Ocean Themed Indoor Play Equipment for Nursery

Payment Term (T/T Payment):

We usually do 30% deposit by T/T payment before production, and remaining 70% payment before shipment. For our old customers who are temporarily short of cash flow , we can do 10%-20% payment upfront, and the balance payment upon receiving the B/L copy or 10 days before the cargo arrived.

What’s T/T Payment?

T/T payment stands for “Telegraphic Transfer.” In other words, an international wire of funds from the buyer’s bank to the seller’s bank.

When a Chinese supplier asks for a T/T payment, what they really mean is they want a wire transfer. (Technically, a T/T payment is not exactly the same as a wire transfer through the SWIFT system, but the vast majority of people think of them as the same thing.)

A wire transfer based on SWIFT is the most common payment method in international trade with Asian countries. It typically takes 3-5 working days to clear, and generally costs between 25 and 50 USD, depending on your agreement with the commercial department in your bank.

What Is the Most Common Payment Term Requested by Chinese Suppliers?

1. You get all the information that you need to know from the suppliers.
2. You send a 30% deposit (by T/T payment) before production starts.
3. Your supplier (the manufacturer & exporter) purchases the components and/or materials and arranges the production.
4. You have the suppliers inspect product quality before shipment.
5. You send the remaining 70% (by T/T payment) before shipment.
6. The supplier ships the goods and sends you the documents by express courier.

In graphical form, it looks like this: