Business Terms A-Z
Dropshipping : An arrangement between a business and the manufacturer or distributor of a product the business wishes to sell in which the manufacturer or distributor--and not the business--ships the product to the business's customers .
Manufacturer: a person or company that makes goods for sale.
Minimimum Order Quantity (MOQ) : A requirement specifies the lowest quantity of a certain product that a supplier is willing to sell. If the importer cannot reach the MOQ requirement, then the supplier is not willing to enter production
Request for quotation (RFQ): is a standard business process whose purpose is to invite suppliers into a bidding process to bid on specific products or services. RFQ generally means the same thing as IFB (Invitation For Bid).
Supplier: supplier is the provider of the product or service coming from the manufacturer themselves
TT: Telegraphic Transfer a bank transfer either placed through your online bank or through a branch
Unit: A single item