Prontapay (ProPay Token): Smart Legal Invoice (SLI) Blockchain Payment System?
The current invoice system used by most companies has its disadvantages. It is slow and expensive as some of the payment providers charge very high fees to facilitate a payment. Others require businesses to sign a fixed term contract.
Additionally, the system leaves many gaps for defaulted or late payments, which cost firms time and money trying to recover debts. Some businesses will end up spending more than the balance on the invoice due to the legal and litigation costs. In the worst-case scenario, some businesses close shop due to non-payments.
Prontapay is the worlds first smart legal invoice payment system that will use blockchain technology and smart contracts to come up with a trademark smart legal invoice. This smart invoice will help debts of all sizes to be paid more efficiently. It will also help businesses save money on transactions fees and create a fast, more stable, and secure invoice ecosystem at the same time rewarding its users with Pro Pay Coins for every transaction that is a success.
Companies can use their desktops or mobile phones to send out the smart legal invoices to their customers. This will allow for a quick and fast request for payments for services and goods automatically or on an agreed date. Each of the invoices will be sent on the blockchain and will have a smart legal coding that will make the invoice acceptable as a form of legally binding agreement between the business and the payer.
Advantages of Prontapay
The smart legal invoice will be automatically debited from the customer’s Ether wallet on the agreed date because of the use of blockchain technology. The transactions will be done instantly and businesses will not need to keep chasing clients for them to pay.
Businesses will also save on time-spent chasing clients and they will use the free hours on businesses that are more productive.
The use of blockchain technology will eliminate the need to hire intermediaries and will do away with their high fees. The price charged will be much lower than what is charged by traditional companies to facilitate payments.
Each transaction that uses Prontapay incurs a 1% transaction fee which is way lower than the competitors. Compared to the alternatives, Prontapay is 66% cheaper. Millions of businesses will save daily on payment processing fees.
The use of blockchain technology will lead to a secure and reliable environment that will set a new standard for payments. Transactions will also be transparent and can be viewed on the blockchain such that disputes can be easily resolved.
Every successfully processed invoice on the Prontapay platform will be rewarded. The reward will go to both the business and the customer. Pro Pay coins will be used as rewards that will encourage the future use of the Prontapay platform.
PRO Token Sale
The token is developed on the ERC-20 standard and is based on the Ethereum network. The presale of the tokens is already underway having started on 14th April 2018 and set to end on 14th June 2018. The main sale is scheduled on 1st July to 1st August 2018. 50,000,000 tokens of the 250,000,000 tokens will be available during the main sale. The initial value of the Pro Pay coin will be 1 ETH=3500 PRO.