TAS 433 Ask Scott Session #134 – Mindset TIP – Amazon Re-targeting Sales – More Reviews – Payment Options for Products

Are you fired up and ready to go? What is that one thing that drives you and keeps you striving for success? Is it a goal that you keep working toward? Have you taken the time to vocalize it and write it down? Maybe put it next to your computer or on the refrigerator? It’s for another Ask Scott Session where you can get your weekly dose of energy, excitement and drive to help you to keep moving forward. On this episode of The Amazing Seller, you’ll hear from Scott as he shares his thought of the week and covers questions from TAS followers like you! Don’t miss a moment of this energizing episode!

Keeping a Positive Mindset

Did you know that your mindset can have a huge impact on the success of your business? Think about it, if you are hopeful and positive about the steps you are taking in building your ecommerce business, it will act as fuel to the fire that drives you. On this episode of The Amazing Seller, Scott opens up about the power of a maintaining a positive mindset and the benefits it can have in life and business. If you are looking for that missing piece that can help you stay focused and passionate about the work you are putting in, make sure to check out this episode and helpful insights that Scott has to share!

Acquiring More Product Reviews

What can you do to get more product reviews for your Amazon product? What steps have you already taken to try and increase the number of reviews? On this episode of The Amazing Seller, Scott explains how sellers like you can start taking steps that will increase the chances of getting more reviews on your product listing. Scott encourages sellers to focus on bringing a high-quality product to market and to make sure that the product you are listing isn’t dependent on high reviews to drive sales. If you’d like to hear Scott expand on this topic and more, make sure to listen to this episode!

Payment Methods for Suppliers

Let’s face it, getting started with your ecommerce business can be intimidating and even scary. Especially when you are faced with the decision to send money overseas to your supplier. What is the best course of action for taking this first, big step? On this episode of The Amazing Seller, Scott shares his thoughts on how to take this step wisely. Don’t get fooled! When preparing to pay your supplier, Scott encourages sellers like you to make sure you do your homework on the supplier you are considering to use. Scott also suggests using platforms like PayPal and escrow services to help safeguard your money as you wait to receive the product you ordered. Get more helpful insights into this subject by listening to this episode!

OUTLINE OF THIS EPISODE OF THE AMAZING SELLER

  • [0:03] Scott’s introduction to this episode of the podcast!
  • [5:00] Thought of the week.
  • [14:00] Question #1: Why is my product ad showing up on other web pages?
  • [21:00] Question #2: How can I get more reviews for my product?
  • [28:00] Question #3: What is the best payment method to use with suppliers?

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TRANSCRIPT TAS 433

TAS 433: Ask Scott Session #134 – Mindset TIP – Amazon Re-targeting Sales – More Reviews – Payment Options for Products

[INTRODUCTION]

[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 433 and session number 134 of Ask Scott. This is where I…

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…answer your questions here on the podcast and I do it every single Friday and yes we are going to do it again and I've got a few good questions that I want to answer. I want to give my opinion, my advice and just give you a little bit of direction. What we are going to be talking about today is Amazon retargeting sales for you and then we are also going to be talking about more reviews and we are also going to be talking about payment options for products that you are looking to source. Those are the three main things we're going to be talking about.

I did want to give you guys a little bit of an update here and give you a little bit of the thoughts that are running around in my brain this week. But number one is Brody. Brody is doing well. If you guys are brand new to the show, Brody is my dog. Just turned five years old. I can't believe it. It feels like when your kid, you look back like my daughter's nine, my son's nineteen and my other daughter's twenty two, it's like where did the time go? Man with a dog you know that they've got a shorter lifespan so it's like you know that you want to just enjoy every moment with them that you can and have fun and just really enjoy them.

Well, just recently we had a pretty big scare, we thought Brody was having some seizures and we ended up taking him to the emergency room for dogs or for animals and come to find out, it wasn't a seizure at all, it was a massive ruptured disc in his neck. So we actually had to do emergency surgery and it was pretty scary. My wife and I were pretty tore up over it for a few days but I'm really excited and glad to say that he is just about back to normal. Almost a little bit too much like normal because he started to really run around like he was a puppy and wants to run up and down stairs and we can't really let him do that yet.

