Electronic Letter of Credit Card (eLC Card)

eLC Card stands for electronic letter of credit card. eLC Card is one of the innovations of CCEWeb. It can allow companies and individuals around the world to combine the convenience and trust of credit card purchasing with the financial security of an irrevocable letter of credit. This card can be issued in a virtual or plastic form depending on financial institutions offering the service.

Many companies view the current process for obtaining financing and issuing documentary credits as complicated, cumbersome and expensive. Through an alliance with financial institutions, @GlobalTrade can provide a simplified user-friendly model for issuing and processing letters of credit which are backed by the buyer's credit card. It will significantly reduce the time and costs involved in a typical transaction.

The eLC Card can be a new product offered by financial institutions to their SME Corporate clients. This product can help drive purchasing volume on eMarketplaces by satisfying the need for a secure payment instrument between unknown parties that guarantees payment for the seller and assures the buyer that goods ordered will be supplied in the quality and quantity and at the time stipulated in the contract.