Do You Require Payment By TT?
We deal with hundreds of buyers and suppliers every week, negotiating deals.
We find that 99% of buyers will only pay by LC (Letter of Credit) because it is the safest way to pay and it also guarantees the money to the supplier also.
Buyers don’t like to pay by TT because it contains an element of risk. The supplier could always take the upfront amount and run away.
So buyers have a right to be concerned about payment with TT.
There are hundreds (if not thousands) of false companies that are set up just to con and scam people from the first upfront amount which may be thousands of dollars.
This scam is quite common and rampant today in all markets, and buyers are well aware of these scams. So no buyer in their right mind would agree to paying any amount upfront (based on these false contracts).
Any supplier that wants a real business in today’s market, has to be able to accept LC payment. This is imperative. Without this, their business will eventually fail as their competitors take over all orders by simply accepting LC as a payment method.
Scammers can be spotted easily simply by looking at their email replies, and their inability to prove themselves.
So if you are a company asking for x% upfront (upon signing a contract), then we can guarantee that you will not get that from any buyer who has been in business for any length of time.
With LC guaranteeing you money, there is no need to have to accept TT. You are in a better position with LC if you are a genuine company that can deliver what it promises.
Sometimes, the buyer agrees to pay a percentage of TT if the supplier can produce a bank guarantee letter. This can also work if you just can’t accept LC.
In conclusion, if you are a scammer trying these tricks, then give it up because no buyer will fall for it. You are simply wasting your time. This scam is well know in international trade.
If you are a genuine company, it’s time to change your payment methods and accept LC. Without doing this, you will lost millions in revenue from this small needed change.
When you do accept LC, get in touch with us and we will bring you many, many genuine buyers.
Lentrica