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Payment terms/acronyms - What do they mean?

  • avatar

    by: margus555
    SaleHoo Junior Member
    10 posts

    Payment terms/acronyms - What do they mean?

    Posted 7 Sep 11 4:02 pm.

    Hello, i found on alibaba following supplier payment terms, but i dont know what those mean:

    L/C, T/T.

  • avatar

    by: fudjj
    SaleHoo Staff
    3138 posts

    Re: Payment terms/acronyms - What do they mean?

    Posted 7 Sep 11 9:06 pm.

    I think you'll find this helpful :)

    link hidden

    Now in regards to electronic wires such as Western Union, we STRONGLY advise against using such methods as you have no recall should their be any issue with the transaction, and you run the risk of losing your money!

    Credit card is always the safest way to trade anywhere, but especially China. It gives you the option to file a charge-back where the transaction is not as you expected, and that will get your money back safely.

    Short of using a credit card, PayPal is also a good option, but credit card is number 1!

    Marc Ransom

    Community Manager
    SaleHoo.com

    About the Community Manager

  • avatar

    by: richellemonfort
    SaleHoo Staff
    4542 posts

    Re: Payment terms/acronyms - What do they mean?

    Posted 8 Sep 11 12:02 am.

    Hi margus555,

    Marc's right avoid paying via T/T or telegraphic transfer, which simply means wire transfer. It's one of the easiest way to send your money and lose your money online, unfortunately. You see once you wire your money there' s no way of getting it back. Unlike, with payment methods we consider as safe like credit cards and PayPal, mentioned by fudjj - you can always do a chargeback or file a dispute.

    We do have a glossary for terms which you may come across as an online entrepreneur, in case you don't quite know the meaning of a word you may refer to http://www.salehoo.com/glossary

    Hope this helps. All the best! :)

    Richelle

    Customer Support
    SaleHoo Group Limited
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