What is Letter of Credit?
It is a letter issued by a Trusted Party (normally Banks) to serve as a guarantee for payments between buyers and sellers under Mutual accepted conditions.
What is Letter of Crypto-Credit?
It is a letter issued by OLXA to serve as a guarantee for Crypto-payments between buyers and sellers under Mutual accepted conditions through the Blockchain.
BUYERS AND SELLERS AGREE TO DO THEIR OWN PAYMENT AS A FORM OF CRYPTOCURRENCY UNDER OLXA GROUP SUPERVISION AS THE TRUSTED PARTY.
For the 1st time in the cryptocurrency global market, OLXA is proud to take the lead in providing the Letter of Crypto Credit that guarantees payment or purchases between buyers and sellers.
OLXA Fees are triggered at 0.5% maximum which is much lower fees than the traditional banks (banks normally take fees up to 3%) and much faster for sure through the Blockchain.
Easy Procedures to start your Letter of Crypto-Credit:
1- In OLXA Letter of Crypto Credit, the buyer and seller agree on having OLXA Group as a Third Party that guarantees the purchase order by Crypto Credit, the Seller accepts to receive OLXA Coins after shipping the goods to the Buyer.
2- The Buyer approves to send the exact amount of goods before shipping in OLXA Coins to the OLXA Group that holds the balance and send notification to the seller to ship the order.
3- Once the order is received or shipped according to the mutual agreement between the buyer and the seller, OLXA Group will release the OLXA Coins to the Seller.
This kind of transactions requires a Third-Party responsible for the whole process, starting from the purchase-order till the products delivery, it potentially involves stuff like calling the post office, filing insurance, claiming for lost packages, checking bills of lading, visiting shipping docksides if needed, etc. besides the high fees of the traditional banks to do it.
This service is considered a breakthrough in the cryptocurrency market that reveals a clear desire of the OLXA Group to embrace the cryptocurrency market with stability and credibility as a fundamental element of its growth and user focus strategies.