[00:02:02] Scott: So that's been a little bit of a challenge but really glad that he's back to normal and I want to thank everyone that has submitted like questions or just replied to an email that I might have sent and just said, “Hi I just want to let you know thinking of you and I hope that Brody has a speedy recovery,” and all that stuff. I was flooded with emails and messages on Facebook and everything. I just want to say thank you guys so much. I appreciate it.

That's what I mean like this TAS community that we've built over the past three years is not just about, for me anyway, just about teaching people how to sell on Amazon and build out lifestyle. I mean that's a lot of it but also just getting to know the people that are a lot like me and that are just maybe a little bit behind of where I started or maybe someone that I can help take to that next level.

But really also sharing these things in life because I know that it's important to you and I know it's important to me. It's just really to enjoy every minute and every moment that we have and part of that is a lot of us are pet owners and they're part of our families. Just wanted to just throw that out there. I just want to say thank you to everyone that is listening and that's sent in that support. Means a lot. All right. Here's what we're going to do. We are going to jump into those questions. I did want to just remind you guys of the show notes and the transcripts and the links and everything we discussed here today can be found at theamazingseller.com/433. That's the episode for this particular Ask Scott session.

The other thing is if you have a question that you want me to answer on an upcoming Ask Scott Session all you have to do is head over to theamazingseller.com/ask and you can do that. You can record a voicemail, and I'll do my best to answer it on an upcoming show. Now, some of you are going to be meeting in Dallas, Texas. Depending on when you're listening to this it's probably going to air after the fact but I'm excited because we're going to be heading to Dallas, actually tomorrow from the time that I am recording this and I'm going to be attending an event there called FinCon which it used to be just about like investing and stuff.

[00:04:08] Scott: But now it's kind of turned into this investing and business building type conference and there's a lot of people there that I want to meet and network with and stuff. That's really what I'm going to be doing there. The other thing is I'm going to be doing a TAS meet up there. An unofficial meetup. So I'm going to try to bring back some of the people that I meet there and get some recordings from them and sharing their journey a little bit. So look forward to that coming up. I try to do that at all the meetups and if you guys have not attended one of our meet ups when I do announce them it's totally free to go to these unofficial meetups because really all it is is us getting together, meeting, shaking hands and having that drink together and just sharing some thoughts of what's going on in our life and what's going on in our business.

Definitely really excited to be able to meet a lot of you there. So super excited about that and look for an episode with some of those highlights in there from some of the people that I get to meet. So, let's dive in. What do you say? Today what we're going to be talking about as far as my little thought of the week is energy. What do I mean by that? Well a lot of people they say, “Scott, why are you so high energy all the time? Or how are you high energy all the time?” Honestly I just think sometimes people are wired that way. I know myself. It doesn't matter if I am behind the mic or if I'm talking to someone that I just met. If I'm passionate about something it's going to shine through.

It's just the way that it works. I can hide it and sometimes I talk too fast because I get so excited about something. I want to tell you everything that I can in like this small little window. That's energy. Now, some people don't have natural energy or some people wake up and they are miserable at their life so they lack energy. I've been there. Even though I might seem as though I'm always high energy, there's times that I'm not.

[00:06:03] Scott: There's times that I'm feeling like… Have you ever had one of those days that it just feels like you wake up and you get out of bed and just everything starts to go wrong. You might spill the coffee or spill a drink and then all of a sudden you're like, “Oh, this is how today is going to to.” Like you've already played into that negative thing that just happened. Or that thing that twisted you up or maybe the kids are driving you crazy a little bit that morning because they don't have things prepared for school and you're like, “I told you last night. You need to get this…” You guys probably know what I'm talking about if you have kids.

