It has been an interesting six months since the first invoice was funded on Hiveterminal. The tech team has come out with a flurry of new functionalities, including the Proof of Ownership DApp, Over-the-Counter (OTC) HVN Purchasing, and the ERP integration, making us one of the very few blockchain-based fintech companies to be found in Microsoft AppSource. Adding to that, our business development team has successfully presented and onboarded more than 1000 companies to our platform and, just last week, we saw a more than EUR 30,000 worth of invoices funded in less than 48 hours! We are hoping to see an even faster expansion of the platform and invoice sales growth as we introduce a “fast sale” option, which will ease the invoice-selling process and creating more high-return investment opportunities for invoice buyers.
We have seen our product adaption grow in the last few months and encountered and solved many challenges on our way. We are constantly working to make the platform even better. Lately, we were faced with a challenge as close to 80% of invoices uploaded to our platform could not be sold, mainly because debtors of those invoices either didn’t respond to the invoice sellers’ or Hiveterminal Support Team’s requests for invoice confirmation.
This left the invoice sellers in a very uncomfortable situation and while the team fully understood their predicament, we were unable to help in most cases without completely breaking out of our current business model. As we communicated previously, we believe non-recourse factoring (as defined HERE) is the future of our platform and business model. Not only do we believe that non-recourse factoring is fairer toward invoice sellers and better for invoice buyers (due to higher rewards), it is also an opportunity for us to gain new users. This is because the system sends out notifications to debtor companies when an invoice seller puts an invoices out on the market for sale. This opens the door to Hiveterminal being presented and used by the debtor companies. This has created a significant opportunity for us to increase the overall adoption of the platform in our current market. Debtors endorsing Hiveterminal to their supply chain companies have a higher probability of success because of the relationship that has already been established between the debtor and seller. Therefore, it is important for Hiveterminal to create win-win situations for both sellers and debtors alike. That is why we are sticking to non-recourse factoring but adding a new feature for invoice sellers.
Because of the delays in invoice confirmation processes and invoices not able to go up for sale due to non-confirmation, we have added a new feature to the platform: a fast sale option for invoice sellers called the FLASH SALE feature. The number of invoices available on the market is sure to rapidly increase as only one in five invoices submitted to the platform are able to go up for sale. This will also speed up the adoption of Hiveterminal in our first market and help us boost our product to next markets as well.
The Hiveterminal Team is happy to announce that the Flash Sale feature is now enabled and available to invoice sellers on Hiveterminal.
Flash Sale: How it Works
With the Flash Sale feature in hand, we now have a way to help invoice sellers out of a bind when dealing with a non-responsive debtor company. The process starts with an invoice seller uploading an invoice to Hiveterminal manually or through the MS Dynamics 365FO or NAV plugin. When the invoice seller decides to sell the invoice, the debtor company will receive a notification asking them to confirm the invoice and agree to pay the new beneficiary. If the debtor doesn’t respond within 2 days, the invoice seller can now use the Flash Sale feature and offer the invoice for sale on the market.
At that point, Hiveterminal will inform the seller that an additional discount will be applied to their invoice. If the seller agrees to the discount, they can have the invoice submitted for a review by the Hiveterminal Team, which follows a strict process in ensuring the invoice adheres to a set of standards and can be sent to Hiveterminal Market with minimal risk for the invoice buyers.
If the invoice passes the review, it will appear on the Hiveterminal Market. Invoices appearing on the market via the Flash Sale mechanism will be clearly marked to distinguish them from other invoices on the market. Invoice buyers will know they are dealing with an invoice of this type if they see a blue star in the invoice list view.
More High-Return Investment Opportunities for Invoice Buyers
With the flash sale option introduced, we hope to see a rapid increase in the number of invoices on the market as the majority of invoice sellers will now have the option to use the platform without invoice confirmation, creating more high-return investment opportunities for investors in the process!
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I would like to invite you all to our Telegram channel, where great communication is being held between our users and team members. To join our Hiveterminal Official Channel, you will need to:
- Register on Hiveterminal (www.hiveterminal.com) as either an invoice buyer or seller and pass the user verification process.
- Using the same email used for Hiveterminal registration, you will then need to send your Telegram username to our email: email@example.com.
The Hiveterminal Support Team will personally verify that you are a user of Hiveterminal and add you to the new Telegram channel. It is open to all that want to talk about Hiveterminal, regardless of whether they currently own Hiveterminal Token (HVN) or not.