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Visiting Factories

Question from one of our subscribers:

HI Guys,

I visited a factory in China 2 years ago and went on to place an order of about $15k. It was the usual terms of 30% deposit with balance due before shipment. All went well and the order was received as expected. Everything was as it should be. That, however, was for the company I worked at and was their money to spend/lose.

Now I am starting my own business and will be replicating this but on a larger scale. I have just placed a deposit of $25k with the balance due when the goods are ready for shipment. I have arranged to visit the factory again in mid september when the container should be ready to ship. All being well, I can then arrange the balance payment. But what if, whilst I am there, all seems well and I pay the balance. The supplier will probably not ship until the funds clear in their account. By which time I am likely to have flown home. I will not have any assurances that they actually ship the goods, or what they ship is what I have inspected. What options do I have to ensure I get what I expect. I suppose i could stay out in China longer. Other options would be to find a faster method of paying. Ideally, I want to visit the factory on Monday and fly home the following weekend. All being well, I authorise a payment on Monday that is in the suppliers bank by Friday. Does ayone have any advice on that? Also, should i be more trusting?

Thanks

Answer:

Hi!

I think we all get stressed when things come to managing somebody surprisingly and when such a measure of cash is included.

I have understood that opportunities to manage production line straight are exceptionally thin, and I don’t get worried about middle man. To source industrial factories it would take learning Chinese and invest a great deal of time in China, I think it is more financially savvy to simply run with that agent and have everything worked out a considerable measure speedier. Industrial facilities generally won’t have permit to fare and some won’t have any desire to trouble with outside purchasers whatsoever.

It is typical to have those sales663 email accounts, does not so much mean anything whatsoever (in terrible way).

Good luck! At the same time I think it is insane to have first request for $85k, unless that sum is sort of easy to earn for you!

 

 
 
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