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.