e-Transaction System

Powered by eTradePay.com, Lightstrade.com has been upgraded from a display platform to an online transaction marketplace for lighting industry worldwide. eTradePay.com empowers data by cross-checking digital information from key procedures of the whole trade to intelligently implement the e-Contract signed by the Buyer and Supplier and protect the interests of both parties.

Supplier designates eTradePay.com to receive Payment from Buyer in accordance with e-Contract. Buyer makes Payment to Supplier’s bank account designated by eTradePay.com.

Buyer can make payments via three channels:

Credit Card: Visa, MasterCard,Discovery,American Express;

Third party payment tool: PayPal balance, BitPesa (only for payments from Nigeria, Uganda, Tanzania and Ghana)

Bank Transfer

Buyer shall bear the service charge of payment service provider.

Buyer shall pay deposit and balance in accordance with e-Contract. Once deposit is processed, Seller needs to prepare the cargo and notice Buyer about the production status. Supplier shall deliver shipment to Logistic Company after Buyer’s balance payment. Supplier shall be responsible for any risk and loss occurred in the event of Supplier’s shipping out prior to Buyer’s balance payment.

Lightstrade.com shall compare the data between Packing List provided by Supplier and Cargo Receipt provided by Logistic Company. The whole trade process shall proceed in the event that the data in Packing List is the same with that in the Cargo Receipt. Supplier shall modify cargo and related documents in the event of any discrepancy occurred between the data in the Packing List and Cargo Receipt.

As value-added service, Buyer can designate Lightstrade.com to inspect the number of pieces of a certain percentage of the whole cargo.

Supplier can withdraw the released payment in RMB and USD to its bank accounts created within Chinese mainland.

eTradePay.com gives instruction to release payment to bank based on status of the e-Contract implementation.
Notice:eTradePay.com only serves as Supplier’s designated tool to receive Payment and is therefore not available for any deposit or e-Wallet services that is irrelevant to the trade or transaction which occurs on Lightstrade.com.

A. Process

Buyer and Supplier can negotiate the terms and percentage of payment through e-Contract:

1. The percentage and time for Buyer to make Deposit and Balance Payment to Supplier’s bank account is designated by eTradePay.com.

2. The percentage for bank to make First Payment Release and Last Payment Release to Supplier based on instructions from eTradePay.com.

3. Rules for Payment Release

  3.1 First Payment Release: In the case that shipment passes China Customs, eTradePay.com will instruct the bank to make First Payment Release to Supplier.

  3.2 Last Payment Release:

  3.2.1 In the case that courier service is employed, eTradePay.com will instruct the bank to make Last Payment Release to Supplier on the 5th Calendar Day since Cargo Receipt is signed by Buyer at destination.

  3.2.2 In the case that sea and air freight is employed, eTradePay.com will instruct the bank to make Last Payment Release to Supplier on the 10th Calendar Day since Delivery Order is issued by the Forwarder/Logistic Company to Buyer at destination.

4. eTradePay.com is only in the position to instruct the bank to make Payment Release to Supplier. The foreign exchange and settlement shall be subject to the Supplier’s decision.

B. Fee

1. The free services provided by eTradePay.com to Lightstrade.com includes registration of Supplier’s sub-account, query of transaction amount, receipt of Buyer’s payment, and foreign exchange and settlement.

2. Supplier’s Fee: Supplier shall register an account on eTradePay.com, which is bounded by Supplier’s corporate Bank Account within Chinese mainland. During e-Contract implementation, the Supplier is subject to basic service fee which is specified in Clause C below.

3. Buyer’s Fee: eTradePay provides multiple payment channels. Buyer can employ bank transfer, PayPal, Credit Card, Bitpesa (mainly for Buyers from Africa) for payment. The payment channel selected results in different costs, which is borne by the Buyer.

C. Specifications of Supplier’s Fee

1. Basic Service Fee of Supplier’s: 0.8% of transaction amount per order which is no less than RMB 150 yuan and no more than RMB 500 yuan.

2. The costs incurred for China Customs Clearance and Bill of Lading shall be subject to the prevailing market rate and is not part of the basic service fee.

3. Supplier shall pay the Bank Charges for settlement:
  1. Basic Service Fee of Supplier’s : 0.8% of transaction amount per order which is no less than RMB 150 yuan and no more than RMB 500 yuan.
  2. The costs occurred for China Customs Clearance and Bill of Lading shall be subject to prevailing market rate and not included into basic service fee.
  3. Supplier shall pay the Bank Charges for settlement:
      USD settlement : 15 USD per order;
      RMB settlement : 30 yuan per order;

   Notice:In the case of RMB settlement, Shenzhen Qianhai Branch of Industrial and Commercial Bank of China can provide foreign exchange statement.