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1. Know your buyer
Not always possible especially when involving small ecommerce purchases. In this case, use popular intermediaries such as eBay, Amazon or Alibaba. If you sell via your own site, require payment by credit card or bank draft in advance. Check the status of the credit card holder with the card issuer before shipping goods.
Chances are you will receive unsolicited orders for your products or services. Before investing time and money on a new customer who turns out later to be non-credible, do some due diligence before going very far. WPG heard of a recent case involving buyers from South Africa who appeared very legit.
The U.S. supplier had them checked out anyway and discovered via the South African government that they were wily crooks. The U.S. folks agreed to participate in a sting and when they arrived at the airport in Johannesburg, the police were waiting and sprang a strap on the felonious welcoming party who intended to kidnap and rob the Americans.
Such situations are rare but the case does underscore the need to exercise care and to enlist the forces of your government who in turn have access to their foreign government counterparts. In the U.S. contact your nearest Export Assistance Center or go directly to the U.S. Embassy in the country where the buyer is located. Methods vary but include background checks, physical inspection of the buyer's premises, consultations with credit services, search of legal references and more.
2. Foreign exchange risk
With the dollar riding high now, the risk for U.S. Exporters is to agree to accept payment in a foreign currency and then watch anxiously as the value of that currency falls while the goods cross the ocean. There are two ways to avoid coming out on the short end of the stick. First is to agree to be paid in dollars. Second is to accept a foreign currency but to base the exchange rate on the value of the currency when the goods arrive at their destination. The downside is that the foreign currency may appreciate against the dollar during the journey. Not much chance of that happening these days.
3. Risk of non-Payment
This is an exporter’s greatest fear.
If you offer terms, as you will need to, at least for some customers, you should purchase insurance for non-payment and for other kinds of losses. Luckily, such insurance is available at reasonable cost from the Export-Import Bank of the U.S. Make sure the insurance is purchased before the goods ship. Here’s a video that cover this topic is detail.
4. Risks of encountering problems with Customs
Make sure your product doesn't need an export license. And if it does, make sure you apply for one before the goods ship. Licenses for dual military and civilian use policies are available from the Bureau of Industry and Security. Licenses to sell goods and services to countries under sanction can be applied from the Department of the Treasury. For a deep dive into export compliance, review this video on how to create an export compliance program for your company. The last 15 minutes are relevant to small U.S. companies.
Some goods need permits in order to enter certain countries. Applying for these permits is the responsibility of the exporter in consultation with the importer. Again, failure to comply can lead to the confiscation of the goods upon arrival at the port of arrival. Insurance will not cover negligence stemming from lack of awareness of regulations.
Filing in the Automated Export System. This is the former Export Shipper's Declaration and must be filed with the Bureau of the Census prior to shipping. Failure to comply may lead to a hold placed on exportation of the goods, a fine imposed by U.S. Customs, or both.
| Product Model | Inside Diameter | Outside Diameter | Thickness |
| PCM141620E bearing | 14 | 16 | 20 |
| PCM141615E bearing | 14 | 16 | 15 |