Payment Terms
Standard Payment Methods
T/T (Telegraphic Transfer / Wire Transfer) — Default
- 30% advance upon order confirmation
- 70% against B/L copy (within 7 working days of B/L date)
Irrevocable L/C at Sight — for orders > USD 50,000
- L/C must be issued by a top 100 international bank
- Confirmed L/C accepted from any country
- All amendments at applicant's cost
- Documents required: full set negotiable B/L, commercial invoice, packing list, MTC, beneficiary's certificate per L/C terms
D/P 30 Days — for established buyers only
- Available after 3 successful T/T orders with on-time payment
- Documents released against acceptance + 30-day promissory note
- Bank handling fees at applicant's cost
Other Methods
- D/A (documents against acceptance) — case-by-case for AAA-rated buyers
- Open account 60-90 days — only for repeat customers with insurance backing
Why we do NOT accept PayPal, credit cards, or cryptocurrency
This is the standard practice for B2B project supply, not a limitation of our company:
- PayPal / Stripe / credit card: per-transaction fees (3.5-4.9%) plus FX margin make six-figure orders uneconomic; the buyer's chargeback window (up to 180 days) is incompatible with a 6-12 week production lead time and ocean transit; SWIFT bank wires are the documented norm for international procurement.
- Cryptocurrency: not permitted under Chinese banking regulations for cross-border trade settlement; cannot be matched to the SAFE / customs export filing required to claim VAT zero-rating.
- Western Union / Ria / MoneyGram: classified as personal remittance — no commercial invoice trail, no compliance with anti-money-laundering reporting; not eligible for B2B trade.
For any order USD 500 - 5,000 (small samples / spare parts) we accept T/T 100% advance to a verified bank account; the bank wire fee is typically USD 15-45 versus 3-5% on a card.
L/C at Sight — Process Flow
For buyers using an Irrevocable Letter of Credit at sight, the document flow is:
- Quote acceptance — both parties sign the proforma invoice. We send our beneficiary details and required L/C wording.
- L/C issuance — applicant (buyer) requests issuance from a top-100 international bank; advising bank in China (Bank of China / ICBC / CMB) advises us.
- L/C review — within 3 business days we review and respond with any amendments needed (avoid: discrepant clauses, restricted negotiation, soft clauses, or late-shipment exclusions).
- Production starts after a clean, workable L/C is in our hands.
- Shipment + documents — we ship within the L/C latest-shipment date and present full set: 3/3 original B/L, commercial invoice, packing list, MTC EN 10204 3.1/3.2, beneficiary's certificate, certificate of origin, inspection certificate (if specified), insurance policy (CIF terms).
- Negotiation — advising / negotiating bank examines documents (5 banking days), forwards to issuing bank.
- Payment — issuing bank releases funds at sight after document acceptance; we typically receive USD within 7-15 banking days of B/L date.
We have handled L/Cs in USD, EUR, RMB and AED with banks across 40+ countries. We can provide a sample compliant L/C wording on request.
Currency
USD, EUR, RMB. Exchange rate per quotation issue date for non-USD currencies.
Bank Account Verification
⚠ Important security notice: We do not change bank accounts mid-transaction. If you receive an email asking you to remit to a different account from the one on the proforma invoice:
- Do not make payment
- Verify directly with our sales team via phone (+86 132 9342 5333) or WhatsApp
- Report the suspicious email to us at haihaojituan@163.com
Phishing attempts targeting trade payments are common — please verify the bank account on every wire transfer.
Bank Charges
- Sender's bank charges paid by buyer
- Intermediate / receiving bank charges deducted from the remittance and re-billed in the next invoice if shortfall
Late Payment
- Default rate: 0.05% per day on overdue balance
- After 30 days overdue: order release / future production may be suspended
- After 60 days overdue: matter escalated to legal recovery
Refunds
Refunds for over-payment, cancelled orders, or warranty claims are processed via T/T to the original remitting account. Processing time: 7-14 banking days.
Tax
- Goods are sold ex-works of Chinese export VAT (zero-rated)
- Buyer is responsible for import duties, VAT, customs broker fees, and any local taxes
Contact
Finance department: haihaojituan@163.com | Tel: +86 132 9342 5333