Submitting a Financial Services Request with Trade Escrow: A Comprehensive Step-by-Step Guide
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Definition of Trade Escrow in International Trade
Trade Escrow refers to a neutral person or entity that acts to prevent fraud and ensure contractual obligations are fulfilled. It receives shipping documents from the seller and payment from the buyer, subsequently providing the shipping documents to the buyer. After the terms of the contract are met, the Trade Escrow releases the funds received from the buyer to the seller. Acting as a trusted third party, Trade Escrow plays a crucial role in enhancing trust and security in commercial transactions, assuring both parties that the contract terms will be properly executed.
Advantages of Submitting a Trade Escrow Request on Baramen
- Extensive Network: Baramen collaborates with a wide network of financial service providers worldwide, enabling you to find the best provider for your needs.
- Easy Process: The Trade Escrow request process on Baramen is straightforward and quick, allowing you to submit your request effortlessly via the website or the Baramen app.
- 24/7 Support: Baramen’s support team is available 24/7 to assist you at every stage of the transaction process.
- Affordable Costs: Baramen provides the ability to submit requests through the website or mobile app, minimizing costs and time spent at any place and moment.
Steps to Submit a Trade Escrow Request on Baramen
Step 1: Access the Service Request Page
You can access the Baramen service request page in two ways:
- Direct Access from the Homepage: From the top menu of the homepage, select the “Service Request” option.
After entering the service request page, choose “Financial Services” and click the next button to display the list of financial services.
To access directly, click on the link: Baramen Service Request.
Step 2: Selecting Trade Escrow Services
In the services box, select the Trade Escrow option. Once chosen, the service details will appear in the left box. You may select additional services or multiple instances of the same service if needed. The order of selection will determine the priority for execution, and the forms for each selected service will be displayed accordingly.
At any point, you can navigate back to the previous form or step by clicking the “Back” button located at the bottom of the form.
Step 3: Completing the Trade Escrow Service Form
When filling out the Trade Escrow form, please pay careful attention to the following details:
- Seller Name: Enter the seller’s name as specified in the pro forma or transaction details.
- Seller Country: Specify the country from which the seller will ship the goods.
- Buyer Name: Input the buyer’s name according to the pro forma or transaction details.
- Buyer Country: Indicate the country where the goods will be delivered to the buyer.
- Contract Execution Date: Specify the start date for the Trade Escrow contract.
- Currency for Payment to Escrow Agent: State the currency you plan to use for payment to the service provider.
- Payment Method: Choose your preferred payment method from the displayed options. (To learn about various payment methods, click on “Payment Methods in International Trade.”)
- Product Name: Include the product name along with distinguishing features. For example: “Samsung A14 Mobile Phone, 64GB Storage, 4GB RAM, Dual SIM, Black.”
- Upload Files: You can upload necessary documents in image, PDF, or Excel format.
- Additional Details: Provide any other relevant information in this section.
Once you have completed all required fields, the “Save” and “Next” buttons will become active. Click “Next” to navigate to the deadline setting page for proposal submissions. Here, you will need to specify the deadline for service providers to submit their proposals.
Service providers will only be able to submit proposals until the chosen deadline, and no proposals will be accepted after it has passed.
After setting the proposal deadline, click the “Submit” button to register your request in the Baramen Commercial Services Market.
Step 4: Reviewing and Selecting the Best Proposal
View and Review Proposals: To view received proposals, go to the right menu under the “Customer” section, select “Service Request,” and then choose “Service Provider Proposals” from the submenu to display the table of proposals. Click the view icon for detailed information on each proposal.
Communicating with Service Providers: To negotiate with service providers before accepting or rejecting a proposal, utilize the “Contact User” button to initiate a chat via Baramen.
Accepting or Rejecting Proposals: Each proposal will have buttons to accept or reject it at the bottom. If the proposal meets your requirements, click “Accept”; otherwise, click “Reject.” Upon accepting a proposal, you will be directed to the payment step.
Step 5: Payment of Invoice Amount
After accepting the desired proposal, you must pay the agreed amount according to your arrangement. For a secure transaction experience, it is recommended to use Baramen’s secure payment gateway. If payment is made through Baramen, the amount will be held in escrow until the order is processed and delivered. Baramen assumes no responsibility for transactions made without utilizing its secure payment system.
After making the payment, provide the required details in the description section, upload the payment receipt, and any relevant documents, then click “Payment Completed.”
If you wish to withdraw from the service before payment, click the “Cancel” button and provide an explanation. Please note that once the payment is made, you cannot cancel your request.
If you use Baramen’s secure payment system, you will be directed to the payment gateway, and the seller will receive a payment confirmation. The next step will be order preparation. If you choose alternative payment methods, you will proceed to the seller’s payment confirmation step after selecting the invoice payment option.
Step 6: Service Execution
Once the customer has deposited the order amount, the service provider must confirm the payment received in their account. (If Baramen’s secure payment gateway is used, the payment confirmation step will be handled automatically by the system.)
After payment confirmation, the service provider must fulfill the requested services within the specified timeframe.
Step 7: Completing the Process; Providing Feedback and Rating
After the service has been completed by the provider, click the feedback option to rate the service provider’s performance and leave your comments. This will assist other users in evaluating the service provider.