The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Accepting payment from International Retailers/Clients

The Entrepreneur's Forum for learning how to build wealth and financial freedom the Fastlane way!

Say "NO" to mediocre living rife with jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence. Join our forum with more than 70,000 entrepreneurs who are making it happen.
Join for FREE Today
Get the books
Remove ads? Join Fastlane INSIDERS
(Registration removes this block)

MoreVolume

Bronze Contributor
Read Fastlane!
Speedway Pass
Oct 6, 2016
308
475
NC
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.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

MoreVolume

Bronze Contributor
Read Fastlane!
Speedway Pass
Oct 6, 2016
308
475
NC
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

Contributor
Read Fastlane!
Read Unscripted!
Jan 10, 2018
51
76
46
Sydney, Australia
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.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

MoreVolume

Bronze Contributor
Read Fastlane!
Speedway Pass
Oct 6, 2016
308
475
NC
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

Contributor
Read Fastlane!
Read Unscripted!
Jan 10, 2018
51
76
46
Sydney, Australia
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!
 

George Appiah

Silver Contributor
Read Fastlane!
Read Unscripted!
Speedway Pass
Aug 16, 2018
277
539
42
Accra, Ghana
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.
 
Don't like ads? Remove them while supporting the forum: Subscribe to Fastlane Insiders.

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Must Read Books...

Explore books recommended by MJ DeMarco and other members of the Fastlane entrepreneurial community.
Fastlane Bookstore
Top