TT is “telex transfer” or wiring payment to our bank account.
Most accounts are settled by TT. In fact, 99%. At first, buyers want to pay with an LC, but they pay by TT in the end because they feel well-looked after and trust us.
Just think about it... you've seen the drawings... we've discussed hundreds of tiny details... you've received some samples... You've seen photos of your tooling and cartons ready for shipment... How could we be pulling your leg?
TT is the easiest and most cost-effective method available to you.
“Letters of credit” are also acceptable [even if we rarely see one :)].
Buyers pay for the cost of these [typically 2-3%], and we can only accept LC's from a major bank that we approve. We will also have to agree on the LC's terms.
After a period of trusted business, we may accept company cheques. We'll discuss this issue with you next year or so. :)