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Industry's standard payment terms and practices
Industry's standard payment terms and practices
Standard RapNet payment practices and advice before shipping goods or wiring payment
Philippa Corrick avatar
Written by Philippa Corrick
Updated over a week ago

There are 2 transaction types available through RapNet: Sale and Memo. [also known as consignment]

  1. Sale Transaction:

    1. This means payment before delivery

    2. Both parties agree on payment terms and a time frame

  2. Memo transaction:

    1. The buyer receives the goods for a stipulated number of business days and only pays if the sale goes through

    2. Usually, there is a potential end buyer, and suppliers are not obligated to offer this payment option

    3. In some regions, memo is also also known as consignment

With either transaction, both parties negotiate but it’s usually the seller who sets the terms.

  • Always clarify the pick-up location, shipping costs, and who bears these charges.

  • Finalize any returns policy in the event that that you don’t sell the diamond or jewelry item.

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