Factors to keep in mind Before Importing Samples of goods from Foreign Countries
Before starting the import export business, or even before starting a new work in this business, it is always advisable to import samples from the party to check and inspect properly so that there are no quality and other issues in the future. If you are an experienced trader, you must be knowing the challenges that occur in importing samples from foreign countries but if you are new, this article will definitely help you keep a few factors in mind before you consider importing samples from foreign countries. Protecting your money by minimising the financial risks is the first thing taught in every import export courses online as it is the basic of every import export business so let us discuss the few relevant factors
- Measures against payment defaults
You might have to pay in advance for the samples you are exporting from foreign countries and this is when you need to be careful and do proper credit checks in advance. It is always advisable that you use payment methods that provide security to your money and your bank will be able to tell you this with more clarity.
- Secure payments upfront
This point comes relevant to you if you are exporting the samples rather than importing them and want to secure your payments. The best way to secure your payment is to secure it in advance and ask the customer to pay with credit cards before sending the samples. There might be some trust issues in the beginning but everything will be sorted eventually
- Insurance of goods
It is extremely important to secure your goods if you are exporting the samples outside or ask the exporters to insure them if you are the importer and the best way to do it is by insuring the goods. Any loss or damage of the product samples in transportation are covered by insurance and the compensation for the loss or damaged products are given
- Set currency exchange rates in advance
The currency rates are fluctuating everyday in the international market and it is always advisable for an importer to set the exchange rate well in advance with the exporter so that no confusions or doubts arise if the currency rates change when you receive the samples. This will be beneficial for both the parties.
- Thorough background check
Before asking the samples from the exporter, always make sure that you enquire everything about the exporter so that you do not have to regret later. Always prefer inquiring from other exporters from the same country as they will be able to tell better and if you don’t know anybody from that country, try searching the exporter’s name and company online to check if they have any complaints in their name.
- Clarity in clauses
Before you place an order for the samples, make sure that each and every point regarding the business, payments, quality etc are very well discussed in advance with the exporters so that there are no confusions later on.
Documents Required for importing samples
Importing and exporting products internationally requires official and valid documents. The commercial invoice, bill of lading or airway bill, packing list, insurance paperwork, and, if necessary, specific certifications of origin, sanitation, phytosanitary, and other documentation are required for cargo being imported and exported. Also, make sure your business invoice contains all relevant information, as this is how customs officials will identify and process your package. Uncertain descriptions are a typical cause of goods being held without customs clearance, which should always be taken into account.