HOW IT WORKS

1

Invite your Supplier

  • Add the Payment Terms and Delivery Time.
  • Provide your Supplier’s Information (Company Name and Contact Information)
  • Your Supplier will be notified and must Register on Bizbiz Pay, providing documentation that proves their legal establishment in Mexico, Address and ID.
2

Close the Deal

  • Confirm Payment Terms, Delivery Time, INCOTERM, Place of Loading and Unloading, Final Destination and Production Time.
  • Define the consequences of not achieving the agreed quality or delivery time
  • Verify the Supplier’s supporting documentation: Spec or Data Sheet, Images of the Product, Packaging and Packing Details, Certificate of Origin and any other required Certificates.
3

Approve the Transaction

  • Deposit the requested balance in Bank of New York. Both parties must agree on the percentage for the initial and final payment before delivery.
  • Your Supplier is notified once the payment is received and will start processing your order.
  • Deposit the final payment
  • Your funds are protected through Escrow in Banco Monex. The Supplier will not have access to them until all the agreed conditions have been met.
4

Confirm Receipt and Review of Merchandise

  • Once you have received the merchandise in the selected place of delivery you must review and confirm that all previously agreed conditions have been met.
  • You will have 8 days to confirm receipt when delivery is at your address or 30 days when receiving at a different location (Supplier’s warehouse, border, port, etc.). Upon confirmation, the funds will be released to the Supplier.

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