XtendedPower
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- Joined
- Jan 6, 2012
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Hi. I put a lot of thought into this and really, I can't see many fall-outs. Therefore I want to post this idea here so I can get other peoples opinions. Maybe there are other points that I am not considering.
Ok so say you are buying something from a supplier in China. They insist on payment either by Western Union, Money Gram or Bank Transfer. If you are like me, I am trying to dropship my orders until I can build up enough money to keep my own inventory. Bank transfers take to long to go through so Western Union is the next best choice - provided you don't get burned, right?
My solution idea for this is a conditional wire transfer. Send the money like normal through Western Union, however use the following details:
SENDER: Your Name LOCATION: Your Location
RECEIVER: Your Name LOCATION: Their Location
Also in the comments or messages field add in "Do not release without Senders verbal approval."
Of course you will need to get the supplier to agree to this. You send the supplier the MTCN as usual, so that they can verify that the funds have been transferred but you set it up so that once your customer receives their orders and approves it, you call Western Union, change the receivers name to their name and release the funds.
Another way to this to level out the playing field (this is a little more expensive, but may be worth it) make two transfers - half and half. Once you receive the tracking numbers and "they check out" you agree to release half the funds. The other half is released when the customer approves the order.
Using this method will balance out the risk half and half.
So what do you think? Is this a reasonable solution?
Ok so say you are buying something from a supplier in China. They insist on payment either by Western Union, Money Gram or Bank Transfer. If you are like me, I am trying to dropship my orders until I can build up enough money to keep my own inventory. Bank transfers take to long to go through so Western Union is the next best choice - provided you don't get burned, right?
My solution idea for this is a conditional wire transfer. Send the money like normal through Western Union, however use the following details:
SENDER: Your Name LOCATION: Your Location
RECEIVER: Your Name LOCATION: Their Location
Also in the comments or messages field add in "Do not release without Senders verbal approval."
Of course you will need to get the supplier to agree to this. You send the supplier the MTCN as usual, so that they can verify that the funds have been transferred but you set it up so that once your customer receives their orders and approves it, you call Western Union, change the receivers name to their name and release the funds.
Another way to this to level out the playing field (this is a little more expensive, but may be worth it) make two transfers - half and half. Once you receive the tracking numbers and "they check out" you agree to release half the funds. The other half is released when the customer approves the order.
Using this method will balance out the risk half and half.
So what do you think? Is this a reasonable solution?
