Assessing the needs of its members and its own plans for rapid growth and expansion, MeetChina.com (www.meetchina.com), a business to business portal that enables U.S. buyers to search, negotiate, and procure products online, turned to Wells Fargo, America’s leading Internet bank.
Competing in the fast-paced world of global e-commerce, MeetChina.com wanted to provide its members with a robust platform that allows buyers and sellers to negotiate, close, and arrange for the payment and fulfillment of contract terms online. Teaming with Wells Fargo lets MeetChina.com provide online Letters of Credit, one of the offerings in the WellsXchange suite of online financial services.
Len Cordiner, CEO of MeetChina.com, explained, “Wells Fargo and MeetChina.com share a common vision to provide integrated financial solutions to e-marketplace members. Wells Fargo’s technical, international trade, and Internet experience brought energy and innovation to the project. This allowed us to integrate an online prepaid letter of credit into our e-marketplace in just a few weeks.”
MeetChina.com’s suppliers are based in China and other emerging markets. A Wells Fargo Letter of Credit gives U.S. buyers confidence that the goods they purchase from foreign exporters will be shipped before payment is made. The exporter knows that an order backed by a Wells Fargo Letter of Credit will be paid if the goods are shipped according to the letter of credit terms. This certainty for both buyers and sellers encourages them to do more transactions on MeetChina.com. Additionally, the letter of credit is easy to initiate on MeetChina.com and is finalized quickly, helping MeetChina.com’s members accelerate their trade cycle and manage their supply chains.
MeetChina.com enables its members to search a comprehensive database containing information and third-party ratings on approximately 70,000 Chinese manufacturers. In addition, MeetChina.com offers an online RFQ (Request for Quote) function and China-based Industry Specialists who help moderate communications and negotiations between buyers and suppliers.
“We look forward to working with Wells Fargo to further integrate the WellsXchange financial solutions into our growing marketplace,” says Cordiner.