Prontapay is the world's first Smart Legal Invoice (SLI) payment system that uses smart contracts and blockchain technology to help companies of all sizes increase efficiency, save on transaction costs and create a faster and more secure billing ecosystem has arrived.
Posted May 5,2018 in Economics and Trade.
A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, Prontapay which is the world's first Smart Legal Invoice (SLI) payment system that uses smart contracts and blockchain technology to help companies of all sizes increase efficiency, save on transaction costs and create a faster and more secure billing ecosystem has arrived.
The world's first Smart Legal Invoice (SLI) payment system, which will apply intellectual contracts and blockchain technology to help businesses of all sizes acquire the most successful payment, save money on transaction fees and create the most stable fast and non-dangerous ecosystem of accounts, At the given awarding users with coins ProntaPay for any successful transaction
Prontapay will assume the world's first Smart Legal Invoice (SLI) ™ payment system, which will apply intellectual contracts and blockchain technology to help businesses at least of the volume obtain the most successful payment, save money on transaction fees and create the most stable fast and non-dangerous ecosystem of accounts awarding users with ProntaPay coins due to any successful transaction. Their preparatory implementation ends on June 14, and their ICO comes on June 15.
ProntoPay's tokens are built according to the ERC223 protocol and distributed to the investor's account right after the acquisition. At the present time, they have a working Airdrop & Bonus 100% for the first 5,000,000 tokens that will be realized
The current system of invoices used by the bulk of firms is considered false, slow and costly, as soon as some payment providers charge 3.5% in order to simplify the fee or monthly payment with a fixed emergency contract, and still leaves a lot of gaps for later and default payments, time and money, trying to repay debts, which for legitimate reasons belong to them. Some firms in the final result are wasting more than the balance of accounts for judicial losses and litigation, and in some final variants end the withdrawal from the business because of non-payment.
Our vision is to start the world's most important block Invoice solution in order to really run into the main system and help businesses of all sizes to acquire the most successful and actual payment and create the most stable fast and non-dangerous ecosystem of accounts
Prontapay provides an early and successful system for creating invoices for existing customers, and even the newest.
Prontapay plans to be a pioneer of the first Smart Legal Invoice (SLI) payment system. It plans to merge the advantages. Blockchain technology has to offer together with a smart contract. This makes up the prospect of the Prontapay project. With Prontapay both big and small businesses will enjoy the following benefit.
• They will get paid more effectively
• They will be able to save money that could have been spent on the transaction fee
• They will enjoy a fast, reliable, transparent and secure ecosystem.
Users of the Prontapay platform will be rewarded with Pro pay coins each time they make a transaction.
The Prontpay platform is a program for smartphones or desktop PCs, creating invoices, descriptions of goods and services in several clicks. All documents are stored in the blockchain, tariffs and product features are loaded from smart contracts, payments are automatic.
SLI document is paid in 5 steps.
A supplier opens the app and creates an invoice for payment. Details, amount and deadline of payment, description of goods, terms of the contract (currency clauses, discounts, fines, and other details) are fixed in the smart contracts and don’t require verification.
SLI document is sent to counter-agent for verification through the blockchain: no queues or currents of e-mails. The account is linked to the contract and clients see, what they pay for.
SLI document is paid after the acceptance, in this, Remittance (the payment confirmation) is sent automatically.
The Prontapay system takes 1% of the transaction regardless of the payment specifics, contract currency, and other aspects.
Supplier and buyer receive the remuneration for use of Prontapay. After getting the transaction completed both parties are with profit, with tokens of the system in their cryptocurrency wallets.
The aim of Prontapay is to accelerate the payment of invoices to the right details, reduce labor expenditures and the number of fines for late payments. The developers utilize smart contracts of Ethereum, which “check” and “pay” standard invoices automatically. The volume of the daily document turnover reduces, accountants have to check accounts only with non-standard terms.
How does Prontapay work?
The system of invoices payment through the blockchain is an improved version of accounting programs such as SAP and NetSuite. Each invoice has a link to the contract, a cryptographic key, containing all transaction terms. SLI document is sent by e-mail, the fact of the check is fixed by the EDS (electronic digital signature).
Developers have built Prontapay on three principles:
Legality. Each invoice contains the link to a valid contract between a supplier and a customer. If parties want to print the document for the tax inspection, it will have a legal power. An invoice is automatically paid after the verification of the counteragent: such an approach excludes incorrect payments and costs of return of funds.
Informative. Invoice payer receives automatic notifications 24 hours before the expiration date of the payment. If funds were not received, 1 hour before the set date the second notification.
Economy. A counter-agent having no funds for invoice payments receives an automatic notification within a week after the set date of payment. If the invoice isn’t paid, a late fee (2,5% for the transaction) and debt are collected by the Prontapay debt collecting service.
Companies with large amounts of transactions may activate Escrow, a service for checking goods and services before the payment. Counteragent approves that all goods and services were ensured on a stipulated quality level. The supplier receives the payment confirmation in time.
How is the ICO of Prontpay going? How will it be developed further?
The PRO tokens are issued on the ERC20 standard. In total, during the ICO 250 million coins are sold. The developers are planning to collect $500.000 (soft cap) during the Pre-sale (14 April - 14 June 2018). The main phase of the ICO will be from 1st July until 1st August. All unsold PRO tokens will be destroyed. Good news for investors: assets are scarce, it is anticipated a gradual increase in prices.
Prontapay Token Details
• Total token Supply: 250,000,000
• Available Supply For ICO: 75,000,000
• Soft cap : $500,000
• Hard cap: $15,000,000
• Token platform: Ethereum
• Token model: ERC-20
• ICO starts: 14th April 2018
• Initial Base Rate: 1 ETH = 3500 (PRO)
Token Distribution and Fund Distribution
According to Whitepaper, 250 million PRO are allocated in the following way:
● 30% of tokens will be sold during the Pre-sale and the main stage of ICO.
● 30% of tokens will be reserved for paying participants bonuses.
● 28% of PRO are distributed among the project staff and Bounty participants.
● 12% of tokens will be spent on AirDrop, the project promotion, the payments for referral program participants.
Funds collected during the ICO will be spent on business:
60% of tokens will cover the costs of advertising, marketing, the project promotion and the Prontapay platform development.
20% of tokens are planned to be spent on current operational costs.
20% of tokens are the fund for audit fees, payment of legal business registration and unexpected costs.
Financial & Development roadmaps
MEET THE AMAZING TEAM
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.