But that goes for anything. That could be like I said, you could be going to work and you get a flat tire. Then all of a sudden you're like, “Argh, this is how today is going to go.” That's energy and it's hard to get yourself out of that funk until you go back to bed the next day or go to bed that night and then say I'm going to wake up and start over again. That's kind of what we say, we just want to go back to bed and start over again. I know that you've probably said that, I know I have. Well, here's the deal. There's ways that we can kind of get ourselves out of that funk. Did you hear that snap out of the fingers? We can get ourselves out of that funk by reminding ourselves of things that are positive. I don't want to go down this positive wo-wo type thing.

I'm not a huge believer in that but I am a believer in we can turn our thoughts around as long as we know that we're starting to go down that road. Now, there's a book that my wife actually introduced to me and it's called The Energy Bus. It's pretty awesome. It's a short read and she was telling me all about it and she was blowing through this book. It's probably around 250/300 pages. She read the thing in like a day. That's not me. I'm not a reader. I'm more of an audio guy and I immediately looked up and seen if it was on Amazon and it was. So I got it and I instantly listened to it. All of the things… It was funny. My wife said, “There's a lot of things in this book that you do already that this person is saying we should do.”

[00:08:06] Scott: The cool thing about it is this guy terms this day or this month of this other guy and he leads you through his life, through that short time but he gets on a bus because his car breaks down. I'm not going to give it all away but imagine this and this is what he says. Like he was starting to go to work, he had a flat tire. He gets all mad and he's like, “What I'm I going to do now? I'm going to be late for a meeting.” So then he goes ahead and he starts going back home, actually I forget if he got a taxi. He got something. He had to go home and…  He might not have been that far from home.

Maybe started walking back but he didn't want to go back because his wife was telling him that he should get the spare fixed that's not fixed. It's got a flat. So now he's going back, he's like, “I'm going to have to explain to my wife. She's going to get mad at me. I don't feel like doing that. I just need to get work.” So then he finally gets home and he goes in and he says, “Honey, can I borrow your car or can you give me a lift” She goes, “No. Why?” “Because I got a flat tire and I have to get to work.” She's like, “I told you you get that flat fixed. I can't do that. You know I got the kids. I got to go here to a dentist appointment. I got to go here and drop them off here. I got to run errands. I got to get the oil change.”

She had all these things to do because she's a stay at home mom but she's got a whole bunch of stuff to do. She's like, “I don't know what you're going to do but you're going to have to figure that out.” So as he's doing this, the kids are coming up to him, “Oh daddy, you're going to be home today. We're going to be able to play. I can't wait till I get home from school.” He's like, “No, not right now.” And he got all mad at them. Because he's in this funk. That's how the book starts and he's forced to take the bus. As he takes the bus you can imagine what happens, someone on the bus, the bus driver is the energy bus driver. She's the one and he's going to have to deal with for the next two weeks and you'll hear why if you read the book, you'll see why he's got to ride the bus for two weeks.

[00:10:03] Scott: For some reason his car had a recall that they had to keep his car for two weeks. It's really clever how they put this book together but it really makes 100% sense to me and I'm sure you can relate to a lot of that stuff but the key thing is here and the bus driver teaches him over this two weeks span that you can take your energy and bring it up and then you can also take that energy and really inspire and motivate other people and he actually teaches people to use this on their team. It's definitely worth reading. It's definitely worth just thinking about that for a minute is that even though you may feel as though you are, don't want to say rock bottom but you're just really just in a funk and that could be a funk that you could be in for the past month, you can get out of it.

You can get out of it. You have to surround yourself with positive people. He talks about the negative dog and the positive dog. If you feed the negative dog, the negative dog is going to win. If you feed the positive dog more positive stuff, guess what, the positive dog is going to win. So we have to feed our brain. We have to download in our brain more of the positive or surround ourselves with more of the positive because then that's going to take our mood. It's going to take our energy and elevate it. Then when we talk to other people it's going to do the same. So why am I talking about this when this is like a business podcast in a sense?

