How a Merchandising Business Can Dodge Conmen

How a merchandising Business can dodge conmen – It is becoming riskier to do business in Kenya due to the emergence of conmen. Falling into the hands of conmen is even more painful if you are dealing with goods. Some of the many ways and tips to avoid being conned your goods/money includes:

Know Whom you are dealing With:

• Request for Business & Tax Registration documents before considering any deal.
• Doing a search at the registrar of companies to determine the existence of the business.
• Use the KRA PIN Checker to verify the authenticity of the PIN.
• Visit the dealer’s offices or factory.
• Check Online reviews, to find out about other people’s experiences. Don’t just use one source of reviews as these could be fake
• Ask for referrals

Protect your Money/Goods:

• Release goods only when the cheque has cleared in the bank
• Work with credible delivery companies
•  Pay for the goods only when they have been delivered.
• Avoid huge cash transactions.
• Invest in a counterfeit money detector if you handle large amounts of cash regularly.
•  Employ honest people.

Document Your Transactions:

• Ask for LPOS
• Have the delivery notes stamped by the receiver of the goods as proof of delivery
• Where the transaction is relatively big, and have a properly drafted agreement, including a payment plan.
•  Ask first-time dealers to sign credit application forms/ supplier forms.

Pause and Think

Do not allow the excitement of a good business deal to rush you to execute the supply/payment.
Always give yourself at least 24 hours to think about it. This gives you time for the emotional effects of the sales presentation to subside and time for you to do research.

Compliance Check

It is safer to deal with businesses that have maintained some modest level of compliance with the laws of the land.

Avoid Being Manipulated With Religion:

It is easier to be manipulated into not doing a thorough background check if a dealer shares the same faith with you.

Be Skeptical

Don’t Trust. Always verify

Report a Fraud

By reporting fraud you protect the next victim.

Don’t Judge a Book by Its cover

Don’t judge a person or company by their website; flashy websites can be set up quickly

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