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Direct business credit with eBills
Direct business credit with eBills
Inexpensive capital | World-wide legal protection | Digital & convenient
Example:
How to pay D/A with an electronic bill of exchange?
Step 1: The seller drafts (issues) a bill to pay in 3 months.
Step 1: The seller drafts (issues) a bill to pay in 3 months.
Step 2: The buyer accepts upon receipt of documents (e.g. B/L).
Step 2: The buyer accepts upon receipt of documents (e.g. B/L).
Step 3: The holder can endorse the ebill, sell it or mint it.
Step 3: The holder can endorse the ebill, sell it or mint it.
Step 4: At maturity, the final holder requests payment.
Step 4: At maturity, the final holder requests payment.
Step 5: The buyer pays the bill's currency amount in Bitcoin.
Step 5: The buyer pays the bill's currency amount in Bitcoin.
Immediate liquidity with eCash
Immediate liquidity with eCash
No payment fees | Instant payment | Private & secure
How to create electronic cash (e-cash)?
Step 1: The holder requests an offer from a mint.
Step 1: The holder requests an offer from a mint.
Step 2: Mint verifies that e-bill meets protocol rules.
Step 2: Mint verifies that e-bill meets protocol rules.
Step 3: If eligible, mint quotes a minting fee.
Step 3: If eligible, mint quotes a minting fee.
Step 4: If holder accepts, mint splits e-bill into e-cash.
Step 4: If holder accepts, mint splits e-bill into e-cash.
Step 5: Holder adds e-cash to his Bitcredit eCash wallet.
Step 5: Holder adds e-cash to his Bitcredit eCash wallet.
E-Cash minting
E-Cash minting
Holder, bill, and transaction must fulfil the following conditions:
User onboarded with a Bitcredit network mint.
A facility agreement with one or more mints in place.
Trade credit between businesses only, not with consumers
The bill must pay for real goods. Ancilliary services may be eligible (E.g. transport.)
Only self-liquidating bills. No investment credit.
Target maturity is 90 days, in relevant cases up to 360 days.
A genuine invoice must be attached for proof-of-work.
The mint may request other proof documents or verifications.
Minting Rejections
Minting Rejections
For illustration, a few examples of bills that cannot be minted:
Dry bills and financial bills, which do not pay for goods delivered.
Bill pays for services of uncertain self-liquidation value.
Bills issued to secure repayments of investment credit.
Bills without genuine, verifiable proof-of-work.
Holder has not onboarded to the requested mint.
Holder and mint have not signed a facility agreement.
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Good to know
Good to know
Bitcredit eBills is an innovative software to issue, endorse, pay, and manage electronic versions of the time-proven bills of exchange (ebill), right from a smartphone or PC, and directly between businesses.
A bill of exchange is a written, unconditional order by one party (the drawer) directing another party (the drawee, respectively the payer) to pay a specified sum of money to a payee (the drawer, or a third party) at a future date. In contrast to other forms of payment, for example a post-dated cheque, the payee receives an immediate title of execution from the court for the payer's entire assets, in case of a payment default.
As this represents a high degree of security, the holder can trade-in the ebill with other business partners ("endorse"), sell it to a third party, or convert it into ecash via a Bitcredit mint before the due date.
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