Claiming, check and payment of invoices in the company requires constant manual labor. Financiers check every document, remind counter-agents about payment deadline, and conclude agreements. Is it possible for companies to reduce extra costs and guarantee the timely payment?
Picture 1. The Prontapay platform: the window for a new invoice creation
A team of Prontapay offers SLI (Smart Legal Invoice), a payment system on the basis of smart contracts. Invoices are created automatically, contract data load online, money is debited from customers’ accounts in accord with terms. The payment passes exactly on the details, on time and with minimal сommission.
What is Prontpay?
The Prontpay platform is a program for smartphones or desktop PCs, creating invoices, descriptions of goods and services in several clicks. All documents are stored in the blockchain, tariffs and product features are loaded from smart contracts, payments are automatic.
Picture 2.The procedure for the issuing and payment of invoices through Prontapay
SLI document is paid in 5 steps.
- A supplier opens the app and creates an invoice for payment. Details, amount and deadline of payment, description of goods, terms of the contract (currency clauses, discounts, fines, and other details) are fixed in the smart contracts and don’t require verification.
- SLI document is sent to counter-agent for verification through the blockchain: no queues or currents of e-mails. The account is linked to the contract and clients see, what they pay for.
- SLI document is paid after the acceptance, in this, Remittance (the payment confirmation) is sent automatically.
- The Prontapay system takes 1% of the transaction regardless of the payment specifics, contract currency, and other aspects.
- Supplier and buyer receive the remuneration for use of Prontapay. After getting the transaction completed both parties are with profit, with tokens of the system in their cryptocurrency wallets.
The aim of Prontapay is to accelerate the payment of invoices to the right details, reduce labor expenditures and the number of fines for late payments. The developers utilize smart contracts of Ethereum, which “check” and “pay” standard invoices automatically. The volume of the daily document turnover reduces, accountants have to check accounts only with non-standard terms.
How does Prontapay work?
The system of invoices payment through the blockchain is an improved version of accounting programs such as SAP and NetSuite. Each invoice has a link to the contract, a cryptographic key, containing all transaction terms. SLI document is sent by e-mail, the fact of the check is fixed by the EDS (electronic digital signature).
Picture 3. A long-term aim of Prontapay is to exclude turnover of paper docs in companies
Developers have built Prontapay on three principles:
Legality. Each invoice contains the link to a valid contract between a supplier and a customer. If parties want to print the document for the tax inspection, it will have a legal power. An invoice is automatically paid after the verification of the counteragent: such an approach excludes incorrect payments and costs of return of funds.
Informativity. Invoice payer receives automatic notifications 24 hours before the expiration date of the payment. If funds were not received, 1 hour before the set date the second notification.
Economy. A counter-agent having no funds for invoice payments receives an automatic notification within a week after the set date of payment. If the invoice isn’t paid, a late fee (2,5% for the transaction) and debt are collected by the Prontapay debt collecting service.
Companies with large amounts of transactions may activate Escrow, a service for checking goods and services before the payment. Counteragent approves that all goods and services were ensured on a stipulated quality level. The supplier receives the payment confirmation in time.
How is the ICO of Prontpay going? How will it be developed further?
The PRO tokens are issued on the ERC20 standard. In total, during the ICO 250 million coins are sold. The developers are planning to collect $500.000 (soft cap) during the Pre-sale (14 April - 14 June 2018). The main phase of the ICO will be from 1st July until 1st August. All unsold PRO tokens will be destroyed. Good news for investors: assets are scarce, it is anticipated a gradual increase in prices.
According to Whitepaper, 250 million PRO are allocated in the following way:
● 30% of tokens will be sold during the Pre-sale and the main stage of ICO.
● 30% of tokens will be reserved for paying participants bonuses.
● 28% of PRO are distributed among the project staff and Bounty participants.
● 12% of tokens will be spent on AirDrop, the project promotion, the payments for referral program participants.
Funds collected during the ICO will be spent on business:
60% of tokens will cover the costs of advertising, marketing, the project promotion and the Prontapay platform development.
20% of tokens are planned to be spent on current operational costs.
20% of tokens are the fund for audit fees, payment of legal business registration and unexpected costs.
Summary
The Prontapay platform is a solution for electronic claiming, checking and payment of invoices. The program is based on Ethereum smart contracts, it reduces costs of a daily check of documents and payment for goods and services.
Picture 4. The Prontapay goal is to alter the technique of payments for business
Why is Prontapay good for investors? It has a large potential for the business market: a ready solution for electronic documents turnover is in demand in all spheres. The blockchain adapted to real market is a profitable variant for investors. MVP will be sent by subscription.
The material is based on the project documents:
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