We are excited to launch a new feature on XREX’s BitCheck in our latest release. XREX users can now add a contract when sending a BitCheck. BitCheck contract is an extra layer of protection for cross-border payments and crypto P2P transactions via BitCheck.
數位支票 BitCheck is an online escrow service powered by XREX. Since it was launched in 2020, BitCheck has helped merchants, enterprises, and individuals around the world escrow their funds and complete transactions globally. Now with the new add-on feature BitCheck contract, the agreed terms, warranties, representation, and other important information are documented and signed by both parties with their verified names.
BitCheck acts as an independent third party withholding payment until everyone fulfills their responsibilities in the transaction. Adding the BitCheck contract helps XREX users to clarify the roles and responsibilities of each party in a transaction.
Conducting transactions via BitCheck with a mutually signed contract can reduce the risk of fraud and scams. Further, even if there is a dispute, the contract created by the two sides can help both parties clarify the facts with a signed document attached with agreed transaction information.
How to use BitCheck Contract
- Go to the 數位支票 BitCheck page
- Select Send and select the receiver
- Enter the amount and message, then select 下一頁
- Confirm the information and select Yes, continue
- Select Create contract and allow sharing information with the counterparty
- Follow the step to create the contract that suits your transaction and purpose
- Send the BitCheck with contract
- The receiver reviews and signs the contract
Benefits of BitCheck contract
- All BitCheck users are verified
- BitCheck contract defines the terms, roles, and responsibilities of each party
- BitCheck provides the escrow service to hold funds until terms are fulfilled
- The signed BitCheck contract can be downloaded as a PDF
- All XREX users have a unique profile page, where the verification status, number of BitCheck done, number of mutual connections, and verification time are displayed. The profile helps users to check and judge their counterparty before making a deal.
Is there a fee to add a contract to a BitCheck
Adding contract to a BitCheck is free during the promotional period.
How to use BitCheck and who is using it
To know more about BitCheck, watch our XREX Explains video:
Frequently Asked Questions
What is BitCheck Contract?
How to use BitCheck Contract?
What is the BitCheck Contract fee?
How is my personal information being shared via BitCheck Contract?
What are Jurisdiction and Choice of Laws?
Because BitCheck Contract is a documentation tool, you agree to take full responsibility for the accuracy and completeness of your BitCheck Contract. XREX does not verify or endorse the BitCheck Contract you created or signed, nor does it offer legal advice. Because whether your BitCheck Contract is legally binding on both parties depends on a variety of factors, we highly recommend that you seek legal advice from your counsel before signing any BitCheck Contract.
Every BitCheck Contract contains personal information automatically retrieved from our KYC database. Therefore, if you decide to create the BitCheck Contract for your BitCheck transaction, you and your BitCheck receiver must consent to: (i) the right for XREX to share your information with the other party, AND (ii) the permission for the other BitCheck User to receive your information. BitCheck Contract Users are obligated to keep personal information in confidence unless they explicitly agree otherwise.
You should keep your information up to date when using all of XREX’s services and products, including BitCheck Contract. To streamline your BitCheck experience, you consent to share your personal information with the BitCheck receiver or the BitCheck sender for the current and subsequent BitCheck Contract, unless you inform XREX otherwise.