I've told you guys this. I think of this more than just as a business pod. It's a lifestyle podcast in a sense but here's the deal. If you're feeling as though like things aren't going well in your business and you're like I'm just going to throw in the towel. I'm just not going to do this anymore because maybe you don't have the right energy. Maybe you don't have the right tools to take your thoughts and reverse them and get yourself back on track. The other thing is I think it's important for you to look at things differently when things aren't going right. There's always a lesson there and you guys have heard that but it's so true.

[00:12:03] Scott: There always is a lesson there. You just have to be able to see it, identify it and also understand how to reverse back your thoughts to where you're starting to thinking negative and you're starting to beat yourself down because then it just starts to spread on everyone else that's around you. I just recently went to a starbucks, got a cup of coffee and I felt like this girl needed to know how awesome she was. So I just said to her, I said, “I just got to let you know like Starbucks should be paying you additionally to go around to different locations and teach people how to be at the service window. You have to do…” She's like, “Oh my gosh. Thank you so much. You just made my day. Like wow. I can't believe it. Thank you so much.

I appreciate that.” I didn't give her a tip, I did give her a tip but I didn't give her like a tip necessarily money. She didn't care about that. She cared more of I just lifted her for the entire day. How did that make her feel? What did she do now to her co-workers? What did she do to the people coming in for the rest of the day? Probably even elevated her energy a little bit more. Same thing with me. I felt good. I'm like wow, that girl pretty happy. That's pretty awesome. So it starts to be contagious and it also gets you to really bring up your energy so when you're doing other things it's going to make you feel better, it's going to make you more productive. It's going to make people around you happier. It's just a win-win.

So guys if you have not read that yet, the energy burst and that book is by John Gordon who I'm going to try to get on the show actually. I'm going to work on that. I'm going to see if I can get him on the podcast. If you guys want to listen to the audiobook, you can go through my link at theamazingseller.com/books and that there will be a link that will go to Audible and you can go ahead and sign up for a 30 day free trial, probably get that book right there for free and go check it out because I'm telling you right now that book right there, easy read, easy listen and my wife turned me onto it so I'm going to thank her for that. Anyway, I went on long enough here. Hopefully you guys are cool with that. This stuff is really, really important. But let's go ahead and let's dig in. What do you say? Let's go ahead and listen to today's question and I'll give you my answer.

[Q&A SESSION]

[00:14:10] Andy: Hi there Scott. This is Andy in the UK. I'm going to say the same thing as everybody else says. Great podcast, great information, thanks very much. Been listening for about a year and a half now. My question is, I've just been on a website and on the right hand side of the page was an advertisement for Amazon for my actual product. So obviously I know that I click on my own product quite a lot within Amazon but I'm just wondering, have you seen on the right hand side of a completely separate website your own products being advertised? I just wondered, is that free advertising from Amazon or is that to do with my sponsored product ads? Anyway, I just thought it was an interesting thing to see so I thought I'd see if you'd noticed it. Cheers Scott. This is Andy from the UK.

[00:15:07] Scott: Hey Andy. Thank you so much for the question and this is a great question and I'm going to be 100% honest here. I don't know all the answers but I do know something. You are absolutely right that Amazon is retargeting us. Now, do you as a seller pay for that? The answer is, in my belief is, no. Now why would Amazon do that? Why would Amazon pay to try to get you back to their site to buy something you just looked at? Because they're going to make money. Makes sense. Why wouldn't they be willing to pay retargeting costs to get you back to their site?

Because even though they might only get paid on that one sale, yours, they are also going to get paid for probably three, four, five other things that are already in their shopping cart. So to them it's not just about that one that got them back, it was the one thing that you're interested in. So if you've ever been on Amazon and you're looking at a product or something that you're going to buy and then you happen to go to Google and then you see that your product that you were looking at or a similar product is showing up that just means that Amazon is tracking you and they're retargeting you.

That's something that comes as a benefit as us being a seller that they are bringing people back to our product without us really paying for it in a sense. That's another perk for having a product on Amazon. A lot of people say well, “Scott why would you want to put your products on Amazon if I can just sell them on my own website?” Well we know that we want to be on the largest search engine for buyers in the world right now. That makes sense. Over 250+ million people, why wouldn't we? But the other thing is all of the benefits that we get to being ranked for our product when people search for something. That's cool. We get to use the tools inside of there, the Amazon sponsored product ads and headline ads and all that stuff.

