How to safely pay suppliers in China and save money

For small and medium enterprise (SME) businesses, remaining flexible and open to different types of suppliers is critical to growth. International entrepreneurs and small business owners increasingly rely on China as “The World’s Factory” for a manufacturing ecosystem that helps them stay competitive. After you find Chinese supply partners, there’s one big question: How do I pay suppliers in China? 

While there are many options, any SME business needs to consider security, cost, time, transparency, and ease of use when it comes to establishing cross-border payments in China. Every successful entrepreneur understands that a strong cross-border strategy is key to building e-commerce growth. When deciding which cross-border factors will help you grow your business, understanding international payments and transactions should be at the top of the list.  

International wire transfers: secure but costly

An international wire transfer may be the first thing that comes to mind when considering a cross-border payment. While secure, wire transfers come with three large drawbacks: time, money, and transparency. Making a wire transfer from your business’s bank account to a Chinese supplier can take days. Additionally, large fees are often placed on both the sending and receiving end of a transfer. In fact, international wire transfer fees are on the rise among many major U.S. banking institutions. And, importantly, these transactions are not transparent. This means it’s difficult to understand the status of a payment at any given point in time, leaving you in the dark.  

Cross-border payment partner: easier to streamline transactions

Cross-border payment partners can help bridge the gap between security, expediency, transparency, and low-cost transactions by providing a one-stop-shop for everything you need to pay Chinese suppliers. LianLian Global allows you to collect and store funds, convert multiple currencies, and send payments with ease (and at a fraction of the cost). 

By using LianLian Global, you can access affordable rates combined with a low 0.5% conversion fee. SMEs working with Chinese suppliers can avoid double-conversion costs, as well as bank and marketplace foreign transaction charges.

Cross-border partners also provide increased peace of mind by: 

• Eliminating compliance risk: Without relying on expensive middlemen, a strong partner provides extra compliance and security checks to make sure transactions are secure. 
• Increasing transparency: You can see exactly when money is sent, received, and every point in between.
• Providing world-class local support: You can transfer and receive money with confidence because our team is there to answer all of your questions in your language, time zone, and preferred form of contact.
• Expanding your reach in new markets: Create receiving accounts in any supported country in less than a minute to easily transact with suppliers across the world. 

By streamlining transactions and limiting costs, using a global cross-border payments partner like LianLian Global saves time and money. You can focus your energy and profits on growing your business while your payment partner safely manages the details of your payments to Chinese suppliers.

Scale your eCommerce business today with LianLian Global.