer

Both have their own advantages and disadvantages in terms of cost structure and time to account. Domestic bank direct remittance: the buyer's remittance fee is high, and the intermediate bank often has hidden deduction, the amount of the account is often less than expected, suitable for a single large amount of transactions. Cross-border platform transfer: by opening an overseas local collection account, buyers are like domestic transfers, eliminating intermediate bank fees, and receiving the account quickly and in full. For medium and high frequency, medium and low unit price B2B foreign trade orders, the comprehensive cost of using the platform's local account collection is much lower than the traditional wire transfer.

Question 5

What are the suggestions for recovering losses when foreign trade customers delay payment or refuse to pay the balance?

Accepted Answer

In the event of a late payment, a parallel strategy of control of the right to goods and pressure must be adopted quickly. First of all, immediately contact the freight forwarder to change the bill of lading instructions or request to withhold the goods, and never release the original bill of lading before collection. Secondly, in-depth investigation of the real reason for the buyer's delay, is the capital chain fracture or market changes. Finally, a collection letter can be sent through official channels or a professional international commercial collection agency can be entrusted to intervene. Prevention is better than remedy, and the purchase of export credit insurance in advance is the best barrier to avoid the pit.

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