When buying from a Japanese exporter, often you will see only certain payment methods are allowed. The reason exporters, such as our trusted partners, only accept certain forms of payment is because of fraud against the exporter.
You may be surprised and are saying, “What!!? I thought it was the exporters I had to be careful giving money to? How can an exporter be cheated?”. The truth is there is more legitimate exporters being cheated into shipping vehicles that money promised for never comes in. When that happens, either the car is completely lost or the added expense of having to pay for return shipping makes it also very unprofitable.
So how do exporters get cheated? Well, basically there are certain ways of paying that can be revoked, or taken back, by the one who purchases. The fraudster may make “a payment” and then when he get the car, revokes the purchase. So, for example, we do not accept payment in International Cheques because there is a way into being scammed in this method.
Currently, our exporting partners accept two methods of payment:
- T/T also called Direct (Bank) Transfer
- Irrevocable LC payable-at-sight
Eventually, there may be additional options such as Western Union money transfers for those who are unable to use the above methods, but ultimately trade security is in the interest of both the seller and buyer. Both must be honest, fair, trustworthy, and deliver as promised.
As far as other payment related polices, we will ship cars if at least 50% of the total costs are paid as deposit. To release you the documents, the remaining 50% must be paid within 10 days.
If you have any questions, please post something in the comments below or contact from our website www.JCarBuys.com.
Filed under: JCarBuys | Tagged: auto, business, buy, cheat, deposit, fraud, japan, japanese, JCarBuys, lc, money, motor vehicles, pay, payment, protect, protection, purchase, scam, security, sell, steal, t/t, trade, used cars | Leave a Comment »