With internet-based businesses becoming more and more popular in the Philippines, it is best that entrepreneurs, aspiring entrepreneurs and their clients learn five simple tips to protect themselves from fraudulent transactions.
Here are some of them:
1. Never pay in advance
The seller may give various reasons on why they need the money in advance, but you have to be firm with your policy of paying upon delivery of the product. Should they insist on their payment terms, walk away and look for a reasonable deal.
2. Look at warning signs during negotiation
Negotiation is an integral part of dealing with buyers and sellers. If the other party agrees to one-sided agreements like 50-percent down payment prior to delivery and shipping and other terms that would be risky, it’s usually an indication that the scammer is interested in getting a smaller reward to escape the risk of detection.
3. If the price is too good to be true, it probably is
The fairly common scam lures eager buyers who fall for below-market prices for goods sold. Buyers are then easily convinced to pay the amount in full via payment facilities like Smart Money and GCash only to find out that the sellers have disappeared with the cash deposit. In these situations, it pays to check the profile of the seller and if possible, retrieve feedback on past history.