The Internet has made it possible to be in China and sell directly to customers in the United Kingdom and vice versa. The same applies to most countries in the world. Hence, if you have a business idea that you believe the whole world can benefit from and you want to implement it, the Internet provides you with an effective, albeit, cheap way of carrying out your business idea. It is even possible that the business idea you have does not seem lucrative in your current location but you know it is very lucrative in another country that you are not willing to relocate to or cannot relocate to. You could stay in your current location and target customers in those countries. Your prospective customers will be able to find you online, patronize you and you deliver to them through shipping companies. However, you might be wondering how can I get paid by some by someone in China, while I am in the UK? Here are some options as well as their pros and cons.
Bank transfers
There are many options to receive money, even though some are preferable than others. In the past, bank transfers will have been necessary. However, with bank transfers, it could take days before you get the money. You can imagine where a customer orders for your product and you have to wait for 3 working days before you can confirm the payment. This is when you would now start to ship the product that will take another 3 days to get to the customer. While some customers will have been able to endure a 30days wait to get the product, they might not be able to endure a 6-days wait. Hence, you would prefer a means where you can instantly get the payment so that you can instantly process the customer’s orders. Furthermore, there is also the fact that the bank charges could be relatively high. Hence, you might be forced to increase the rate of your product above what you will normally have sold it or your customers might be made the pay the charges. This extra cost could reduce the attractiveness of your product as customers who would have patronized you will prefer to go for cheaper alternatives.
Money transfer companies
There are other platforms that you might also want to use to receive payments. For instance, there are money transfer companies that you can register with. However, before customers can send you money through some of those companies, they will also have to be registered on the same platform. Your customers might not be willing to go through that stress of registering on the platform just because they want to patronize you. Furthermore, there might need to be extra communication before you can process their orders.
You might require them to send you a mail about the amount they paid, their order number, how they paid and other details. In other cases, you might want them to include the order number in the remarks when sending the payment. They might not have been patient enough to read the instruction when ordering or they might have read without understanding. Thus, they could place orders and wait for days without getting the products that they ordered. They might already be pissed off and label you as a scam on review companies without you knowing. Even when you know, before you sort out the issues with them, some damage would have already been done.
If you are using this option, strive to make sure that the instructions are clear enough. Also, put them where they will be very visible and that the customer will not miss it. Also, make the instructions as short as possible so that customers will be encouraged to read it.
Cryptocurrencies
With the increasing popularity of cryptocurrencies and crypto trading platforms, it is also a great payment option that you can implement. Apart from the fact that most people are still sceptical about cryptocurrency when properly set up, you can get instant payment with the details of the order without extra efforts from the customers. You can start to process the order immediately and get the goods across within the shortest possible time. This would encourage customers who were satisfied with the first order and how it went to patronize you again.
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