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Accepting payment from International Retailers/Clients

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I'm at the stage in my business (almost 2 years deep) where I can get my product into stores. But now I have connected with a store in Australia, and they want to sell my product.

I currently accept Check and Paypal for wholesale sales. Are there any other methods of payments that I should have available for non American clients?
I might come off as unprofessional if I were to ask them what forms of payment are they capable of sending.
 

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International bank transfer. Obviously the fees are way more than paypal, but I've been able to pay chinese wholesalers using this method.
So when you set up the transaction, are they simply giving you their bank Routing #?
 

Cyberdeth

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So when you set up the transaction, are they simply giving you their bank Routing #?
Not really.
When I buy from Chinese wholesalers, they need to send me the following information:

bank account name
bank account number
SWIFT/BIC (What is a bank Identification Code (BIC) / SWIFT code?) code

Then I'll add the invoice reference number and that's all. You just need to wait a few days for the payment to clear, usually 3-5 business days.
 
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Not really.
When I buy from Chinese wholesalers, they need to send me the following information:

bank account name
bank account number
SWIFT/BIC (What is a bank Identification Code (BIC) / SWIFT code?) code

Then I'll add the invoice reference number and that's all. You just need to wait a few days for the payment to clear, usually 3-5 business days.
Ignorant Question: Do international bank transfers follow the same protocols as a transfer between entities in the same nation?
 

Cyberdeth

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Ignorant Question: Do international bank transfers follow the same protocols as a transfer between entities in the same nation?
What do you mean? Fraud prevention, etc? Yes, but it's best to wait for the funds to clear before you ship the items. However, it depends on where the funds come from. Obviously, use common sense when dealing with overseas businesses. Ie. One of the more common scams are when you send an invoice and they "overpay" you and ask you to refund them the difference. That should raise red flags!
 

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Note that, as @Cyberdeth briefly touched on, the wire fee can be substantial.. and you need to decide ahead of time who is paying for this, and clearly communicate it, so there are no surprises and/or delays.

BEN (beneficiary) means the sender does not pay any charges. The amount you receive will be less all transfer fees charged by the sender's bank and any intermediary bank(s).

OUR means the sender pays for all transfer charges. This guarantees that you the will receive the amount you invoiced in full.

SHA (shared) means sender only pays their bank's outgoing transfer charges. You (the receiver/beneficiary) would receive the payment minus any correspondent (intermediary) bank charges.

If you intend to receive the FULL invoiced amount, be sure to make this clear and specifically instruct your partners to wire the funds to you with the "OUR" instruction.
 

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Go to your bank. Talk to a business banker.

Ask them how to accept international transfers into your account.

Write that information down.

Send it to the customer.

Don't overcomplicate it.

You'll have to pay like $60 in fees per transfer.
 

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