Protecting buyers and sellers on a global scale when it comes to cross-border trading policies is a policy that’s getting more popular in the eCommerce world.
Alibaba already had a trade assurance program, but yesterday (July 21) it announced it was upgrading that program to provide better protection clauses for SMEs that are dealing with buying in the global trading market of goods. Under the Trade Assurance program, Alibaba will provide the buyer a refund of the purchase if the supplier doesn’t come through on its end of the contract deal.
The enhanced service ensures that buyers would then be entitled to a full refund of deposit or order amount if that supplier didn’t perform up to Alibaba’s expectations. This means anything from shipping time to the other variety of agreements that are made between buyers and sellers.
“By providing maximum trade protection, Alibaba.com aims to make cross-border trading easier, therefore empowering small and medium-sized businesses to engage in global trading,” Wu Min Zhi, senior vice president of Alibaba Group, said in a company press release. “By lessening concerns and building trust in international trade, we are committed to introducing more trade opportunities to Alibaba.com members. As a result, small and medium-sized businesses will not miss out [on] the benefits of international trading due to trust concerns over product quality or payment security.”
As part of the upgrade service, Alibaba said it’s also increasing buyer trust when it comes to conducting international trade between buyers and sellers/suppliers. For suppliers who qualify for the Trade Assurance program, they can choose to place a Trade Assurance icon on their Alibaba.com site.
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To check out what else is HOT in the world of payments, click here.
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