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Safe Used Machinery transactions is a must


Avoiding fraud in second hand machinery
“The most expensive machinery investment is that one made on a machine that never gets to work”. That is César Rodríguez’s opinion after more than 30 years of machinery experience. “The second worst investment is receiving a different machine than the one purchased”.

One of the things that sets MachinePoint apart from other used machinery businesses is the trust that we build with our customers. To enhance and maintain this trust, we continue to strengthen our customer protection compliance efforts having invested important amounts of time and resources to do it. At MachinePoint, compliance is not merely a department or set of rules to follow, it is embedded in our company culture and a fundamental part of the way we do business.

Over the last two decades, we have developed a proven methodology that protects all parties involved in the transaction. The methodology is not an industry standard, but the result of 30 years of experience selling new and mainly used machinery and overcoming many critical situations that have taught us how to make secure transactions.

Most transactions done by MachinePoint, involve international money transfers and international machinery moving, some of them of big technical and financial complexity. Having a rigorous procedure defining all correct steps and documentation in place and doing a meticulous due diligence of the parts involved in the transaction is fundamental to reduce fraud risks.

Cesar Rodriguez, MachinePoint CEO comments, “We have faced many interesting situations over the years. It is never enough to be extra care and we have stablished a procedure within our company to avoid fraud. Our legal department has developed secure contracts to avoid fraud.”

Fraud comes in all shapes and sizes, and sometimes they are very innovative. MachinePoint has faced fraud in several occasions. We could classify fraud in different categories:

Buyer protection procedure:

1. Machinery identification. Sometimes sellers indicate to “take away” the wrong machine to the dismantling team; sometimes auditors sent by the buyer are “pointed out” to the wrong machine to audit. MachinePoint’s supervisory protocol avoids such situations. In its absence, the mistake is uncovered too late by the custom agents once the machine has been paid and removed from the factory.
2. Secure payments. Many companies have already experienced paying for something and then getting nothing or something different in return. MachinePoint has a proven track of secure transactions and an intermediation guarantee, having returned the money to many buyers if the transaction could not be completed as agreed.
3. Espionage. Very rarely we have had situations where the buyer is trying to learn trade or operating secrets from the seller, but they exist. MachinePoint’s protocol includes identification and investigation of buyers to make sure that they are not a different person or company than the one invited.
4. Professional delivery. Machinery correct dismantling is key to be able to restart the machine at its next destination. Numbering electromechanical parts, choosing adequate conservation & packaging, correct loading, lashing, shipping, exporting, importing and insurance are key to be able to avoid accidents or to respond should this occur.
5. Illegal goods trafficking. Drugs, jewelry, gold or animal trafficking are serious offences and no company wants to learn that their machine arrived filled with illegal goods. MachinePoint has the experience to avoid surprises to buyers and has a number of protocols that take special care in supervising, photographing, contracting, invoicing, loading and delivering the machines.

SELLER PROTECTION:
1. Money laundering. MachinePoint protects the seller by making sure that the money used to pay for capital equipment is clearly identified, comes from the buyer and not from illegal money sources. The seller can rest knowing that MachinePoint follows the highest business standards.
2. Avoid claims. MachinePoint guarantees its intermediary services and takes care of all buyers complains about the machine purchased. Our experience makes contracting and expectations clear to buyers, resulting in higher customer satisfaction. This is why large multinationals contract us as intermediaries of internal transactions to avoid inter-group problems.

We believe that fraud prevention is everyone’s responsibility. Your best defense is to be aware, educate yourself, use good judgment and choose professional providers. Relying on a professional partner for your buy and sell of used machinery will easy the process. MachinePoint is committed to fighting fraud and helping customers protect themselves from falling victim to fraud.

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Head Office - Europe
Parque Tecnológico de Boecillo
Calle Andrés Laguna 9-11
E - 47151 Valladolid
Spain
+34 983 549 900
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