Trading Payment Handling Benefits
Trading Payment Handling Terms and Conditions
If “Payment Handling” is selected in The Negotiated Sales Terms by The Buyer and The Seller, these Terms apply.
The Invoice for the Trading transaction will be created by xChange (as agent) in the name of The Seller. The Invoice is made available to The Buyer via The Trading Platform.
2) Credit Note
The xChange (as agent) will create a credit note for the Transaction for The seller's account.
3) Payment due by The Buyer
Payment by The Buyer to xChange (as agent) is due immediately upon receipt of the Invoice and prior to the delivery of any units (unless otherwise indicated on the invoice). Payment has to be made to one of the accounts specified on the Invoice. Banking fees are to The Buyers account.
4) Service Fee
Depending on the subscription of the buyer the service fee is:
- 1.95% payment service fee for companies with a premium subscription
- 3.85% payment service fee for companies with a Trading Basic account
The service fee always applies to The Buyers account. This Service Fee is indicated on the Invoice.
5) Claim and Dispute Process
The Buyer has 7 days after the Release Date to assess the condition of the sold units upon pick-up and raise any complaints. In case the units are not of the condition agreed upon in The Negotiated Sales Terms, The Buyer has to inform The Seller as well as xChange (as agent) without delay.
xChange assesses if the complaints are valid either through pictures provided by The Seller / The Buyer or by surveying the units (costs for surveying are split across The Seller and The Buyer).
In cases of valid complaints, The Buyer can choose among the three options:
- Get a refund for those containers that did not meet the agreed condition (calculated on a per-container basis).
- Agree on a lower sales price for the units which did not meet the agreed condition and get a refund of the amount overpaid.
- Request The Seller to repair the units so that they meet the agreed condition. In cases in which repair costs are unreasonably high, The Seller can refuse the repair and option (a) applies.
For the avoidance of doubt, any fees for xChange-services (including but not limited to surveys, insurances, and payment services) are not refundable.
6) Cancellation Fees
In cases of valid cancellations according to Paragraph 9. of the xChange Standard Sales Contract, cancellation fees according to the Standard Sales Contract will be guaranteed to the cancelling party (the party that did not breach the contract). xChange will charge and collect the cancellation fees in turn from the party that breached the contract.
7) Payment to The Seller
For pick-up deals:
Payment of the sales price will be transferred to The Seller's wallet or to his bank account 7 (seven) days after the release date if no claims have been raised by The Buyer and only if xChange has informed the seller to release the containers to The Buyer prior.
For gate-buy deals:
Payment of the sales price will be transferred to The Seller's wallet or to his bank account 7 (seven) days after the delivery date of the last container if no claims have been raised by The Buyer and only if xChange has informed the seller to deliver the containers to The Buyer prior.
8) xChange deal assessment
As for any transaction on xChange, the contract between The Buyer and The Seller for the sale of the containers only comes into effect under the condition precedent of the approval by xChange (as agent). Amongst other checks, xChange assesses the past performance of The Buyer to ensure quick payments to The Seller.
9) Buy Now Pay Later option for eligible Buyers (beta pilot)
Container xChange is planning to launch a beta pilot for a “Buy Now Pay Later” product in container trading. Access to this beta pilot is exclusive and restricted to selected eligible container trading customers for the duration of the beta pilot phase in 2022.
Eligible Buyers can opt into the “Buy Now Pay Later” offering when confirming a container trading transaction on the xChange marketplace. Extended payment terms (14, 30 or 60 days) will be granted to the eligible Buyer for the specific container trading transaction in return for a fee. Each eligible Buyer will receive a specific US$ limit for “Buy Now Pay Later” transactions on the xChange container trading marketplace for the duration of the beta pilot.
The beta pilot “Buy Now Pay Later” offering has no impact on the Seller of containers in terms of negotiating the transaction with the Buyer on the xChange platform, issuing the release to the Buyer and receiving payment of the agreed amount. Once a Seller agrees to a container trading transaction with payment handling through xChange there are two contract options: either a direct sales contract with the Buyer, or in case of a “Buy Now Pay Later” transaction first a direct sales contract between the Seller and xChange and second a direct sales contract between xChange and the Buyer (both contracts are generated automatically and in the defined sequence). In both cases the Buyer ultimately becomes the owner of the transacted containers.