Invoicing is one of the key aspects of any payment system. It’s how you make proof of transactions, and it’s how you ensure payments happen properly and without issue. It’s also how you request payments in a certifiable and secure way.
So why is it so complicated?
There are many factors. Cross border payments have to deal with fees, and conversion rates are also frequently in order. Banks all have different payment structures for wire transfers, which can frequently be quite obscure. And then there’s accounting to take into consideration, especially if you’re dealing with digital currencies.
Welcome to digital accounting
While there are exceptions, most digital currency invoicing solutions will treat invoices as simple digital currency transactions. Depending on the service (Gilded, for instance, doesn’t have this problem), invoices and transactions need to be reconciled manually. This can be quite problematic, especially if you’re getting paid in a digital currency and receiving the payment in fiat.
There is also, of course, the legal questions involved. Every country will have specific legislation related to the taxation of these transactions. Digital currency invoicing will implicate digital currency accounting unless you are working with a solution that solves that problem for you.
Not all invoicing solutions will support a variety of currencies
USD and EUR are quite standard, and so are Bitcoin and Ethereum on the digital side, but most platforms that offer digital currency invoicing won’t have much diversity (such is the case for Blockonomics or CDPay). This is, of course, a problem, seeing as one of the main features of invoicing with digital currencies will be borderlessness and the ability to work with contractors, businesses and customers all over the world.
Manual steps are problematic
Existing digital currency offerings will often demand that users undertake a series of manual steps to manage their wallets and exchange accounts. This means entering long identification numbers and manually managing data related to transactions via spreadsheets.
This isn’t business friendly in the slightest, especially when you’re dealing with a large amount of such transactions, and is one of the greatest hindrances to adoption.
All in all, there aren’t many seamless options on the market
Gilded seems to offer the most complete solution for invoicing, but this is an area where there seems to be some scarcity of solutions that are both tried, true and effective at solving all the problems that digital currency accounting, bookkeeping and invoicing bring up.
This is yet another problem that Utrust has decided to solve.
Ease of use will be key
This has been a key issue for Utrust and our partners for a while now.
The next stage in the adoption of digital currencies will heavily implicate the removal of the barriers now present. And this is why our team decided to tackle this opportunity.
We have recently written an in-depth article about how our team started devising Utrust’s seamless solution for cross-border payments and invoicing. Because we believe this is an area where our expertise and platform can absolutely make a difference.
Here’s why we will make a difference:
- Utrust is borderless. Our merchants can accept payments from anywhere in the world and get paid in fiat, in their usual bank account. We will now make this happen in a B2B environment.
- Utrust is pretty much global. We power businesses in 180+ countries across nearly every industry and we support more than 30 currencies worldwide (+90% of world’s GDP).
- Payments are extremely fast. Where banks take days, we take minutes.
- We don’t get involved in politics. If governments make repatriating funds difficult, we can provide a solution. And we settle in fiat.
- Protection against fraud is foolproof. We were built for the Internet. Your customers will never have to share their private information online, so you can transition more of your business to the web without fear.
- Because commerce is becoming digital, and it will wait for no one. Now is the time to make sure your company is not left behind, and that’s what we were made for. We provide a custom API and will tailor our service to your needs, whether you’re on Magento, Wordpress, PrestaShop, or anywhere else.
And we are running away with this one. Utrust has developed a working prototype in just three days, and we are already gearing up to Beta test it, with some very trusted partners.
You should become one of them.
We are leading this revolution, and you don’t want to be left behind. Join Utrust today.