The company or liquidator I want to buy from is requesting a “Wire Transfer”. What is a “Wire Transfer”? A Wire transfer is a method of transferring money from one entity to another. A wire transfer can be made from one entity’s bank account to the other entity’s bank account, and by a transfer of cash at a cash office.Wire transfers are common place in the closeout industry. Large third party liquidation companies will require your payment be made by wire transfer when buying closeout merchandise. A bank-to-bank wire transfer has the advantage of being much more secure and desirable than other forms of wire transfer transaction like Western Union. If a cash wire transfer (for example through Western Union) is used to purchase something from a private party, the seller can provide false information to the sender of the wire transfer. Cash can be collected at the receiving end under the false ID, and the party can disappear without ever providing the promised goods. Law enforcement is also concerned about subversive organizations using the anonymous method of wire transfer to fund illegal activities.
Do not use a Western Union transfer to purchase closeout or excess merchandise. If the seller you are buying from does not have an established bank account and will not accept a Bank-to-bank transfer….find another company to buy from.
All Retail stores, catalog companies and manufacturers will ask that you pay for your closeouts by Wire Transfer. It is an industry “Standard”.
To initiate a wire transfer to pay for Pallets and Truckloads just go down to your local bank with the sellers business name, full address, bank institution name, routing and account number (All should be given to you by the selling company upon agreement to purchase). Wire transfer typically will cost you the buyer between $5-$20 depending on your banks fee schedule. Remember that the seller will also be charged a fee for receiving the wire transfer. Once wire is completed the seller should notice the funds in their bank account within 24 hours or sooner.
