Terms of Payment
NEWAY supports various payment terms, eg: T/T, Western Union, L/C, Alibaba Trade Assurance Payment, Paypal, etc., negotiable.
What is a T/T Transfer Payment?
A T/T payment, or TT for short, telegraphic transfer, telex transfer, also referred to as wire transfer, is one of the payment methods. Payment by telegraphic transfer is widely accepted all over the world. Put simply, it is a bank transfer, in this case, between the importer’s and the supplier’s banks. Next to an LC (letter of credit, L/C) payment, T/T is one of the most popular payment methods, especially when doing business in Asia.
How to Make a Payment by T/T Transfer (Telegraphic Transfer)?
T/T payment is made from your bank account. You can contact your bank to obtain the form (if not available) and fill it according to the details provided by the supplier. You can also select T/T as your preferred payment method when placing an order on platforms like Alibaba. It is recommended to send a confirmation of payment to the contractor.
Each transfer requires the name of the recipient’s bank, the bank’s SWIFT code, and the recipient’s bank account number. The SWIFT code consists of letters and numbers that identify the institution where the recipient has an account. On the invoice, you can find a BIC (Business Identifier Code), which is, in fact, a code assigned by SWIFT.
What is Western Union Money Transfer?
This is an international money transfer service that can be transacted in more than 200 countries and territories. That is, if you have relatives and friends abroad within the range supported by Western Union, you can transfer or receive money quickly in just 5 minutes to 1 hour.
How to Pay by Western Union?
Send money through the Western Union website. Click the Send Money link on the Western Union homepage. Select Send Online. Fill out the form, and choose how you want to pay. You can either send the money with a credit or debit card, or with your bank account.
What is an L/C ?
L/C in trade means the guarantee letter issued by the L/C issuing bank at the request of the importer. In L/C, the L/C Issuing Bank promises to pay the price on behalf of the importer. In addition, this promise has the condition that there is no discrepancy of exporters.
How to Pay by L/C (Letter of Credit)
1.The importer arranges for the issuing bank to open an LC in favor of the exporter.
2.The issuing bank transmits the LC to the nominated bank, which forwards it to the exporter.
3.The exporter forwards the goods and documents to a freight forwarder.
4.The freight forwarder dispatches the goods and either the dispatcher or the exporter submits documents to the nominated bank.
5.The nominated bank checks documents for compliance with the LC and collects payments from the issuing bank for the exporter.
6.The importer's account at the issuing bank is debited.
7.The issuing bank releases documents to the importer to claim the goods from the carrier and to clear them at customs.
What is Alibaba Trade Assurance Payment
NEWAY is one of the few verified members on Alibaba.com
Trade Assurance is a built-in protection service that covers orders places on and paid for through Alibaba.com. Trade Assurance protects the buyer in the event that the supplier failed to ship on time or the product quality varies from what has been agreed upon.
How Can Buyer Pay for a Trade Assurance Order?
Pay online via Alibaba.com’s secure payment plateform. Alibaba currently accept the following payment methods for Trade Assurance orders: Credit Card, T/T (Bank Transfer), Paypal, Online Transfer, Western Union, PayLatter, and Boleto. If buyers are unsure of how to process the payment, pls click on the preferred method above to learn more.
What is PayPal?
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders.
How to pay online with PayPal?
Selecting to pay online through PayPal requires a quick login into your account. Once you finish confirming payment in your account, you’ll get redirected back to the merchant site to finish off the purchase. Making payments to other Paypal users is even easier.