[00:17:13] Scott: We get to use all that stuff to look at these customers or to target these customers with search terms and stuff like that, keywords. But then the other cool thing is outside of Amazon, Amazon actually will do that for us. Now this doesn't work all the time but they have some type of thing in their algorithm that will do it whether it's a product that sells well and they know it, they've had a better chance, maybe it's a conversion rate like I don't' know the answers there but I do know that that's exactly what happens. It's funny my good friend Rick Mulready who's the Facebook ads guy he actually reached out to me and he's like, “Scott, have you seen this?

Are they retargeting you?” I said, “Yeah, they are.” Now, do we know all the ins and outs of it? No. There's no way that you can manipulate that, at l east that I know of and I wouldn't really want to. Again, you guys know I'm pretty much white hat when it comes to doing all of that stuff for Amazon, I want to be there for the long haul. But it will naturally happen if you have a good product, if people are buying it and Amazon thinks that they can make a sale from it they are going to do that because Amazon is making a good margin on your product plus they know that if they get people back to their platform, they are probably going to make more sales because those people still have money in their cart.

Same thing goes for this. Some of you may or may not know but Amazon pays up to 8%, at least the last I looked depending on what you're selling. It's 4% to 8% to affiliates. So I can right now sell a product, I can sell your product on my website and if someone clicks over through my link, it's called the Associates account I can basically get paid 4% to 8% depending on my volume. If I'm selling over a certain number of units or a certain amount of money I will get bumped up to a higher bracket which would be close to the 8%. But at the low point it's 4%. So why would Amazon pay 4% of a sale for someone… Because it's advertising to them.

[00:19:09] Scott: It's an advertising costs. It's the same difference for a retargeting ad. They'll do that because number one they know you're interested because you clicked on that so they know it. It's just like a Facebook ad repixel when they pixel you for a retargeting we are able to actually come back and retarget you and say, “Hey, you are interested in this.” We do that right even now for our contests or our giveaways. So if like we're running a Facebook ad and someone clicks on our ad, they'll go to a landing page instantly we have a pixel that's on that page that will be set so we know that they landed there and then we can run another ad to those people because we know that they are interested because they were there.

It's like you took a cold lead from where you didn't know they were interested to a warmer lead. If that makes sense. Cold meaning they have no idea about you and you're putting something in front of them or they click on something and then that takes them to that a little bit warmer and then when they land on that landing page that makes them warm but if they actually click on the opt in, on that give away or contest that would even take it up another notch of making it even warmer. We are taking that cold traffic and making it warm to hot where they actually become a buyer. The same thing with Amazon.

They are like if someone landed on this listing, they are pretty interested in this product so maybe if they didn't buy and they'll know if you bought, if they didn't buy I'll retarget them on  Google or on Yahoo or wherever you're seeing this. You will find that, it just depends on your product and your sales and all that stuff. So hopefully that answered your question but yes it's a great opportunity for us to take advantage of that because again we're selling on their platform, they are going to do what they can to sell our product for us, of course we have good products. So thanks for the question, hopefully that helped and anyone else out there listening hopefully it helped you as well.

Let's go ahead and listen to the next question and I'll give you my answer.

[00:21:04] Speaker: Hi Scott. First I want to thank you about the podcast. It's very useful and there is a lot of useful information in it. My problem is with the reviews of my product. I am a beginner and I have launched my first product like four month ago but I don't have any reviews on it. I have only three reviews one of which is a three star review, it is hurting my sales. I need to get more reviews but I live outside the US and I don't have any family members or friends that can help me in that. Please tell me how can I get more reviews so that I can kick start the sales and start selling my product. Thank you.

