PRONTAPAY – Revolutionizing Payments

The current invoice system that most companies use is flawed, slow and expensive with some payment providers charging up to 3.5% to facilitate a payment or a monthly fee with a fixed term contract, it also leaves many gaps for late and defaulted payments, costing companies time and money trying to recover debts that are legally theirs in the first place. Some companies end up spending more than the invoice balance on legal costs and litigation, and in some extreme cases end up going out of business because of non-payment.

Prontapay will be a revolutionary invoice payment platform built on blockchain technology that will use smart contract and smart legal code, to create our trademarked Smart Legal invoice (SLI)™. Companies will be able to create and send out smart legal invoices (SLI)™ using our desktop or mobile interface to customers quickly and easily requesting payments for services or goods automatically or on a set date determined by them. Each invoice will be sent on the blockchain and incorporate smart legal coding that will make the invoice once accepted form part of a more legally binding agreement between company and payer.

Prontapay will assume the world’s first Smart Legal Invoice (SLI) ™ payment system, which will apply intellectual contracts and blockchain technology to help businesses at least of the volume obtain the most successful payment, save money on transaction fees and create the most stable fast and non-dangerous ecosystem of accounts awarding users with ProntaPay coins due to any successful transaction.

VISION

Our vision is to be the world's first blockchain Invoice solution to truly cross over into the mainstream system & help businesses of all sizes get paid more efficiently, on time and create a more stable fast and secure invoice ecosystem.

HOW IT WORKS

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).

Company B

Logs into their Prontapay platform and creates a smart legal invoice (SLI) and sets a payment date for anytime and any amount. Terms are then added to the invoice and using smart legal code, the invoice is embedded with the terms and held on the blockchain formulating part of the legal and irrevocable agreement. The invoice is then sent to the customer via email.

Customer B

Customer B receives an email with the smart legal invoice (SLI) attached, they check the terms then choose what cryptocurrency they are paying the invoice in. And then once they have e-signed, a binding smart legal invoice is created and payment will then be automatically debited from their ether wallet on the agreed date and sent to the company instantly on that date.

BENEFITS OF PRONTAPAY

With Prontapay both big and small businesses will enjoy the following benefits.

They will get paid more effectively
They will be able to save money that could have been spent on the transaction fee
They will enjoy a fast, reliable, transparent and secure ecosystem.
Users of the Prontapay platform will be rewarded with Pro pay coins each time they make a transaction.

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.

Informative. 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.

ESCROW ON PRONTAPAY PLATFORM

The Prontapay platform will also have the option to incorporate an escrow service into the Smart Legal Invoice. This will be especially helpful for high value transactions/commodities and businesses who rely on taking a deposit from customers and getting paid the balance on completion of a job or service.

This way of sending/paying an invoice will make sure that all conditions of the job or service are met before the invoice is paid, giving added protection to the customer that they are fully protected and receiving the goods or services that has been agreed and also giving reassurances to the business that they will be receiving the balance payment on a set agreed date.

TOKEN DETAILS