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Check a buyer before samples or credit and set safe payment terms
Buyer due diligence means using official sources to confirm that a company is real, is not on a sanctions list and shows no fraud signals before you send samples or give credit. It is for export managers whose new buyer asks for a large order, credit terms or exclusivity up front.
- 1. Confirm the company exists: The AI looks the company up in its country’s official registry (UK Companies House, Japan’s corporate number site, Singapore ACRA and others) and checks that the name, number and address match. It also looks at whether the address is a warehouse, a shop or a virtual office, how old the website domain is, and whether emails come from the company’s own domain.
- 2. Check they trade your category: Their online store, the brands they carry, trade fair exhibitor lists and staff profiles show whether they really buy and sell products like yours. In the US, sea import bill-of-lading records are public, so past imports can be checked too.
- 3. Screen the sanctions lists: The company, its owners and its bank are checked against the US Consolidated Screening List (trade.gov), OFAC, the EU, UN and UK sanctions lists, and Korea’s Yestrade restricted-party search. Any match stops the process, and your team decides the next step with your bank and Korea’s trade security agency.
- 4. Look for fraud signals: Emails are checked for bank-account changes, fees demanded before an order, rushed large orders, L/Cs from unknown banks and offers to register your trademark for you, with evidence for each signal. An email saying the bank account has changed is treated as fraud until you confirm it by calling a number you already had.
- 5. Choose payment terms: For a first deal it recommends 100% advance T/T or a 30 to 50% deposit with the balance before shipment, and for larger orders a sight L/C, confirmed by a Korean bank if the issuing bank is unfamiliar. “Before-you-sell checklist” shows each country’s payment and sanctions checks without sign-up.
- 6. Consider credit checks and insurance: If you plan to give credit, it suggests overseas credit reports and short-term export insurance from K-SURE (Korea Trade Insurance Corporation). Products, prices and limits change, so check them on the official K-SURE site (ksure.or.kr) before you decide.
- 7. Give a verdict and keep a record: Each signal gets its evidence, source and date checked, and the buyer gets one verdict: proceed, proceed with conditions (advance payment or L/C, a small sample batch) or stop. Open gaps become polite questions for the buyer, and your team decides whether to go ahead.
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