For the Entry to be a real bank on the blockbuster - not just a word. It seems that the project has undertaken to fulfill all the obligations of the usual bank, besides, and with the ability to work with crypto-currencies. And if you think that now we are about loans, deposits and other services for individuals, then you are very wrong, because the project documents casually mentioned factoring! And this means that for business there is an advantageous place on the platform.
Factoring for a crypto-currency entrepreneur
In the practice of entrepreneurship - this is a very common phenomenon. And although it is often compared with legalized collegiate education, we, and everyone who knows about this a little more than us, do not agree with this statement. Factoring is used by big business very often, because in this way they can manage their debt through consolidation.
Most often, this type of pay is used in cooperation with large and small businesses. For large companies, it is much more convenient to make all of your payments on a specific day of the calendar, rather than regularly pay out any small amounts - it takes too much time and money, which is the goal of the work of any commercial organization.
However, small businesses need a constant turnover of money, which will enable them to fulfill their obligations to creditors. Therefore, a large and a small company agree that the factor instead of a large company will pay the bill in the amount that will be conditioned by the contract, and when the company settles with the factor, the small business will receive the remaining amount. For such an operation, the factor, as it should, gets a certain percentage.
Entry offers its services for such operations. It is not yet known whether they will have their own marketplace of invoices, whether there will be an opportunity to split the payment between several factors and the like, but the fact remains that they said they would work in this direction.
This is a very useful opportunity, if we are not talking about classical factoring, but its analog with the use of crypto currency. The fact is that most business projects that want to use crypto currency as the main means of payment are forced to use centralized banks and convert accounts in order to gain access to factoring. With the advent of Entry, they do not have to do this
Also, it is an opportunity to find a factor from anywhere in the world. If earlier, you could get a factoring service only in the global currency, like the dollar or the euro, as well as the currency that is recognized in the country where your company is a resident, now the range of potential factors will greatly expand. The possibility of calculating in the crypto-currency yields its fruits.
Recall that the service Entry.Money, allows you to make any funds to the account. That is, the factor and you do not have to convert any crypto or fiat currencies. You can adjust the currency you want to pay and want to receive, and the system will do everything for you. If all the previous cryptographic factoring services forced people to buy tokens, now everything happens automatically, without requiring you to convert and buy coins.
This will greatly simplify the work of the factor - it simply introduces Fiat, equivalent to the amount indicated in the invoice.
Credits from the platform and users
This is no longer surprising, but what the Entry offers is entertaining. They offer p2p credits, for which an escrow system is not even needed. This is not stated in the documentation, but, as a rule, crypto-loans are given as collateral for property - the same crypto-currency.
For example, you need to get 10 bitocans for one year with what they already have. But spending "digital gold" is not a good idea. Instead, you make a pledge on a smart contract through the Entry platform. The creditor does not hold a pledge - this is done by the contract itself. If the debtor does not fulfill the obligation, the pledge passes to the creditor. In case the debtor returns the funds, he gets back his bitcoins. And all this without resorting to financial institutions, but only with the help of the same users as yourself.
This concludes our review of this charismatic project. The site says that the Entry is ready to provide its MVP. Well, we are looking forward to it and maybe we will discuss it!
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