Blockchain Technology - Why Invoice Processing Is Overlooked but Necessary For Every Business

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Almost every modern business relies on providing services and products in exchange for money. It is the method of income generation that keeps the business going.

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Many businesses rely on receiving cash payments from their customers at the time of service delivery. Take restaurants, barber shops or your local retail store, for instance. These businesses expect payments at the conclusion of services or product exchange.

However, for an increasing number of businesses, payments are delayed and received later. The service provider issues an invoice to the customer at the time of service delivery and payment is received based on pre-agreed terms.

This method of delayed payment is commonly used by freelancers, contractor and SMEs in servicing businesses. It is popular because it gives the customers time to review the level of service and a short-term credit.

 

Problems for the Service Provider

While the invoice pricing method is beneficial for the customer, it can create a number of problems and financial uncertainty for the vendor.

  • Most service providers don’t mind a delay of a few days to a week. However, customers can drag payments out for several weeks. Data shows that average time for receiving invoice payments is up to 60 days.
  • Service providers dealing with a large firm may feel helpless as they are passed around from one person to the next in different departments. Many freelancers experience communication problems when dealing with a large client.
  • Data also suggests that a large number of invoices are still generated manually with an average cost of $12.90 per invoice. These invoices are also subject to human error.
  • Most invoice processing transactions involve money transfer from the client’s bank to the vendor’s bank account. This method has a high cost for both parties, slower processing times and based on centralized platforms which have proven inefficient.
  • Lastly, the current system of invoicing requires a certain leap of faith by the service provider. Business insights reveal that up to 70% of new business relationships require the parties to make decisions based on perceived value and unknown risk. This can increase the cost of due diligence for businesses.

 

The Solution for Businesses

Blockchain based cryptocurrency platforms offer a lot of improvements for business transactions. It is particularly beneficial for freelancers and contractors as the payment system is completely online and most freelancers and service providers also operate through the web.

Calero is ´The Next Generation Blockchain for your Business´ which implements leading edge artificial intelligence to automate the accounts payable process for entrepreneurs in the banked & unbanked society.

Calero also aims to build a trustful, transparent and collaborative network throughout your supply chain. Calero have become the insights, intelligence and automated function, whether you´re a freelancer, contractor or SME.

Main platform functions

With their in depth experience spanning from technology, development, marketing, finance, supply chain and legal, they understand the needs of every entrepreneur, which encompasses two main areas, 1. how to get paid faster and improve the efficiency of your business processes. They plan on releasing a highly sophisticated but easy to use utility platform through buying Calero tokens. This will include the following functions:

Calero

A Blockchain project like Calero allows setting up smart contracts. These contracts execute automatically when certain pre-set conditions are met. The automatic execution of contracts can help build trust and reliability for doing businesses online.

Another benefit of Blockchain based platforms like Calero is that it removes the need to rely on third parties. Crypto coins are kept in digital eWallet and can be quickly transferred from one party to another without requiring inter-bank communication.

The company allows the automatic generation of invoices which are further checked for errors by a verification process through an automated function. The chance of invoice errors generated through a digital process is significantly lower than manual invoices.

Perhaps one of the greatest advantages of Blockchain platforms like Calero is that they can be monitored openly by authorized personnel and can be accessed from anywhere. This makes it very easy to monitor and check the records for payments that have been cleared and the ones that are outstanding, improving overall communication.

The founder of Calero, Ken Otalor explains that “we have reached a period where time has become the most valuable commodity. We would like to spend more time doing things we enjoy and finding ways to increase productivity, rather than dealing with time consuming tasks. We are at the epicenter of innovation and are confident that our platform will provide solutions to billions of people across the globe.”  

Please Sign up to our whitelist, participate in our upcoming token sales and receive a generous bonus related to the following:

Calero

We will also be conducting a bounty campaign and airdrop, so sign up to our whitelist to keep abreast of the news.

 

Calero Technologies Ltd

Website: https://calero.io/

Email: admin@calero.io

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