How To Source And Vet Suppliers On Alibaba And Best Mode Of Payment

Alibaba is China's largest e-commerce company and one of the world's largest B2B e-commerce spaces. This means that millions of small, medium, and large businesses and enterprises use Alibaba.com to buy and sell products. If you are a business looking to source high-quality products at competitive rates or are a vendor looking to expand your marketplace and looking to sell your products overseas, chances are you may have enlisted on Alibaba. The large multitude of sellers, exporters, and vendors on Alibaba, however, has made it very difficult for importers and buyers to vet the suppliers and partner up with reliable businesses across the globe.

Most businesses looking to expand operations or to source products overseas come up with a thorough vendor vetting process. Despite this, several importers and buyers find themselves at the receiving end of issues such as delayed or canceled shipments, sub-standard quality, and unreliable sellers. Several sellers/vendors on Alibaba also sell fakes and this could leave the buyer’s business exposed to considerable risk of loss. So, is there a way to thoroughly vet suppliers on Alibaba while at the same time minimizing financial risks to your business? Reputed escrow platform Tazapay seems to have the answers.

Tazapay is a secure escrow service that also fully verifies the supplier’s identity and compliance status. While most companies have comprehensive supplier due diligence checklists, there is much more to vetting a vendor. Tazapay helps in this respect. As an escrow platform, Tazapay is licensed and regulated by the Monetary Authority of Singapore (MAS) and powered by Rapyd. Once a trade deal is reached by the importer and the supplier, the buyer deposits the entire amount into a secure escrow account. This assures the vendor of the buyer’s ability and intent to pay. Once the supplier fulfills his obligations and the products are shipped, this amount is deposited into the account of the supplier. The proof of shipment must be furnished for the payment to be released by Tazapay.

One of the greatest advantages of using Tazapay is that the escrow platform is specifically designed to facilitate international trade. It provides equal protection to both the buyer and the seller. The funds are released only after verification of the shipment details. This advantage combined with the great number of vendor or supplier choices available on Alibaba can bring your business just the advantage you need.