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How to Verify Your Wholesale Supplier

Many overstock, liquidation and surplus stock sales are happening generally in minutes. The total price of the wholesale liquidated stock is here usually the most important factor to make up your mind. You'll receive an amazing stock offer and you have to act really fast as there are potentially tens of buyers hungry after this wholesale bargain deal.

But how do you know that your supplier is really genuine and he is what he really says he is ? How do you do a security check or verify your wholesale supplier. This could be a tricky and frustrating task, but here are some useful tips to get you started.


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Steps

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1 Ask for the VAT or a copy of Tax ID, Company Registration number and full company details. Google could be a good tool to research who're you're dealing with. With the individuals this could get a little tricky as there are not many options, but i suggest you ask for the bank details, also relevant to verifying a company.
  • In US you can use the website bbb.org ( Better Business Bureau ), try to find you company there. Equivalent of this in UK could be oft.gov.uk Office of Fair Trading.
  • Try to make a search for you company there, see if anything pops up. You can also try and search for companies and individuals on websites like sz-wholesale.com


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2 Use these useful tips for dealing with and and verifying Chinese companies or "businesses" however these could be very relevant to verifying any company.
  • Some Chinese companies - even some paid members of trade websites - are scammers. Your business is not legally protected by Chinese authorities if you are dealing with an illegal company. Buyers need to verify potential suppliers first.
  • Unfortunately, while there are some Chinese websites that can help provide company verification, there is little support for us English speakers. So, here are some tips to help you be sure you are dealing with a valid supplier.
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3 Contact Information. Most of the time, scammers do not provide correct business contact information. They submit a false address, telephone number. ALL buyers should make personal contact with suppliers before concluding a sale.
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4 Verify the Company. Every legal company in China needs to be registered with Chinese government authorities at the Bureau of Industry & Commerce (BIC). Once approved, each company is provided with a unique company number. Be sure to get this number from suppliers - if they cannot provide one, walk away. Once you have the number, check with the local BIC administration office to verify company information. (NOTE: You will likely need to have someone Chinese make the call, as English is not supported).
  • In China, all companies that wish to import and export must apply for and obtain a Certificate of Import & Export from Ministry of Commerce and its authorized local agencies in China. This must be done after a company has registered at their local BIC. In addition, trade companies have to register with Chinese Customs House and its regional branches before conducting formal business with international businesses. Buyers should ask suppliers for their company number from BIC, as well as a copy of their Certificate of Import & Export.
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5 Payment Terms. Scammers never accept Letter of Credit (LC) payments. The fraudsters of the world prefer Western Union, TT and PayPal payments - as these cannot be traced. Buyers making a large purchase should definitely pay be LC. For sample orders and smaller shipments, consider using an escrow service (like Escrow.com).
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6 Check Customer Referrals. Professional suppliers understand the value and power of customer referrals. Before finalizing an order, ask the supplier to provide names and contact information for some of their satisfied buyers. You may wish to start by asking if they have shipped product to your country before. If they say yes, get customer referrals there. If not, ask what other countries they have sold to and get info for some of those customers.
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7 Watch out for Unbelievable Prices. Part of the lure of scammers is to offer products at truly unbeatable prices. But, the reason they can offer such low prices is that you will never get the product - so who cares what the sales price is? Consider this: If the deal sounds too good to be true, it probably is.
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8 Check the authenticity of Branded Products. China is famous for selling copied versions of branded products, such as watches, electronics, shoes, handbags, golf clubs and more. At the same time, there are a number of legitimate Chinese producers of branded products, that sell surplus quantities illegally. Buyers should note that while a Chinese company may provide you with a certificate indicating they have the right to produce the branded item, this certainly does NOT authorize them to resell those items. Check the wording carefully.
  • Chinese suppliers provide buyers with real opportunities for cost savings. Just remember that without conducting appropriate due diligence, you are going into the deal blind and putting yourself at risk. Like in the rest of the world, most businesses are professional. With a little research, buyers can trade confidently and develop valuable business relationships.
  • These are very good Tips to start your own verification for any supplier before you send them money !! Anyone can make their shop window look nice with great products to choose from, it's what's inside that counts
  • With suppliers that have their web sites online for years not months, this is a good way to trust them, it would take some time before bad feedback filters through the internet, so with new websites under 1 years you have to be more on the cautious side. When we really trust a person or a supplier, we can send any payment type as we know there is no problem with the security of this money, suppliers that have a long term business and with a good reputation would never cause any problems to their business with poor products and bad customer service, but when you deal with scammers they would promise you the world, but most would only want payments like W/U with no security for the buyer, many buyers like to use Pay Pal, but once again for real suppliers that's fine not for a supplier that would close his accounts after he as made his money from this scam !!
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9 Consider safer methods of paying. Payments like COD or L/C seem to be better for the buyers, but remember to think clear, what's inside the container or box?, even if I order a DVD on COD, when the item comes, i open the box see the DVD looks fine, pay the deliver guy, later i try the DVD, there is no contents inside, this scam is old but has caught so many people out, and before you reply to me and say why do i show these details of scams, like the scammers would learn from this post, be real, scammers know more than than you think, this is their life, the fact is if you have a need for a product or service the scam is so easy.
  • How many people have bought from suppliers that sell, "20 x video cameras in boxes complete new model" UNTESTED, low prices but how easy is it to test them, and sell for more money, so the fact is you be lucky to get 3-5 out of them working by using the parts from others, and the time and cost is not worth business.
  • How many people would buy a tin of food from a supermarket with no label on it?, not got a clue of the contents, only that the sell by date is ok, well i would not buy, best to get the tin i want and know the brand i can trust, and so many buyers do the same with these suppliers selling Phones, Games, Laptops,,,, THEY TAKE A CHANCE and hope they get a bargain of a life time deal.


Source: http://www.wikihow.com/Verify-Your-Wholesale-Supplier

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