Time to Pay…What is a Wire Transfer?
What are your payment options when purchasing wholesale and wholesale liquidation merchandise from a supplier, or should I say what are the payment requirements? Many on line vendors who distribute wholesale merchandise accept the traditional forms of payment including Visa, Mastercard, Discover and American Express. There are many companies that will also accept payment via Paypal, which is a way to electronically send money to an individual or company by way of an email address.
You may have run across some companies who list, “wire Transfer” as a payment method. In fact most companies who distribute wholesale liquidation pallet and truckloads require that your purchase be paid for with a bank initiated wire. A wire transfer is an almost instantaneous electronic transfer of funds from your bank account to the receivers bank account. You must have the payee’s full business name, bank name, routing and account number to send a wire. A wire transfer is issued from just about any bank and takes a few minutes to complete while in the teller line. Your bank will charge a fee to process a wire transfer. Fees will vary, but average around $15-$30 for an outgoing transfer.
Although wires are immediate, it can take 12 to 24 hours for payment to arrive in the payee’s account.
In my experience it is an industry standard when purchasing large quantities of liquidated merchandise to use a wire transfer. When you are buying liquidated inventory direct from “Big Box” retailers..this is your only option for payment.
Wire Transfers are final, there is no recourse. You can charge back a credit card purchase, but a wire is unstoppable. Once funds hit your payee’s account…it is a done deal. Make sure you fully understand what you are buying and who you are buying merchandise from before you initiate a wire transfer.
Before you make any large purchases using a wire transfer make sure you have investigated the company you are about to buy from. Check references and ask as many questions as you can before making an investment.