Hiveterminal Q&A: 10 Burning Questions

Domen Ursic
Jan 18, 2019 · 8 min read

It has been a hardworking start of 2019 for the Hiveterminal team, with the majority of time and resources invested into onboarding new users. Our marketing and communications efforts are currently working in one direction only, that of helping our sales boost faster and bringing our solution to as many SMEs in Slovenia through different sales channels. Hiveterminal was showcased to all the members of the largest representative body of artisans & SMEs in Slovenia through their channels, with the majority of visibility coming from direct mailings to 52,000 members and ads in their media. At the same time, the team is closing opportunities for public presentations of Hiveterminal in front of our potential users — small and medium enterprises in our native Slovenia. From 21st January to 26th January alone, our team will present Hiveterminal at five events in Slovenia, in front of a combined total of more than 1,000 SMEs. And, while our team is working on visibility and new registrations, the co-founders/management board have met in Amsterdam to discuss future plans and create a business and tech development strategy for the year to come. With the most important milestone — the product launch — behind us, it is time to redefine priorities and set up a precise action plan for domestic growth, entering new markets and further tech development that will define us as the most technologically advanced invoice financing platform.

While bringing together the comprehensive growth & development strategy, we took some time to answer questions from our community of token-holders and invoice buyers.

The team has received more than 100 questions from our community in the last few weeks. We had a hard time figuring out which could be answered publicly without risking the company’s future. For all we know, our competitors could very well be posing as community members, taking notes and making use of our show & tell. We will not reveal ALL our next steps and tactics of our sales and marketing team, because this would reduce our chances of long-term success. Same goes for ongoing negotiations with some of our business partners. However, we will happily discuss different ideas on how to make Hiveterminal better and easier, answer tech-related questions, and make sure all support inquiries are answered on time.

I must stress that this is not the only the team providing useful information to our customers — our support and sales team are answering questions that arise from troubleshooting in the registration process, different communication flows with users (how we are informing invoice buyers and debtors), the invoice selling process to receiving funds — but we are doing that on a one-on-one basis via telephone, system-generated emails, presentations, and so on.

We chose questions that are most relevant for our users (token holders) and we hope our answers will give you insight into the product and usability of the platform.

  1. COMMUNITY: Several HVN tokens remain unclaimed. What will happen to them if they continue to be unclaimed? How will they be distributed, and what is the deadline for that?

All unclaimed tokens have now been moved to a secure wallet, but contributors can still claim them. According to Slovenian law, under which the ICO T&Cs were construed, there is a statute of limitations on such claims. The general limitation period applies, meaning that five years after the contributors were first able to request their tokens we will not be obliged to process their requests anymore. Since we cannot burn our tokens, all unclaimed tokens will stay on that wallet and will be left there, lowering the overall number of tokens on the market.

2. COMMUNITY: Can you provide us with examples of marketing materials you have used to present Hiveterminal to SMEs?

Sure thing! With more resources going into marketing and sales, we have plenty to show and the latest insights are demonstrating great potential.

3. COMMUNITY: Will invoice buyers ever be able to join together to buy invoices? Can invoices be divided up between multiple invoice buyers to reduce their risk?

This has been a topic of conversation within our team. Currently, it is unlikely such a solution will be offered in the foreseeable future as there are legal reasons preventing us from putting this idea into practice. We have, however, reached out to some of our registered users to ask if that is a solution they would be interested in and the majority of invoice buyers we spoke to told us that they are more interested in acquiring a bundle of multiple invoices with a single transaction, so that is the implementation goal we are pursuing in the future versions of Hiveterminal.

4. COMMUNITY: What happens with HVNs that were used for fees?

Hiveterminal Tokens earned from Hiveterminal service fee are not subject to token lock. However, we are currently not selling any of the tokens that come from Hiveterminal service fees and will continue not doing so in the foreseeable future.

5. COMMUNITY: The community believes that the OTC solution should be working as soon as possible so people don’t have to worry about going to an exchange.

