Record set: Invoice funded in less than 4 minutes
With the recent uptick in adoption, Hiveterminal, an invoice financing platform, is setting new standards when it comes to offering cheap and fast liquidity for small and medium-sized enterprises. The number of funded invoices is rising, and the platform, which was launched in November, is getting positive feedback on the market.
We know there is a long and hard road with many sleepless nights ahead as we work on development and sales, and all this before we can call Hiveterminal a success. However, we are happy for every single success story our product delivers. Keeping our promises and providing the quickest possible liquidity for SMEs is what we are proud of the most!
A Small Step Towards Success
One of our invoice sellers, a company that attended one of our presentation events, has recently decided to test our platform by uploading the first batch of its invoices to it. As luck would have it, the invoice in question was perfectly selected. The debtor for those invoices is also a Hiveterminal user and responded quickly, confirming invoice validity without additional intervention from the Hiveterminal Support Team.
Here is a Play-by-Play, Starting with the Invoice Upload
Wednesday, March 13th 2019.
9:33 AM: The invoice seller has decided to upload an invoice to the platform. The full invoice amount is 1,507.68 EUR.
1:46 PM: The invoice seller sets the price for the invoice in the maximum funding amount, which was 1,438.13 EUR
1:48 PM: The invoice debtor confirms the invoice as valid and agrees to pay the new beneficiary when the invoice is sold.
1:50 PM: The invoice buyer makes a purchase of an invoice that will earn him 69.55 EUR, an ROI of 4.61% over a period of fewer than 50 days.
Immediately after the sale, the Hiveterminal Support Team reached out to the invoice buyer to let them know of the good news and ask some questions regarding their experience using the platform. One of the company employees, who uploaded the invoice to the platform, picked up the phone, thinking the reason for Hiveterminal to be calling has to be that a mistake was made during the process and must now be corrected. Once the good news was shared, it came as a perfect surprise.
The invoice seller could not believe that funding for his company could come this quickly and, thanks to one peer connecting to another via Hiveterminal, we have secured another repeat customer.
We have a few reasons to be happy about the funded invoice in question.
To begin with, we saw the invoice pop onto the market and get sold immediately. At the same time, we experienced in real time how invoice sellers can receive funding quickly, by presenting the mechanisms available inside Hiveterminal to their debtors, shortening confirmation and funding time significantly. Last but not least, while our relationships with liquidity providers are safe and sound, all of the invoices bought have been purchased by peers, members of our community and the early adopters of the project, meaning that Hiveterminal’s hypothesis of funding coming primarily from peers, has proved to be a correct one.
With the funding record now set at 4 minutes, we have more work to do. We are tasked with establishing a steady stream of invoices, building additional functionalities for peers and institutional liquidity providers, allowing the purchase of Hiveterminal Tokens within the platform through an OTC solution, and putting in additional safeguards — such as insurance and collection services — in place in order to better protect invoice buyers.
There’s a long way to go, but we will get there.
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I would like to invite you all to our Telegram channel, where great communication is happening between our users and team members. In order to join the new 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: support@hiveterminal.com. Our 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, no matter whether they currently own Hiveterminal Token (HVN) or not.