[00:21:48] Scott: Okay, so here we are. Another review question and a new listing or fairly new listing few months old. I would call you by name or address you by name but you did not give me your name so here's my reminder for this episode. If you guys are leaving a question, please leave your first name and where you're tuning in from and that way there I can call you out by name. Anyway I'm still going to answer the question because it's a good question. I get this question quite a lot. Like how do I get reviews on my product if I don't have family and friends? Now, you guys know that in the past I've said if you're brand spanking new and you wanted to hand your product over to a friend or a family member and say, “Hey, do you want to look at this product for me and give me your honest review?”And they said yes, then I'm kind of okay with that.

The problem with that is you don't want to do that over and over again. Number one. Number two, the other problem is if it's a family or a friend you may have already done business with them through Amazon. What I mean by that is if I bought my father a new bowling ball and I had it sent to his house for Christmas, we're linked together. Amazon knows that. So Amazon is not going to allow you to leave a review anyway. It's not going to do you any good. That's why I don't really think that that's a good method. If you want to go out there and find some friends that are more than willing to test your product and give you an honest review, then I'm okay with that.

As long as again, you haven't done any transactions. But that wouldn't be my strategy. My strategy would be this. Number one, have a great product. Number two when you're choosing your product don't find a product that is dependent on reviews. What I mean by that is if you're finding that they are getting sales primarily because the reviews are pushing the sales meaning let's say that there's ten people that come up in the search and everyone has 800 reviews, then that could mean that you're going to really struggle if you only have three reviews to compete with 800 because I would look at and go, “Wow, this guy has 800 reviews, people must be buying it and this over here has 3 reviews people must not be buying it.”

[00:23:56] Scott: If you find products that are 250/300 max and lower and they are still getting the ten sales a day like we talk about then they are not really review driven. Like you could have five reviews and we've done it. We've got products right now that have under 20 reviews and we're doing over 20 a day. So it doesn't mean that it has to have those reviews. You just have to find the products that aren't dependent on it. Now, if you are trying to get more reviews because you feel as though that is your issue because you have competitors that have higher reviews and especially if you have one reviews right and it's like a three start I would say, yeah, that's going to hurt you for sure.

You don't want that first one to be a three start if at all possible that's why you'd want to reach out to those people and try to make it right with them. Not asking them to reverse it but just doing whatever you can to make sure that they are happy by refunding them, sending them a new product or whatever but my advice, my suggestion to you would be number one I would set up a follow up sequence through a service like Sales Backer or Feedback Genius  or whichever one you want to use but I personally would say that's first and foremost. Now, some people would argue and say, “Well, Scott the deliverability isn't what it used to be.” Maybe that's true but some of them are getting delivered so you have a chance of getting a review or feedback if you reach out to these people.

So that would be like number one thing for you is to go and set up a Sales Backer account. If you want to go check out that you can go to theamazingseller.com/reviews. That will take you over to Sales Backer. It's actually a 60 day free trial, no credit card at all. So there's no reason not to use that. You can set up two emails, three emails, whatever you want and there's actually some templates that are build in there to help you do it. Actually above board so actually you're not trying to do something grey hat or black hat.

But that would be my recommendation. Then just go out there and try to drive sales. Driving sales is going to be number one for you because the more sales you get the more chances you have of getting reviews. But if you're only getting five sales a day, well, you've only got five chances every day to get a review. If you have 20 sales a day, even for a week, you're going to have a better chance of getting reviews.

[00:26:12] Scott: But then I would want that follow up sequence in place because that's going to take that up even more and give you a better chance of getting a few more reviews. So it takes patience but it also takes going out there and getting sales and then having a review or a follow up sequence in place, feedback is also important to get those feedbacks. If people are leaving you feedbacks, I would reach out to those people and say, hey thank you so much for leaving a feedback, would you do me a favor, could you also let Amazon know how we did with the product and then just send them over there. I have no problem in doing that because I don't believe in saying like, “Go over there and leave me a five star review.”

I'm just saying, “Hey, can you go over there and say on a review what you said in your feedback.” I don't find anything wrong with that unless you're saying only go over there and leave a five star. You're still giving them the opportunity to say that maybe the product wasn't what it was supposed to be. But you can filter that by looking at a feedback because they already said that they are happy. So it's a way that you can do it without really manipulating in a sense but you're actually going out there and qualifying them through a feedback. That's another great way of doing it.

