Hebei Haihao Group Huadian High Pressure Pipe Fittings Co., Ltd.

Payment Terms

Standard Payment Methods

T/T (Telegraphic Transfer / Wire Transfer) — Default

  • 30% advance upon order confirmation
  • 70% against B/L copy (within 7 working days of B/L date)

Irrevocable L/C at Sight — for orders > USD 50,000

  • L/C must be issued by a top 100 international bank
  • Confirmed L/C accepted from any country
  • All amendments at applicant's cost
  • Documents required: full set negotiable B/L, commercial invoice, packing list, MTC, beneficiary's certificate per L/C terms

D/P 30 Days — for established buyers only

  • Available after 3 successful T/T orders with on-time payment
  • Documents released against acceptance + 30-day promissory note
  • Bank handling fees at applicant's cost

Other Methods

  • D/A (documents against acceptance) — case-by-case for AAA-rated buyers
  • Open account 60-90 days — only for repeat customers with insurance backing

Why we do NOT accept PayPal, credit cards, or cryptocurrency

This is the standard practice for B2B project supply, not a limitation of our company:

  • PayPal / Stripe / credit card: per-transaction fees (3.5-4.9%) plus FX margin make six-figure orders uneconomic; the buyer's chargeback window (up to 180 days) is incompatible with a 6-12 week production lead time and ocean transit; SWIFT bank wires are the documented norm for international procurement.
  • Cryptocurrency: not permitted under Chinese banking regulations for cross-border trade settlement; cannot be matched to the SAFE / customs export filing required to claim VAT zero-rating.
  • Western Union / Ria / MoneyGram: classified as personal remittance — no commercial invoice trail, no compliance with anti-money-laundering reporting; not eligible for B2B trade.

For any order USD 500 - 5,000 (small samples / spare parts) we accept T/T 100% advance to a verified bank account; the bank wire fee is typically USD 15-45 versus 3-5% on a card.

L/C at Sight — Process Flow

For buyers using an Irrevocable Letter of Credit at sight, the document flow is:

  1. Quote acceptance — both parties sign the proforma invoice. We send our beneficiary details and required L/C wording.
  2. L/C issuance — applicant (buyer) requests issuance from a top-100 international bank; advising bank in China (Bank of China / ICBC / CMB) advises us.
  3. L/C review — within 3 business days we review and respond with any amendments needed (avoid: discrepant clauses, restricted negotiation, soft clauses, or late-shipment exclusions).
  4. Production starts after a clean, workable L/C is in our hands.
  5. Shipment + documents — we ship within the L/C latest-shipment date and present full set: 3/3 original B/L, commercial invoice, packing list, MTC EN 10204 3.1/3.2, beneficiary's certificate, certificate of origin, inspection certificate (if specified), insurance policy (CIF terms).
  6. Negotiation — advising / negotiating bank examines documents (5 banking days), forwards to issuing bank.
  7. Payment — issuing bank releases funds at sight after document acceptance; we typically receive USD within 7-15 banking days of B/L date.

We have handled L/Cs in USD, EUR, RMB and AED with banks across 40+ countries. We can provide a sample compliant L/C wording on request.

Currency

USD, EUR, RMB. Exchange rate per quotation issue date for non-USD currencies.

Bank Account Verification

⚠ Important security notice: We do not change bank accounts mid-transaction. If you receive an email asking you to remit to a different account from the one on the proforma invoice:

  1. Do not make payment
  2. Verify directly with our sales team via phone (+86 132 9342 5333) or WhatsApp
  3. Report the suspicious email to us at haihaojituan@163.com

Phishing attempts targeting trade payments are common — please verify the bank account on every wire transfer.

Bank Charges

  • Sender's bank charges paid by buyer
  • Intermediate / receiving bank charges deducted from the remittance and re-billed in the next invoice if shortfall

Late Payment

  • Default rate: 0.05% per day on overdue balance
  • After 30 days overdue: order release / future production may be suspended
  • After 60 days overdue: matter escalated to legal recovery

Refunds

Refunds for over-payment, cancelled orders, or warranty claims are processed via T/T to the original remitting account. Processing time: 7-14 banking days.

Tax

  • Goods are sold ex-works of Chinese export VAT (zero-rated)
  • Buyer is responsible for import duties, VAT, customs broker fees, and any local taxes

Contact

Finance department: haihaojituan@163.com | Tel: +86 132 9342 5333

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