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Import Payment Risks
Trading internationally provides opportunities for a business to find new income sources – but it also has unique challenges.
Distance to market, time zones, cultural and language difficulties, unknown standing of the supplier, country and regulatory impacts are just some of the issues you need to plan for. Foreign exchange, transport, fraud (internet and other scams), sanctions and money laundering, all present risks for the importer.
Before you enter into any agreement to import goods you need to consider:
- Can your supplier really handle the transaction size and quality?
- How well do you really know your supplier? Do they have a history in exporting? Have you done your research (not just from the internet)?