Hopefully it's answered your question. That's what I would do. It all comes down to getting the sales and the sales will then drive feedback and reviews because you have more people going through and seeing your follow up and all that good stuff. All right, check out Sales Backer, theamazingseller.com/reviews and you can go ahead and get that set up and you'll have 60 days to try it out without even putting a credit card in.

Go check that out. That is an affiliate link, I will get a small percentage which is generally a cup of coffee for me. You guys now that I do drink my coffee, I have a cup right here in front of me. If you're interested go check it out but at least what you want to do is reach out to these people even if you don't use a follow up sequence just manually email them. Just do that. Like you need to reach out to these people and make sure that they are happy and give them a little extra bonus. Just make sure that you are connecting with these people.

Let's go ahead and listen to the last question of today, I'll give you my answer, we'll wrap this baby up and you guys can get on with your day. What do you say? Let's do it.

[00:28:17] Jenny: Hi Scott. My name is Janey. I've been listening to your podcast for a long time and I believe now I'm finally ready to make my first order from Alibaba from my supplier and I'm wondering, is there the best payment method or the best credit card or debit card that is better to use when you're paying your supplier through Ailbaba or some other channel. It would be nice to hear some episode about that, thank you very much.

[00:28:50] Scott: Hey, Janey. Thank you so much for the question. And I want to say, I like the little, almost sounds like wind chimes or something going on in the background or some nice relaxing music. Really sounds nice. So thank you for that as well. This is a great question, and I do get this question quite often. It really comes down to like how do I pay for products that I'm sourcing through Alibaba or Aliexpress? Aliexpress is pretty simple. You can use a credit card. It's really super simple and that's what I'd recommend there. Albaba now on the other hand, the manufacturers, the suppliers don't always take credit card. Here's what I generally do. First off, I want to see if they will take a PayPal payment. If they will, boom, we're off to the races. That's what we're going to do.

A lot of times they will do that for your samples but they may not do that for your complete order or they may say we don't want to do it through PayPal because the fees are higher and then we're like, “Well, how much is the fee that you're going to basically be hit with?” And they are like well maybe 3%.” And you're like, “I'll tell you what, I'll pay the 3%,” So whatever it is. Maybe it's a couple hundred bucks. That's a way for me to use PayPal and almost have like a little bit of an insurance policy. So that's number one. If they don't want to do that then I would say okay, we can use AliPay. Now, AliPay would be more of a credit card system that's kind of built in to Alibaba. It's like their third party for that.

At least right now the time that I'm recording this that's what is. We've used that and it works great because now we're using a credit card. I've also used escrow. Escrow is kind of like that where you can pay through a third party and then that third party will hold the funds until you approve the shipment and then they'll release the funds after that. So it's kind of like someone's in the middle before you actually send the money over. The other way that we've done it is a wire transfer. The wire transfer you'd basically just go to your bank, give them all the details, and then wire over the money.

[00:30:57] Scott: That's my last resort of doing it. I would much rather use a credit card for a couple of different reasons. Number one, I feel safer when I'm using a credit card because if I ever have a problem I can always just go to my credit card company say, “Listen, these people didn't deliver on their promise. I want to put in a claim,” and then a lot of times they'll fight it for me. I haven't had to do that but that's how it's worked with other things. If someone found my credit card number or they scanned it and then they took the numbers or scammer out there doing it and someone charged up… I actually had that. Someone bought like $4,000 worth of Stub Hub tickets and they were probably going to try to resell them or something and I see on it on there and I called my credit card company and they said, “No problem Mr. Voelker, we're going to take care of that for you, don't worry about you're not going to have to pay them.”

