So...
How do they get all the data, or accounting information? That they are providing?
I've got a missing link, I can't understand how this thing works.
Thanks
/Also what is achieved by the purchase of invoices?
PayPie obtains data from the input of a company financials, which is the journal entry data that is being entered manually or automatically in an accounting or ERP software. The data is used to calculate income, expense, payables, receivables etc. and ultimately all financial reports like retained earning, balance sheet, total assets or liabilities of a business.
The purchase of invoices helps to solve the problem of liquidity and financing for SMEs. SMEs struggle to create new opportunities, implement existing plans, pay salaries, manage working capital to buy new equipment, and negotiate the best terms with their suppliers. Most business payments get paid only after 90-120 days and cost them in billions in lost opportunities. Cash is given to the SME against outstanding sales invoices instantly by an investor at a cost that creates a solution where everyone benefits. The investor as part of the paypie pool will buy invoices at a discounted rate & provide SME with the money within 24 hours while waiting for the first customer to pay the pool original amount as per the term sheet.
Thank you for these detailed explanations.
But I must be a bit dull on the accounting subject, cuz It's still a bit blurry
So, how or where does PayPie get the financial data from? - are they using credit check databases? So they dig up the data they need on a company, if someone requests it on their platform, then they save it there for future use too? and gradually increase their database size?
And how can they be sure, that the data they have, is accurate, if some of it is being entered manually?
