PayBlok is a token aimed at solving small and medium size business cash-flow by offering an early payment function on top of the existing features within the InstaSupply platform, which already supporting the trade of over 2300 businesses, and is growing daily.
InstaSupply was founded in late 2014 by Lee Pruitt and Tim Huegdon with the vision to simplify all buyer and supplier business interactions online; born out of their prior experiences. InstaSupply have spent time building and refining a robust workflow that captures, digitizes, and automates all the back-and-forth interactions that proceed payment. Whilst disruption of the problems in business related to ordering, delivering, invoicing, and accounting have been a key focus, managing payments has always been the company end game since inception. Funded through rounds of investor financing since formation, the company has built a team of deeply experienced professionals who develop the platform, onboard and sustain thousands of businesses, and have processed over $60 million in transactional value.
Small and Mid-sized Businesses (SMB) are heavily affected by the impact of lengthy credit terms upon sale, with traditional financial products failing to cater to them. This leaves SMBs with few options when looking to alleviate cash-flow problems. Having identified this problem, InstaSupply is introducing PayBlok, a token aimed at solving SMB cash-flow problems. PayBlok is a token aimed at solving small and medium size business cash-flow by offering an early payment function on top of the existing features within the InstaSupply platform, which already supporting the trade of over 2300 businesses, and is growing daily.
Problem
Late Payment Problem 30% of SMB businesses quote late payment processing times as a major issue, and around 47% of businesses are paid late. Payment delays result from either an intentional delay in payment by customers, elongated processing methods, or both.
Not only are late payments a problem, but large banks have severely curtailed their small business lending following onset of the financial crisis. Post-crisis lending from banks has disproportionately gone to large businesses. Because of this, SMBs are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family to launch and initially run their enterprises.
Solution
By creating a business network between buyers and suppliers, the platform collects data from both sides. InstaSupply empowers users to create and place purchase orders, track deliveries, and match orders to corresponding invoices; this enables buyers to track, manage, and control their spend.
Upon receiving an invoice, customers on the platform are able to review the invoice, and accept or reject it accordingly. Once the invoice has been accepted, invoices are paid outside the InstaSupply platform. Because the data is pushed to the customer's accounting software for record keeping and eventual payments, the customer is required to manually record when an invoice has been paid on the InstaSupply platform.
One important element of our solution is the creation of a community of participants that can contribute and get rewarded for their work: profit sharing. Every group that is part of the community has a key role to the overall success of the network.
Where to find them:
Website: https://payblok.instasupply.com
Whitepaper: https://payblok.instasupply.com/documents.html
Twitter: https://twitter.com/instasupply
Facebook: https://www.facebook.com/instasupply
LinkedIn: https://www.linkedin.com/company/instasupply/
Youtube: https://www.youtube.com/channel/UCoYhK-h2xW8oBy3KlxwK0bQ
Medium: https://medium.com/instasupply-blog
Bitcoin Talk: https://bitcointalk.org/index.php?topic=3740408.msg36983691#msg36983691
Reddit: https://www.reddit.com/r/ico/comments/8jccem/payblok_is_a_cryptoasset_that_incentivizes_b2b/
Bounty0x ID : AutumnWolf