At the last meeting of the co-founders/management board in Amsterdam, the management decided to fast track the OTC solution. This will allow invoice buyers and companies interested in utilizing Hiveterminal for purchasing the invoices their partners decided to sell, to have an in-platform tool to buy Hiveterminal Token. The proposed solution is being developed as we speak.

With regards to the previous question, Hiveterminal plans to acquire the tokens for OTC solution from the market, so the founder tokens, as well as tokens earned from Hiveterminal service fees, are in effect still locked.

6. COMMUNITY: How will you gather questions from token holders for Q&As?

Questions for token holders will be gathered through email. Send such questions to In order to help us in gathering them for selection and answering, please enter “Hiveterminal Q&A” as a subject of the email.

7. COMMUNITY: It has been one year since the signing of the Adacta deal — when will they publicly confirm that the partnership is real and that they are excited to be working with the Hiveterminal? What efforts are being made to ensure the Adacta plug-in will be used? What incentives will be in place? What reasons will there be for SMEs to start using it?

Hiveterminal doesn’t control the communication of partner companies and does not plan to do so in the future. The partnership was announced during our crowdfunding and is an ongoing, two-fold partnership.

Adacta has hired a Microsoft service provider to develop a plugin for the MS Dynamics NAV (desktop version) and Dynamics 365 (web-based). This will allow Hiveterminal to communicate not only with the ERPs of Adacta’s clients, but any ERP service based on MS Dynamics. We strongly believe that this ERP plugin, which is on track to be released in Q1/2019, is a strong foundation for international expansion after we gain sufficient traction in our first market, Slovenia.

The second part of the partnership is that Adacta will integrate this plugin into their own product and offer it to their own clients.

8. COMMUNITY: Does the debtor get told that they will be provided new details for sending the funds (to the invoice buyer)? What is this exact process?

Once the invoice is uploaded with the debtor information and invoice amount, an MFA (maximum funding price) is calculated based off seller and debtor financial data, as well as the time between invoice upload and payment due date. In order to prevent additional workload on the SME side, the MFA goes up automatically as the payment due date gets closer.

The debtor is notified via a system-generated email once Company X adds them as a partner and is invited to register for Hiveterminal. Once Company X decides to sell the invoice in question, the debtor is notified and prompted for invoice confirmation. If the debtor decides to ignore the email or doesn’t provide feedback in the reasonable amount of time, the Hiveterminal sales team calls the company in question and prompts the seller to confirm the invoice details. Debtor also has the opportunity to buy an invoice at a discounted rate immediately.

If the debtor decides to pass on this opportunity and just confirms the invoice details, the invoice is visible on the market. Once it is purchased, the notice of assignment is seen by all three parties — the debtor, seller, and buyer.

9. COMMUNITY: How do Ambassador Program payments get made? How often? Are they paid in arrears and what is the process for claiming the payment?

Companies joining the Hiveterminal Ambassador Program issue an invoice to Hiveterminal. The exact terms of Hiveterminal Ambassador Program are defined in the contract they sign with Hiveterminal.

10. COMMUNITY: For the first invoice bought on Hiveterminal, can you please explain how the 56% is calculated? What does it signify? Also, how good/bad is a failure score of 87 or 84 and what does “failure score” mean?

While we cannot provide an exact calculation method, due to the patent-pending status of our invoice risk calculation model, we can explain its parts. (Be aware that certain aspects have different levels of significance and that payment due date is also a part of the equation.)

A failure score is on a 0 to 100 scale, with 0 being the worst and 100 being the best. In layman’s terms, it explains the payment habits of the company. A score over 81 would in practice mean that the company on average pays their invoices before the payment due date, which in this case is true for both the seller and the debtor.

The financial appraisal is an A to E scale, with A being excellent and E being bad. It also features subclasses which predict future trends in whether the expected financial results will go up or down. In this specific example, the seller has average financial results and debtor below average.

The dynamic rating is on a scale from double negative (- -) to double positive (++). It explains how likely it is for the seller or debtor to face a bank account blockage in the future. Both the seller and debtor scored ++ on this criteria, which in practice means both companies have a very small probability of having their bank account blocked in the future.

— — — — — — — — —

Stay tuned for more updates in the days ahead!


Peer-to-Peer Invoice Financing Platform