Pay and get paid using Smart Legal Invoices on Prontapay
Time is money. In the fast-paced world of modern business, the slightest delays can be very costly indeed. Traditional means of payment are slow, costly and inflexible. Recovering late or defaulted payments can become a quagmire in itself, sometimes costing more than the original payment and in rarer cases bankrupting whole companies.
Prontapay intends to revolutionise payments through the use of smart contracts and blockchain technology. By adapting the company's Smart Legal Invoices (SLI) and using its online platform, businesses of all sizes will be able to simultaneously streamline and accelerate their transactions, save on commission fees and safeguard themselves from unpleasant surprises on that front.
How to get paid with Prontapay?
The Prontapay platform will be implemented over the course of three phases, with the final version being launched in the second half of 2019. Once it is active, companies will be able to access the Prontapay platform through desktop or mobile interfaces and use it to create invoices, setting the time, amount and cryptocurrency of their choice.
The terms will be stored on the blockchain as the invoice is dispatched to the customer. Once it is e-signed, the Smart Legal Invoice will be activated. In addition to automatically extracting the payment from the customer' Ether Wallet on the assigned date (provided the necessary amount is there), the SLI will ensure payment by sending repeated reminders to the customer. After a 7-day period, all outstanding invoices would be sent to Prontapay's internal collections department. Users will also have the option of adding an escrow service to the SLI, storing the payment until certain conditions are met. All invoices will be stored on a single ledger system.
Prontapay charges a 1% fee for all completed transactions on the platform paid for by the company that sent the invoice, as well as a 2.5% late payment fee for customers. Both the sender and the receiver will also be rewarded with an amount of PRO PAY tokens tied to the invoice total. It will be possible to use those tokens to upgrade Prontapay accounts and unlock additional features, such as discounts and advanced accounting features.
How will Prontapay help businesses?
Cryptocurrency payments carried out through the blockchain are instantaneous and much easier to arrange, saving valuable time. Even more valuable are the smart contract features used to ensure timely payments, which reduce administrative costs. The fees charged by the platform are comparatively low. The archiving of invoices would make accounting trivial. All in all, companies stand to save themselves a lot of time and effort in addition to their immediate financial savings, which would allow them to concentrate on their actual business.
Token sale details
The main ICO will run from July 1st to August 1st, but pre-sale is ongoing currently. The token being sold is the ProPay Coin (PRO).
An invaluable business utility
The process of payment may seem relatively pedestrian, but it is the kind of routine operation on which all industries depend, and it can make a major difference – especially for smaller companies. Assuming Prontapay can deliver on its promises, its simple yet invaluable service will be able to permeate a potentially limitless share of the market, bolstering small and medium-sized enterprises worldwide and growing with them.
Links
Website: https://prontapay.io/
WhitePaper: https://prontapay.io/White-Paper-v1.0.pdf
Telegram: https://t.me/prontapay
Facebook: https://www.facebook.com/prontapay
Twitter: https://twitter.com/prontapay
Medium: https://bit.ly/2syLpk7
ANN: bitcointalk.org/index.php?topic=3250530.msg33849270#msg33849270
Author: https://bitcointalk.org/index.php?action=profile;u=980049
Disclaimer
This review by Bonanza Kreep is all opinion and analysis, not investment advice.