The world of business and the world of technology are closely interlinked. Over the years there have been a number of technology-led changes into businesses, changing the way we know business operations to be. There has been a digital revolution and over the years, most businesses have gone paper-less. Almost all of the business operations are carried out online and on digital documents. Invoices too, have gone digital.
Invoice Financing is quite a popular business operation. It is basically the process of businesses selling off their invoices to a third party in exchange for instant cash. Take this case into example - a business owes $3000 from a debtor, who is due to pay the money to them in a month’s time. However, the business owner is in an urgent need of some money. He can sell off this invoice to a third party finance company for $2800 - which he gets instantly! The third party business owner will then collect the $3000 from the debtor once the credit period expires.
However, this process, despite going digital, still has a number of flaws. This is because such processes need a real-time, dynamic approach so that all the parties involved instantly know any changes and updates that are made.
A blockchain based system is the perfect solution. Blockchain based invoice financing brings dynamic invoices - which reduce the chances of fraud, as well as ensure that all the parties are aware about the changes and updates to the invoices. Basically, in a blockchain based dynamic invoice system, all the parties involved in the trade - the business, the financer and the debtor would be in constant communication - and none of the parties can make any changes to the invoices without the permission of the other parties involved.
Often, there are multiple debtors and multiple financers involved in processes like these, which make paperwork complicated. With blockchain based systems, it becomes much easier to manage the payments, while also ensuring that there are no chances of fraud and that all the data is tamper-proof.
Invox Finance is one such platform which allows users to maintain dynamic invoices. Those who invest into the Invox platform will get access to Invox cryptocurrency tokens, using which they can purchase a yearly membership of the Invox platform. Those with this membership will be able to buy invoices from companies which need instant cash. Users can also buy fragments of an invoice - or multiple fragments of multiple invoices from multiple businesses! Details on this are available at https://invoxfinance.io
This is a unique process that allows businesses to get instant cash, as well as reduce their risks of a bad debt from their debtor. The person buying these invoices is guaranteed a profit on the deal (unless the debtor becomes a defaulter). By buying a number of invoices and fragments of invoices, the risk gets distributed! Invox Finance is indeed a smart invoice financing platform for the digital age.
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