Juergen Umhey
Aug 31, 2018 · 3 min read

Hello dear LockTrip Team,

1. I fully agree that it will be important to offer multiple payment methods, that can be chosen freely by any booker (creditcard, EU-SEPA, .. and maybe other FIAT payment options )
2. Purchase for booking placements instantly LOC token via internal/externalexchanges ( current available pairs : LOC/ETH, LOC/BTC, LOC/USDT, LOC/BNT ) NO FIAT pairs available !
3. Who will become the merchant account holder for e.g. any third partie payment payment service provider ? Will LockChain LTD, BG will become the merchant, who will manage all incoming FIAT funds ? And will the merchant process instantly all FIAT/LOC converting instantly in the name of booker/buyer of the service ?

4. As we have here FIAT based funds, in order to convert those funds into LOC token you will need convert those funds into a current available trading pair ( FIAT to BTC/ETH/USDT or LOC/BNT) before you can convert those incoming FIAT funds into LOC tokens , is that correct or the process for convert FIAT funds into LOC will be different ?

5. Next will be any payouts which might be required and processed by the hotel itself or even fully managed maybe by smart contract — to the booker in case of a) refunds b) cancellation c) disputes. How will be do you describe this workflow in details ?

6. Last but not least payouts to the hotel/owners of the booked properties, due to your current whitepaper the smart contract will release such payout payment to the hotel/owner automatically ( from a internal escrow LOC fund ? ) to the LOC compartible wallet (privat key) of the hotel/owner “ After checkout and in case no disputes have been initiated “ — how many days after checkout date ? And will those “ escrow funds “ controlled by you as company or all transactions and funds will be implemented into the hotel/owner “payout smart contract” without any third parties control mechanism ?

7. Here comes the most important point for the hotel/owner, in your whitepaper you communicate that the hotel/owner have to liquidate LOC token into FIAT by themself ?
If yes, the hotel/owner again need to convert their LOCs into ETH,BTC,USDT on a exchange THEMSELF in order to at least sell their ETH,BTC,USDT for a available ETH/BTC/TUSDT FIAT pair (hopefully available in their required local FIAT currency ! )

8.) As you might agree this procedure descript above is NOT really comfortable for any hotel/owner and causes additional time and also costs ! + Risk of volatility between booking and check-out date and as well the time required to make all necessary attached trades on exchanges in order to finally get their LOCs converted into their local or wished FIAT currency !

Resumme :

Liquidity of the LOC token, will be VERY important, include direct LOC to FIAT converting pairs in most required local FIAT currencies ! If you might be able to do those convert task in realtime at the moment of bookings have been placed where and how you will send those FIAT funds at the checkout date to the hotel owners ( keep here in mind that it could be nearly any worldwide used FIAT currency ! ) also where and how you will keep those FIAT funds ( in different fiat currencies ) till the payouts will be made to hotel/owner ? Very important question i guess and who will control this fiat based escrow funds ? Who will have access to those funds ?

How you will solve all or most of that above issue & avoid the risks of volatility for the the hotel/owner and make the process and related tasks more smart for the hotel/owner ?

Who will pay for e.g. the merchant fees ( 1–5%) in case booker might use creditcard payment method or other additional payment option that will cause fees ?

Will you update soon your whitepaper and publish as solution that will more than less solve all above issues ?

Are there any development done or in progress in order to solve that issues ?

Operational & Content

Which are the already direct connected “ Channel Management Service Providers “ and/or PMS ( Property Managment System ) that will avoid the need of any CM 3rd partie application in between of the native availability & price management source ?

Topic : 2-way direct interfaces with CM and/or PMS providers via API , when you will publish those ready to use APIs that can talk to your application or even directly the smart contract for update A & R and recieve new RESs directly into the hotel/owners used PMS/CRS systems