e-Transaction System

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

Supplier designates eTradePay to receive Payment from Buyer in accordance with e-Contract.

Buyer makes Payment to Supplier’s bank account designated by eTradePay.

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 each payment service provider.

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

Lightstrade.com shall compare the data between Packing List provided by Seller 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. Seller 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

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

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

A. Process

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

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

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

3. Rules for Payment Release

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

  3.2 Last Payment Release:

  3.2.1 In the case that currier service is employed, eTradePay 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 will instruct the bank to make Last Payment Release to Supplier on the 10th Calendar Day since Delivery Order is issued by Forwarder/Logistic Company to Buyer at destination.

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

B. Fee

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

2. Supplier’s Fee: Supplier shall register an account in eTradePay, which is bounded with Supplier’s corporate Bank Account within Chinese mainland. During e-Contract implementation, 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. Different costs would occur as a result of different payment channels which is borne by 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 occurred for China Customs Clearance and Bill of Lading shall be subject to prevailing market rate and not included into basic service fee.

3. 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 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 statement for foreign exchange.