Alibaba.com Upgrades Trade Assurance Program
Chinese product sourcing platform Alibaba.com has improved their Trade Assurance buyer safety program.
Trade Assurance is a free service designed to give businesses peace of mind when buying from overseas suppliers. Under the program buyers who make purchases from qualified Alibaba.com suppliers will be entitled to a full refund of payments made, should suppliers fail to meet the shipping times or product quality specified in contracts. Coverage has now been extended to post-delivery, meaning buyers are entitled to a full refund if they spot quality problems after receiving orders.
"By providing maximum trade protection, Alibaba.com aims to make cross-border trading easier, therefore empowering small-and medium-sized businesses to engage in global trading," said Wu Min Zhi, Senior Vice President, Alibaba Group. "By lessening concerns and building trust in international trade, we are committed to introducing more trade opportunities to Alibaba.com members. As a result, small and medium-sized businesses will not miss out the benefits of international trading due to trust concerns over product quality or payment security."
Alibaba.com suppliers who qualify for the Trade Assurance program can display a Trade Assurance icon on their Alibaba.com virtual storefronts. Participation is voluntary for suppliers, and Alibaba.com uses data analytics to assess suppliers' past performance and trading histories over six-month periods to determine who can join. Every qualified supplier is assigned a Trade Assurance Amount, which will be used to cover the buyer's loss in the event of the supplier's breach of the purchase contract.
The new Trade Assurance program covers payments made by telegraphic transfer (T/T) and will be extended to other payment methods in the future.