For business owners, the idea of invoice financing can be the best option to make sure that they have enough funds to keep the business going. However, other parties may not share the same thoughts or interest.
What about your buyers? Don’t you think they are confused when they have to make a transfer to a different account or when there are other people (people they don’t know) asking for the payment of the invoices?
The Most Common Issues
- Traditional invoice financing may have its own benefits, but there are also some challenges that are generally associated with this practice.
- The buyers are completely left out of the practice. It is the financers and the sellers that are making a direct connection and interaction – in most cases, the buyers are left out. They aren’t informed of the new situation and they are completely clueless.
- The traditional practice leaves a huge room for fraud and scams. Financers completely depend on the sellers for any information they get. What if the sellers are frauds? What if they fake the invoices with the hope that they can sell it to the innocent financers?
- The traditional invoice financing isn’t transparent or clear. There is no transparent platform that will ensure that everyone will get their rights.
Different Implementation in Invox Finance
These are some of the most common issues and challenges with the traditional system. With Invox Finance, it is expected that the basic operation will change. For a starter, instead of having financiers, we have the so-called investors. They are the ones investing their money in any scheme viewed potential for their investment portfolio and purpose.
Moreover, instead of leaving the buyers out of the agreement, why not rounding all the involved parties together? In Invox Finance, there will be a smart contract between the investors, sellers, and buyers. When sellers are offering the invoices, their buyers know about it. When there is any interested investor, they would verify the condition of the invoices first.
Buyers can verify the invoices and they can get rewards from it. Once the investors are sure about the invoices, they can move forward with the smart contract. Since everything will be secured with the smart contract, there is no way to scam the system or to cheat.
Invox Tokens and the Usages
Invox tokens are issued for many functions and uses. First of all, it acts as the ICO investment where interested party can always buy the tokens while the price is still low. During the pre sale period, 1 Invox token is equal to 0.0001 ETH. When the platform has officially launched, the value will increase.
Moreover, the token will also be used as the main currency – especially for rewards. Buyers who verify their invoices will be rewarded, and so do buyers who finally pay off their invoices. Sellers who provide complete information about the invoices will also be rewarded with the tokens.
Such a reward will be quite handy, especially for investors, because they can see which sellers (and also buyers) who are trusted and credible. Once you understand the concept in Invox Finance, nothing is difficult or confusing, right?