T/T - Telegraphic Transfer. Basically, I authorize my bank to make a deposit into their bank account. Generic name for "Western Union" transfer I think.

I've asked XYZ-Tech if they will use AliPay/Escrow which is a service that provides secure online banking and they withhold my payment until I have both received and inspected my purchase (I have up to 30 days to do this). This seems a much better way to do it as both parties can be sure they will not be scammed by the other.