TTT that is, T/T, T/T refers to the wire transfer payment method. t/t is what we usually say wire transfer, is a common payment method in trade. t/t?Advantages: fast, the seller can get money quickly, high security. T/T Disadvantages: high cost, generally the flow between SWIFT.
Prepaid T/T has been an international trade practice, and fast, relative to the letter of credit costs much lower. For small orders less than 10,000 or 20,000 U.S. dollars, or quite common. And although the risk is there, but the odds are not great, after all, sincere business more. Effective risk avoidance can only rely on communication and understanding before placing an order.
Extended information:
30% (or 20%, etc.) T/T in advance, that is, after the order is determined by the buyer wire transfer 30% of the purchase price to the seller, and the rest of the purchase price of the goods shipped away, the seller gets the bill of lading. After the seller gets the ocean bill of lading, the seller faxes it to the buyer, proving that the goods have been shipped, and then the buyer wire transfers the money. This payment method is risky for both the buyer and the seller.
Full or 30% prepaid T/T, and the rest before shipment. Many domestic enterprises are now doing this, on their own can be basically no risk. And just as low cost.
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