About the company
Minh Phu Seafood Corp, Vietnam’s largest seafood exporter supplies premium shrimp to demanding markets. To address challenges such as complex compliance requirements and payment risk, the company implemented Tridge Pay’s Escrow service for selected East Asian exports. This solution eliminated payment defaults, cut transaction costs and enhanced buyer trust.
Challenges
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Stringent regulatory and quality compliance: International buyers often require third-party inspection and documentation, increasing complexity and risk of disputes in receiving payments.
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High-value, perishable shipments: Delays in payment or disputes over shipment conditions can lead to significant financial losses due to product perishability.
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Exposure to payment risk: Traditional payment methods such as Letters of Credit (L/C) were costly, slow, while and Telegraphic Transfer (T/T) often failed to fully protect against non-payment or late payment from buyers.
Solution
To address these challenges, Minh Phu Seafood Corp implemented Tridge Pay’s Escrow service for selected export transactions to East Asia. The Escrow solution was tailored to the seafood industry’s unique needs:
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Conditional payment release: Funds are held in escrow and only disbursed upon confirmation of successful delivery and compliance with agreed quality standards, as verified by third-party inspection.
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Integrated documentation and communication: All shipping, inspection, and payment documents are managed within the Tridge Pay platform, streamlining communication among all parties.
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Real-time transaction monitoring: Both Minh Phu and its buyers can track shipment status and payment progress in real time, reducing uncertainty and disputes.
Results
The adoption of Tridge Pay’s Escrow service yielded significant benefits:
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Eliminated payment defaults: Minh Phu experienced zero payment defaults on all transactions processed.
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Lower transaction costs: Minh Phu achieved a over 40% reduction in administrative and banking fees compared to traditional L/C at sight
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Improved buyer confidence: The transparent and secure process strengthened relationships with key international buyers, leading to increased repeat business.
Buoyed by these positive outcomes, Minh Phu Seafood Corp is expanding the use of Escrow services to additional markets and product lines. The company strongly recommends Escrow solutions to other exporters in the perishable goods sector, as a proven way to minimize payment risk, streamline operations, and build stronger global partnerships.
“Thanks to Tridge Pay Escrow, we reduced costs and eliminated payment risks, even for our most complex international shipments.”
PHAN THANH HOA (Mr.)
Sales Executive
Contact us
For any inquiries, please contact us using the details provided below.
Phone
+852 3905 1804
Address
20/F, Cityplaza Three, 14 Taikoo Wan Rd, Quarry Bay, Hong Kong
Email for CS inquiries
cs@pay.tridge.com
Email for Business inquiries
business@pay.tridge.com
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