Alibaba.com have launched Trade Assurance, a free service designed to create trust in trade by giving businesses peace of mind when trading with China.
The new Trade Assurance service aims to make trading easier and offers businesses of all sizes peace of mind when buying goods online. The free payment protection service is currently available from participating suppliers in China with plans to roll out the service to global suppliers over the next few years.
Each participating Trade Assurance supplier will be assessed and assigned a Trade Assurance Limit for covering buyers. Alibaba will refund up to 100% of the Trade Assurance Amount that was agreed between the buyer and supplier on a contracted purchase if the order is not shipped by the date agreed in the contract and/or the products do not meet the quality requirements set out. Also if the supplier breaches any terms of your contract, Alibaba will reduce the level of their Trade Assurance Limit.
In the first phase of its release, Trade Assurance will cover payments made by telegraphic transfer (T/T) and extend to other payments in future phases. If a buyer makes a deposit or pre-payment, and the supplier does not live up to the shipping time or pre-shipment product quality requirements agreed in the contract, the buyer’s money is protected.
Full details of the new Trade Assurance coverage from Alibaba is available on their site.
