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Transfer invoice for Production

[Music] hey guys welcome back to my Amazon FBA 2020 miniseries this is part 5 and I'm gonna be covering how to request an invoice and send payments so that production can begin on your first order now I mentioned in the last video that I'm going to be selling hand sanitizer in this tutorial if you guys are wondering the product is out there for sale at fortified bio labs comm we are currently in the last stage of getting into brand registry so that we can list this product for sale on Amazon's catalogue that did not use to be a requirement but it is part of the you know ever-changing and evolving landscape in 2020 so before we dive into what we're gonna cover in this lecture I just wanted to reintroduce myself on Rhine Hogue I've sold over 1.4 million dollars on Amazon and I've been teaching at the college level since age 25 I just turned 31 so that's about six years now I wanted to let you know that I have a free FBA mini course that you can subscribe to if you follow a link in the description below and I'll deliver a daily lesson to your inbox walking you through step by step how to get started I also have a free Facebook group if you want to ask me questions join a community of like-minded FBA sellers looking to learn the ropes or help each other out you can find me in their links also in the description and if you're wondering why you should trust me because you should be wondering that why wouldn't you you can actually track my journey as an FBA seller from the first month of profits all the way through the current month I've been publishing these monthly passive income reports on my blog and on my youtube channel since day one and I have an Amazon FBA full course it goes into extreme detail I call it the most detail-oriented FBA course out there I spent over a year writing it and it's currently 20% off through tomorrow as a part of my birthday promotion since my birthday was over Easter weekend alright last find your why why are you looking to start a new business venture why are you looking to make passive income understanding why you're doing this will help you stay focused and see your goals through till the end you no longer have the next of like not knowing how to get it done because you found my tutorial you know I've got the full course follow along with me see it through till the end you'll be better off for it when you're looking back at the grind this is the grind this is the hard part it only gets easier alright let's get started on the lesson so first we're gonna request a pro forma invoice or PII as a lot of the suppliers the sales agents you deal with may refer to it basically what this is gonna do is outline the order details all right so did you do your two homework assignments from part four you were supposed to pick your product cuz you could really can't move forward without selecting that product and did you order samples because without ordering samples you're running the risk of not sourcing the highest-quality product and if you are against some you know competitor on Amazon and they source the highest quality product over time it is going to reflect in the reviews and if they have a higher you know average review rating than you it's not gonna it's not gonna look good for you as a prospect unless there's like a huge price differential or something like that in between your products and you can justify lower quality with a better cost but that's I don't like going that route personally speaking from experience alright so your pro forma invoice it's not a legal document it indicates in good faith that you intend to work with the supplier so you know suppliers know that you order samples from not just them but from their competitors and they know that they have a 1 in X chance where X is the number of other suppliers you're interviewing of working with you and they want your business when you send the pro forma invoice that's like indicating hey I've made the decision to move forward with you guys and it's going to include important order information namely it's gonna include things like what product you're paying them to produce the quantity of units that you're purchasing how the price is agreed-upon or what price you agreed upon per unit how it will be packed so you're gonna need to know this when you ship it in to Amazon so a lot of people think that like you should pay your supplier have it shipped to your house so you can review and inspect it which you can do but that's not like a scalable thing so if you want to do that for first order because you're excited at your first order fine you know you can give him your home address and they can ship it to your door but like you know I personally don't do that I just have it shipped straight to Amazon and when you send it directly to Amazon you're gonna need to tell them things like how many units go in each master carton what is the weight and dimensions of the master cart and how many of them are you sending knowing how it's gonna be packed as important in case there's prep required that is one of the steps when you're creating what's called an inbound shipment Emma's on know that you're sending inventory in basically like all these things you just want to iron these details out upfront so that there's no surprises along the way you also want to state the terms of delivery now for your first order I recommend just doing air Express just having it shipped via air it's quick it's easy it's a little bit more expensive but it gets the product to Amazon gets your listing live and selling as quickly as possible path of least resistance but after your first order you're gonna want to work with a freight forwarder and probably ship via C and you can actually talk to your freight forwarder and get their input on you know it's not like a perfect equation all the time but typically like fo B means free on board the supplier will get it to port for you but they price that in to each units cost or exw it's called X works where you're responsible for having it picked up from their facility and again work with a freight forwarder eliminate headache there's no need to freak out over how complicated this can be if you have a trustworthy freight forwarder which by the way in my course I hook you up with one that I've actually flown to China and met in person just saying trying to make this as easy for my students as possible and another thing you'll get if you opt to join my full course is a purchase order contract template now this is not a required thing to use every time you place an order with a supplier I've only really ever used this when it's like my first time dealing with the supplier I did lean on the two lawyers that I have in my immediate family my dad and my sister for help getting this