A small mom/pop retailer shop approached me wanting to purchase a large bulk order from me around $6,000. I never received an order for such a large amount, and I'm not sure what the best method of handling this order is.
I don't want to place this order with my wholesaler before receiving the payment because if he backs out then I'm stuck with $6,000 worth of inventory that most likely won't sell.
What are my safest options; so I don't get stuck with this inventory?
- Should I ask for payment upfront?
- Ask him to send me a scanned image of his drivers license and credit card?
- Have him sign some type of invoice stating payment must be sent immediately once the order is processing?