18 Questions To Ask Commodity Buyers To Avoiding Wasting Your Time

18 Questions To Ask Commodity Buyers To Avoiding Wasting Your Time | Image Source: Pexels

The international commodity trading business has thousands of players in the industry collectively employing millions of people and executing transactions worth billions of dollars every day. These heavy activities attract both legitimate and fraudulent players and as a result, making the need to know how to easily filter through the noise to find the right prospects very important.

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While it can be difficult to find the right type of buyers for various commodities, there are some basic questions that should be asked on a surface level and the answers to these questions will help ensure you’re only dealing with people who will very likely close a deal in the near or distant future.

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To help you filter through the noise better, here are 18 basic questions to ask prospects looking to make a purchase from your organisation to help you determine if they’re real or if you’re just on another wild-goose chase.

  1. What’s Your Company’s Name?
  2. What’s Your Company’s Address?
  3. What’s Your Company’s Website?
  4. What’s Your Personal Name?
  5. Please Send Your Company’s Profile If You Don’t Have A Website?
  6. Is This Your First Time Buying This Product?
  7. Who Was The Last Person You Bought From? (If Not New To The Industry)
  8. Why Are You Changing Your Supplier? (If You Have Bought Before)
  9. What Quantity Are You Buying?
  10. What Quality Do You Need?
  11. Where Is The Delivery Location? (Tankfarm Name/Location, Delivery Port Name/Location, Warehouse Location, etc)
  12. Do You Have A Storage Agreement With The Delivery Location? (Throughput Agreement, Warehousing Agreement, Charter Party Agreement, etc)
  13. Are You Representing A Secondary Company Or Are You The Direct Buyer?
  14. Can You Issue A Bank Guarantee? Blocked Fund? LC? Or Partial-Payment?
  15. What Bank Will Be Issuing The Financial Instrument?
  16. Will The Bank’s Payment Guarantee Be Issued By Your Bank In Your Company’s Name or Through A Third Party’s Company Name?
  17. What Bank Will The Financial Instrument Be Issued From?
  18. Do You Already Have An Import Permit? If Yes, Can We See A Copy?

The answers to these questions will help you have a great understanding of who’s making an inquiry from your organisation. They’re non-invasive in the sense that they do not ask for the client’s financial capacity nor shareholding structure, but instead, they focus on core elements a prospective buyer who may be buying for the first or hundredth time will be answering.

If you’re frequently getting inquiries from commodity traders but want to know which is a qualified prospect or not, the 18 questions above will help you filter through the noise very quickly.

What are thoughts on these 18 questions to ask commodity buyers to know which is wasting your time or not? Let me know by leaving a comment below.

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