The best replacement for letter of credit is line of credit.

The best alternatives to letter of credit are rated as following:
★★★★★  line of credit
★★★★  bank guarantee
★★★  bond
★★★  performance bond
★★  standby letter of credit
★  bankers acceptance
★  open account
★  security deposit
★  guarantee
★  letter of credit
★  escrow
★  surety bond
★  promissory note
★  tt
★  documentary collection
★  cash against documents
  wire transfer
  bill of exchange
  lc
  buyer's credit
  personal guarantee
  documentary credit
  trust receipt
  deposit
  letter of guarantee
  commercial letter of credit
  escrow account
  letter of comfort
  l c
  telegraphic transfer
  parent company guarantee
  export credit insurance
  draft
  unconfirmed
  ssurity bond

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Speaking about letter of credit, one probably shouldn't forget about recourse.

Other search terms related to letter of credit and their ratings are:
★★★★★ recourse
★★★ confirmation
★ payment terms
★ or without recourse
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Google Trends

Scale is based on the average worldwide traffic of letter of credit in all years. Click on graph for more.
letter of credit
line of credit
bank guarantee