“I have known Mustafa for over 2 years. He is diligent, diplomatic and astute. Anyone who has him on their team is lucky because he will always go the extra mile.”
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What are the best practices for communicating and documenting payment terms with your suppliers?
As you are documenting payment terms: # Learn about the allowable overage and underage amounts & include them in the contract. Not doing this will cost a lot over time. # Understand if there is any hidden fee ( i.e 2% credit card fee) # Make sure there is no discrepancy between shipment documents ( i.e. commercial invoice showing net30 vs PO showing ‘payment in advance’) Payment terms help with “how and when to pay”. Any importer/ exporter , regardless of how small or big they are, must have at least a basic understanding INCOTERMS rules as they define the responsibilities of sellers and buyers. Being able to spot if freight or insurance is importer or exporter responsibility will save you time and money if there are any issues.
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What are the best practices for communicating and documenting payment terms with your suppliers?
In my experience, negotiating terms should only come after you have established a good working relationship with the buyer/seller. I’d recommend learning your options about payment terms upfront and choose one that fits your needs. It’s easier to successfully negotiate with a long-term business partner than a vendor who has never seen you before. A smaller company will have other preferences compared to a bigger one. If obtaining a credit is an option, it should be explored as it will help with the cash flow. If you choose to handle the payment with a letter of credit (L/C) , make sure you work with a reputable bank. Understanding the cost of L/C which is usually a percentage & choosing the correct L/C type is also very important.
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How Did You Get Into eCommerce? And Why Reputation Travels It's interesting to me that this is one of the most common questions I hear bandied…
How Did You Get Into eCommerce? And Why Reputation Travels It's interesting to me that this is one of the most common questions I hear bandied…
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There’s a fine line between a company that is “constantly reinventing itself” and a company that is “trying a bunch of stuff hoping something…
There’s a fine line between a company that is “constantly reinventing itself” and a company that is “trying a bunch of stuff hoping something…
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"Homeland Security cracking down on customs brokers used by Shein, Temu" One might assume that the US Government has decided to target Chinese…
"Homeland Security cracking down on customs brokers used by Shein, Temu" One might assume that the US Government has decided to target Chinese…
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Acceptance of Dangerous Goods by Air
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Corporate Finance Management
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International Business & Transportation Law
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Logistics Within Supply Chain
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MIS in Transportation
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Marketing Management
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Operations Management
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Strategic Human Resources Management
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Syst Analysis & Ops Research
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Transport Benefit-Cost Analysis
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Transportation Management
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Turkish
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