How can foreign traders dominate the negotiation of payment methods?
Generally speaking, the transaction volume of B2B foreign trade is relatively large, so both buyers and sellers will be very cautious. Because once an unexpected transaction occurs, one party will inevitably face huge economic losses. The best way for foreign traders to minimize risks and losses is to demand payment from the other party first.
Because goods are delivered before payment, on the one hand, foreign traders may face significant financial pressure, and on the other hand, they may also face the dilemma of uncollectible payments. But obviously, most buyers are also unwilling to take on too much risk, so if the negotiation is not done properly, it is very likely to lead to a direct breakdown of the negotiation. So how can foreign traders dominate the negotiation of payment methods?
Hierarchical quotation method
Hierarchical quotation method, which gives customers two quotations. The high price corresponds to the goods being paid first, while the low price corresponds to the goods being paid first.
Many times, even under the same conditions, customers have a much higher acceptance of proactive choices compared to passive ones. For foreign traders, regardless of which one the customer chooses, it is more beneficial.
Emotional Strategy
Emotional strategy is actually about showcasing the difficulties you are currently facing in order to gain customer sympathy. Of course, sympathy alone is not enough, and foreign traders also need to make a portion of the benefits available to customers. The usage rate of this approach is very high, and the success rate is also very high.
On the one hand, it makes customers feel that you are not easy, thus breaking their psychological defense line. On the other hand, the actual profit can make customers feel your sincerity.
Delivery time difference method
The delivery time difference method is similar to the hierarchical quotation method, both of which provide different services and prices to enable customers to make active choices. But this is only suitable for situations where the customer has a very urgent delivery time, indicating that the delivery time can be advanced, but the customer needs to make payment first. Due to the other party's urgency, it is highly likely that they will accept it.
Raw material price increase method
Tell the customer that the prices of raw materials will increase in the next month, and the overall price will also increase. If the other party is willing to accept the advance payment, you can use the money to purchase raw materials first, thereby maintaining the current pricing. This method is actually a variation of the hierarchical quotation method, but relatively speaking, this method is more tactful and customers are more likely to accept it.
If the seller tries multiple methods and the other party refuses to let go, then the foreign trade person needs to conduct a background check on the customer before entering into a transaction with the other party.
Foreign traders can directly search for customer names and view their transaction status through tracking data, such as We will find that the number of transactions for Indian customers of A.A. CABLE LAYERS is relatively low, only 4 times, and all 4 times are with different suppliers. Therefore, foreign traders need to be more cautious when making decisions.
We all know that although there are many methods, if foreign traders do not have outstanding advantages and sufficient strength, the probability of success will be relatively low. Therefore, foreign traders inevitably need to take risks in exchange for orders, so doing a good background check becomes even more important.
If you want to learn more about customer background checks, you can send us a private message~
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