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How do I know if a supplier is reliable?
The best way to protect yourself from being a victim of fraud is to make to conduct some research before entering into any kind of transaction. TopTenWholesale.com cannot guarantee the trustworthiness of every supplier that registers into our directory but here are some tips that you might find helpful:
- Verify the supplier’s identity. Apply online and offline methods available at your disposal to verify a supplier’s identity before making a final decision. On TopTenWholesale.com, view the company profile for contact details and other information. For Premium Members, you may refer to their Supplier Pass badge available on their profile.
- Check audit reports. If available, check audit reports to verify a supplier’s trading/manufacturing capability. Ask for bank reference letters or other related documents if you want to verify a company’s credit worthiness. Some national governments have websites available where you can verify companies by simply searching on a database or typing in a business license number.
- Order samples. Before placing an order for a large quantity, order sample products to see for yourself if the quality meets your standards, even if you have to agree to a paid sample. This is particularly advised if you are buying branded goods.
- Look for feedback online. Try looking for buyer feedback in wholesale and trading forums. Members of these forums are always willing to share their experiences if you ask about suppliers they have previously transacted with. Of course, Google is always a reliable source of information on suppliers and manufacturers. Type in ‘company name + fraud’ or ‘company name + customer feedback’ and see what you’ll come across.
- Refer to Premium Members. A Supplier Pass badge can be found on the profiles of companies that have passed an authentication and verification process by a third party. You can deal with these companies with confidence. Only Premium Members can apply for a Supplier Pass. TopTenWholesale.com also has a lot of trustworthy, reliable members but we would always advise extra care in trading with any of them as they haven’t yet passed third-party verification.