written up and if you think for some reason you might get scammed this is a nice way of scaring away scammers right before you send them some money now let's move forward and talk about the ways that you may consider sending money internationally because you do have options and also I just want to preface this by saying I've never really had any sort of problem with even almost getting scammed like everybody that I've dealt with thus far using the process that I've already shared with you guys has been completely legit so I wouldn't be too scared about sending money internationally alright before we talk about how you can send money internationally we just need to talk about how costs work now you have two options typically you can send 100% of the money right upfront the pro of this is there's only one transaction fee now depending on what service you use to send money you may have a flat rate transaction fee per transaction so you'd be saving money the con here is that if you've never worked with the supplier and you do get scammed you're out you're out of your money you're not gonna see it back most likely and that's that the alternative method if it's your first time working with the supplier is you can do the 30% deposit upfront 70% after goods are produced method now this offers a little bit more protection because you're not just out all your money upfront and the con is you will have to pay multiple transaction fees which may or may not actually matter it all depends on what method you use to transfer funds now before I talk about the methods I've used to transfer funds and what I recommend I just want to tell you upfront what to avoid you should absolutely avoid Western Union and letters of credit all right you do not need to avoid wire transfers this is actually the most common method of transferring money overseas now when you go into your bank depending on where you bank you may be able to actually do this online from your home but I like I think BB&T offers that you can do it on your own but last I checked it costs sixty five dollars per bank transfer so needless to say I did not opt to move forward with BB&T I personally currently use and I have to go physically to the branch in person I bring the wire transfer info I typically print it out and then give it to the person that's assisting me and they input that into their system and they can transfer the money out of one of my accounts to the business they give me a receipt we call that the bank note I always take a picture blank out my personal information and email that to the supplier and I'd let them know that the money has been transferred today because it's not always an immediate thing that shows up in their in their bank account it sometimes takes days I've seen it take up to a week there is a spectrum of things you'll experience but I wouldn't be scared about wire transfers and if the information is incorrect and there's no recipient that hits that receives it it will bounce back into your into your bank account so if you put the wrong info in it'll go to somebody else's account and then you're in trouble but I wouldn't worry about that I've never had that happen all right another option PayPal now if you're not transferring a lot of money like my first order ever was $2,400 production plus shipping I just sent the money via PayPal it was easy I used my business credit card added it to my PayPal account got a little cash back from using that credit card if you guys don't have a business credit card I would check that out and I'll put a link by the way to one in the description through the Quicksilver card that I think gives you one or 1.5% cash back in case you want to check that out but this offers security for buyers but it comes at a cost because PayPal's ease of use obviously does manifest in the form of around 4% fees transferring money and if you think that the supplier is going to eat that cost you're incorrect they will price that in when you say that you want to use PayPal to pay so it just it is what it is unfortunately but easy to use everybody can open a PayPal account you know for free the third option you may want to consider is Alibaba secure payment so I already showed you how to find these suppliers on Alibaba typically communication then takes place off of Alibaba not always maybe you guys just communicate there but it's very easy to use alibaba's payments again you'll put a credit card on file and it kind of works the way that PayPal would but in this case the money is held in escrow until you approve the order so if you're really worried about getting scammed scammers are not going to use Alibaba secure payment so they because they can't come out ahead doing that at least not that I've ever heard of but the supplier must be pre-approved and there's a 5% so it's even higher than PayPal fees on average that is charged to the supplier but again believe that's gonna be priced in if you want to use the ababa secure payment typically you'll probably see that the contract that the supplier sends you so they'll send you it through Alibaba by the way and each of these suppliers has their own preferred method of accepting payment so it's not like you have to come prepared and tell them how it's gonna go down they'll probably like tell you how they'd prefer to receive payment all right so your homework for tonight is to place your order get it paid for get production started alright next time I'm gonna show you how to create the product listing once the product listings created we can generate labels that we're gonna ask those suppliers to place on our products that they produce so that when Amazon receives them they can scan the barcode and it's ID'd in their system as well as the master cartons themselves they're gonna have Amazon specific labels on them so when Amazon receives them they scan they know exactly their system knows exactly what it is what to do with it etc that's how this works don't worry I'm gonna demystify it for you and everything's gonna be smooth sailing all right guys and I just want to remind you if I can do it so can you it's tough as you go through it for the first time like most things in life which is actually not a bad thing because it creates a barrier of entry and people that are quitters they give up but not you hopefully you're gonna see this through till the end and you'll be successful and better off for it when you're looking back at the process thank you guys for watching the video till the end do me a favor hit that like button if you got any value out of it and if you're not subscribed what are you doing come on now hit that subscribe button if you want to be alerted next time I drop a video just hit the bell there that you see above my head and yeah I look forward to seeing you guys at the next video thank you [Music] you [Music]