Running a small business can be a real challenge; with it being tough enough to simply survive, let alone make real profits. While large businesses have the resources to expand and dominate markets, many small companies go out of business before making an impact. A number of reasons can be attributed to this; namely a lack of liquidity, poor debt collection and no accountability within the business. In this article, we’ll talk about a set of answers provided by one straightforward solution. InstaSupply explains the failures of a traditional system and offers the alternative for small and medium businesses.
How are small businesses managing payments, and what can be done to improve the system?
The Business to Business System Is Outdated
Many businesses’ commercial relationships can be complicated by the difficulties involved with payments, which typically involves credit and a great deal of paperwork. Currently, regarding payment, the buyer’s accounting department must extend a dividend method, be it cash, check, bank deposit, electronic transaction, or ask the bank to extend a loan for being able to make the purchase.
InstaSupply is providing small businesses with the opportunity to improve their procurement practices. Offering an all in one platform, InstaSupply users no longer have to use a host of different programmes as a part of their purchasing system.
What Is InstaSupply created For?
InstaSupply, formed in part by ex-Amazonians, has been operating for over four years and is currently offering solutions to more than 2,300 companies around the globe.
InstaSupply allows you to organize your payments and invoke your suppliers in a single ecosystem, one that is friendly and intuitive for all of its users. InstaSupply has recognized the need to create an ecosystem that facilitates the payment process and aims to eliminate all the paperwork B2B requires.
You can track what you pay in real time (when and where it goes) and, at the same time, you can centralize your invoices; you can see those that need to be verified and which ones require examination.
How Does InstaSupply Work?
Through a simple interface and the native payment run program, this platform issues and pushes the purchase orders, synchronising it with both parties’ banks, and issues the invoice to the accounting system and your enterprise resource planning (ERP). When opting for InstaSupply, it becomes an effortless environment to display for both the buyer and the seller, the main goal achieved is the simplification of commercial correlations.
This digital solution allows you to have all of your payments up to date. Permits your small business finances to be stable; giving business owners the time to focus on running their business successfully.
When it comes to corporate transactions, international trade introduces even more difficulties with regards to managing the purchasing lifecycle. Payment procedures become slower, and any irregularity with the product or the service offered by the selling part can cause massive losses because the payment has already been released. InstaSupply is a cloud platform linked to the blockchain industry, which uses smart contract technology so that prices won’t fluctuate but, instead, be maintained throughout the whole transaction. Thus, the payments will not be released unless the side making the purchase is satisfied with it’s received product/service. Once it complies with confirmation, the smart contract code is used to extend the payment. Every transaction is recorded within the system.
InstaSupply And Blockchain
With Blockchain economy and technology becoming even more prevalent in society, we have seen how those who invested early in decentralized digital environments make impressive profits. The main quality this technology presents to InstaSupply is offering a consequent opportunity (its token, PayBok, will be launched in August this year): to tokenize your invoice, it is then transformed it into a liquid asset inside the platform where corporations can receive investor’s support to fund it. In this way, bank methods of loans and interest rates are eliminated from the equation.
Companies using InstaSupply get funded to pay suppliers and receive an incentive for as users, this reward is in a token form called PayBlok; which can be later exchanged for fiat money; a liquidity cycle where all parties involved win.
Unnecessary paperwork and wrong procedures can mark the difference between a successful business and a dead initiative.
It’s not a giant’s world anymore, one where only the big names and corporations can develop and improve. Technological upgrades make the difference for those who dare to implement them.