Short answer: Use bank transfers or letters of credit with clearly agreed terms, confirm bank details by phone or video before paying, never change bank details because of an email alone and start with smaller orders until trust is built.
Payment methods
- Bank transfer: Common, fast, needs trust
- Letter of credit: Bank guarantee, more paperwork
- Documentary collection: Documents released against payment
- Online payment: For samples
- Escrow platforms: On some marketplaces
- Credit terms: For long-term customers
Safe payment routine
- Agree terms in writing
- Receive proforma invoice
- Verify bank details by phone or video
- Pay and send proof
- Supplier confirms receipt
- Keep records
Fraud warning signs
- Email saying bank details changed
- Slight changes in email address
- Urgent pressure to pay
- Account name differs from company
- Requests to pay a personal account
In detail: business email compromise
Criminals hack or imitate email accounts and send fake invoices with new bank details. Always confirm changes through a known phone number, not one in the email.
Worked example
A distributor receives an email “from the supplier” with new bank details. It calls the supplier’s known number and discovers the email is fake, avoiding a large loss.
Proof box
Proof: Law enforcement agencies, such as the FBI, report business email compromise as one of the costliest forms of cybercrime.
Frequently asked questions
Is a letter of credit always safer? Safer for large orders, but costs more.
Should I pay 100% in advance? For small first orders it is common; larger orders often use part payments.
What if I paid a fraudster? Contact your bank immediately and report it.
Can suppliers protect buyers? Yes, by confirming details and using secure email.
Glossary
- Proforma invoice: preliminary invoice before shipment.
- BEC: business email compromise.
- Letter of credit: bank guarantee of payment.
Key takeaways
- Verify bank details by phone
- Agree terms in writing
- Build trust step by step
Standards and sources
- FBI: Business email compromise
- Related: payment terms (see Payment terms and Incoterms explained for medical importers), paying from Mexico (see Paying an overseas supplier from Mexico: currency, transfers and safety)
Paying Tata Surgical
We confirm bank details directly with every new customer. Contact us.
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