Tips to keep in mind while doing international payment
Published : 28 May 2018, 17:45
Shopping online is fun and gives you access to brands from all over the world. However, while making payments on the international platform, check for multiple payment options, read few reviews before you make the payment, suggest experts.
Abhishek Agarwal, Co-Founder, Globepanda, and Sirish Kumar, Founder and CEO at Telr, have some suggestions:
* Check for multiple payment options is one of the most common advice you will come across when you are doing international payment. This is because chances of fraud are high on websites which are looking for only card details and do not accept cash on delivery or money from mobile wallets. Having multiple options like payment with card, cash on delivery or online wallets present, suggest that the e-commerce firm is genuine.
* Currency converter tool which converts the prices in the country’s local currency where the user is browsing the site from be it anywhere in the world, will inspire trust from you as you will know instantly that if a company is catering to a lot of countries of the world it will have a strong solid foundation. Make sure you look for it or see if the prices are in your own currency so that your bank can track the transaction easily.
* While doing international payment always check for reviews to know how good the product is and whether you should buy it or not. You can read reviews about order tracking function that dismisses all doubts whether the company is fraud or not.
* Don’t be a hoarder. A lot of times, businesses can be tempted to hold on to currencies, in the pursuit of better exchange rates. However, businesses can also suffer due to the same impetus. If hoarding money is having a bad impact on the cash-flows, opt for liquidity every time – attempting to correctly time foreign exchange market movements has no guarantee of working in your favour.
* Make bigger payments. The fee for international transfers reduces proportionately as the amount increases. Hence, instead of making frequent, smaller payments, judiciously utilise your money in making bigger transfers. This would not only be convenient but will also help you save a lot of money in international transfers.
* A pro forma invoice is an invoice which states that the seller will fulfil his commitment to supply goods to the buyer on the agreed price. This information can be given on e-commerce websites with a link that says for bulk order contact here or a page which contains all the information on pro forma invoices and bulk orders.
Learning about the legitimacy of bulk orders will help you know that the company is legitimate.
* Pay attention to the same product on different websites and check for both type of prices before selecting the best. The tax rate of every country is different so e-commerce sellers must do their homework when they are calculating prices of products so that the taxes levied on the products are not miscalculated.
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