For this article, we'll look at RFQs from a business's perspective. To begin the RFQ process, a business searching for a product or service will fill out an RFQ form, usually online, that outlines the company's needs. The business will then submit this information to the RFQ service, which searches its database of sellers for companies whose products or services match the buyer's requirements. When the service finds matches, it sends the buyer's request for quotes to these sellers. Sellers then review the RFQ and submit a quote to the buyer.
Quotes typically consist of a price and a description of the product or service.
The buyer compares the quotes from various sellers and chooses the best deal. Once the buyer has found a suitable seller, the companies do business without the RFQ service as an intermediary. How an RFQ service can help your business RFQ services can save small-business buyers and sellers time, energy and money. Sellers, for example, can use the service as a free or low-cost advertising tool that provides access to a large pool of new customers. Buyers can save the time and effort of searching through the Yellow Pages and calling countless businesses to find the best deal.