“Okay, cool.” Basically they took care of it. My card I had to get a new card and all that stuff because someone had my card number now but they still took care of it. It's important to have a good relationship with that card that you have as well. The other reason that I liked the credit card is because I use a credit card that gives me points. So for every dollar I spend I get a point or I might get two points depending if it's promotional period. So I could make $100 from purchasing $10,000 worth of goods. So that's 100 bucks. That's kind of back to us in the business. So that's another reason you could use, Sky Miles, or any of that stuff. You can do that, whatever you want to do but why not get points if you're already making a transaction through your credit card. Why not just do that?

So, that's what I would do, you do have options. The other thing I've also noticed is if you don't ask you won't receive. Meaning, that if you just say, “Oh, what do you take?” “We take wire.” They are always going to want to take wire over anything else because it's less expensive for them. Period. So they are always going to try to steer you that way. But I found that they may start saying that they will only do wire and then what I would come back and say is well, what we're going to do are our finance department… Until we have an established relationship we only pay either credit card or AliPay or a third party escrow like until we get that relationship down.

[00:33:13] Scott: We've done that. I actually did that with one company for over a year before they said, “Okay, now we've got to go wire. Like, we have to go wire now at this point.” At that point I had already done like six orders, seven orders or something like that. And it was like probably over $30,000 worth of goods. I'm like, “Okay, we'll do it.” And we did it, still do it to this day. And with that one brand and we haven't had any problems knock on wood. So I would say be careful, number one. Number two I would try to use PayPal. If I can't use PayPal I'm going to use a credit card, AliPay, third party Escrow, and worst case or last resort would be wire. That's what I would do. So that's like your options there for making that purchase.

But just again, be aware. And the other thing is one little side tip here, do a little bit of research, a back research on your company that you're doing the transaction with. If you are doing this through Alibaba you'll see how long they've been in company, how long they've been a gold supplier. That will tell you some stuff too. if you're seeing someone that just came on Alibaba, they are not a gold supplier which again you guys have heard me say, when you're looking for a supplier you always want to make sure that they are a gold supplier and if they don't show up as a gold supplier you don't go to them.

You want to make sure that those things, do your background check, make sure that they are a legit company because I've heard horror stories actually one guy came to our event in Denver and had a crazy story. Crazy, crazy story and again, but he wired right away. I don't know if he did background checks on the company or not but he got bit a little bit. He actually worked out but he went through hell to get it right.

[00:35:09] Scott: That's what I would say. So good luck to you. Keep me posted on all of these questions, I want to know and see how things are panning out, working for you guys now that we've answered these questions and give me a little bit of an update. Would love to hear that stuff. Just to wrap up guys, the show notes like I said can be found at theamaingseller.com/433. If you want to ask a question you can head over to theamazingseller.com/ask and one last thing, we are now offering our on demand workshop so if you have not been able to attend one in the past because of time restrictions or maybe just didn't work out for you for whatever reason we are now offering an on-demand workshop.

You can go register for that right now and pick a time and a date that works best for you. And you can go check that out by heading over to theamazingseller.com/workshopnow. theamazingseller.com/workshopnow. That's where we're going to cover the five phases to picking a product, sourcing a product, launching that product and everything in between. So definitely go check that out. What we did here is we took one of our best live workshops and we made this on-demand where you actually get to sit in on the live Q&A that we did at the end. So definitely go check that out. It's a huge resource that I want to make available for you guys because you can go through this entire process in about 90 minutes and that's why we are making it on-demand now.

So guys, that is going to pretty much wrap it up. I want to close as I always do but I'm going to close with a little bit more energy today. Can that even be possible? But let's do this. Guys, remember, remember I'm here for you, I believe in you and I am rooting for you but you have to, you have to… Come on say it with me, say it loud, say it proud, say it with so much energy right now at the top of your lungs, “Take action.” Have an awesome, amazing day and I’ll see you right back here on the next episode. Energy!

[END]

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1 comment
  • Hi Scott! Thanks for this great episode….there really is something new every week so thanks for the great work.

    I have a question concerning Amazon and ranking! I have three products which performed really well but since last week it seems like Amazon is supressing my listing because I can’t find my products anymore although they where on the first page last week!

    Everything seems ok in my backend so what can I do?

    Best regards
    Gabriel

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