I import product for business all the time and i am often forced to use the existing and antiquated system It is a nightmare. Requires a lot of trust, its slow and expensive. Normally paying USD in advanced is the requirement and at the moment you may wait months for your product to arrive with little recourse if its not right.
There is huge prospect for bitcoin here. Taking advantage of the transparent block chain is also an advantage as when you transfer through the bank you have to trust a long line of intermediates with your money and you never really know where it is when it in limbo. Suppliers are forced to accept unknown exchange rates. Shipping companies have to do a lot of documentation so that part payment plans can be enforced.
So you could make the one transfer in bitcoin it would be much easier and faster, but you can also do lots of new more advanced payment plans better. Here's the plan for a self managed deposit plan.
Three part payment plan for importers and exporters
Agree on the total value at the time of purchase order as measured in bitcoin. eg 20,000 sats This could b e for FOB or delivered pricing.
Stage 1. Paid to start the order
Stage 2. At some stage when shipping documents are received, eg: Loading onto ship confirmed.
Stage 3. On receipt of goods in good condition at your shop.
On the purchase order a you print a public address where the full sum of funds are sent. this way the supplier knows that you have the money available and they can see on the block chain if you move it. Its easy to do this by just creating a new wallet address in your bitcoin wallet and it will only take one transaction.
When you transfer the bitcoin from each stage you do it from this bitcoin address.
Its that easy.
I should really do a flow chart process for you like i did for my shipping or container tracking and quality assurance stickers in a previous post here.
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