Means of payment
Many kinds of payments are available, and you can choose the proper one according to your situation:
A). T/T ( Bank remittance by telegraph ).T/T is a way of payment terms. After the remitting bank approves the application of remitter, the remitting bank sends Tested Cable/Telex or SWIFT to the branch bank in another country or the correspondent bank (paying bank), then makes payment to the payee from the cost basis. ii.T/T settles up the bill by exchanging cash, which means your customer remits money to an account in the foreign exchange bank appointed by your company, he can ask for remittance within a period after the delivery of the goods. T/T belongs to mercantile credit, which means that customers have final decision of payment. T/T has advance payment, sight draft and usance draft.30% in advance payment and 70% at sight is widely used. This kind of payment can be used for first deal which has low account of goods. For some countries in west Africa, please do not use this payment, only use sight L/C for payment. After the goods are ready for shipment, if the customer settle all the payment, you can send the documents directly to the customer without the banks.
B). (L/C) Letter of credit.L/C is a binding document that a buyer can request from his bank in order to guarantee that the payment for goods will be tranferred to the seller. Basically, a letter of credit gives the seller reassurance that he will receive the payment for the goods. In order for the payment to occur, the seller has to present the bank with the necessary shipping documents confirming the shipment of goods within a given time frame. It is often used in international trade to eliminate risks such as unfamiliarity with the foreign country, customs, or political instability. L/C Business Process 1. applicant requests the issuing bank. 2. issuing bank issues letter of credit to advising bank. 3. advising bank advises L/C to the beneficiary. 4. beneficiary prepares all the documents that mentioned in the L/C and then presents documents to presenting bank. 5. presenting/negotiation bank checks documents and then sends to the L/C issuing bank or reimbursing bank. 6. L/C issuing bank checks documents and then remits funds to the presenting bank.
C).Post office remittance.
D). Pay online: We can't accept payment such as credit card or payal, however, we will accept them in the future.