PayBlok is a token aimed at solving small and medium size business cash flow problems by offering an early payment function on top of the existing features within the InstaSupply platform, which currently connects buyers and suppliers, matching purchase orders, deliveries, and invoices.
Small businesses have $20T+ in outstanding receivables, take an average of 60 days to get paid, with 50% still paid late. Options for solving these challenges are expensive and limited, but InstaSupply is already involved in tracking and reducing this kind of issue.
The InstaSupply platform, started in 2015, is already supporting the trade of over 2300 businesses, and is growing daily. InstaSupply provides a workflow for buyers and suppliers to manage their payments and collections respectively. With over 2,000 businesses currently using the platform, over $60 million worth of invoices are passed through InstaSupply on an annual basis.
By creating a business network between buyers and suppliers, the platform collects data from both sides. InstaSupply empowers users to create and place purchase orders, track deliveries, and match orders to corresponding invoices; this enables buyers to track, manage, and control their spend.
Upon receiving an invoice, customers on the platform are able to review the invoice, and accept or reject it accordingly. Once the invoice has been accepted, invoices are paid outside the InstaSupply platform, with the data being pushed through to the customers accounting software, requiring the customer to manually record on InstaSupply when an invoice has been paid.
The PayBlok token will first serve the purpose of incentivizing B2B payments within the InstaSupply platform. As adoption grows, token holders will be able to unlock new financing products by holding tokens, but also use the tokens to make payments.
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