Coinvoice – Bitcoin Friendly Invoice System
The bitcoin community initiative is willing to provide to the network a new service enabling companies to present their customers invoice in dollars, but receive payments in bitcoins.
The bitcoin community initiative is willing to provide to the network a new service enabling companies to present their customers invoice in dollars, but receive payments in bitcoins. The idea belongs to the developer Jacob Yocom-Piatt from the Conformal Systems Company. The COO Daniel Tobin says that the company has already tries to enter the bitcoin market with several ideas, a bitcoin exchange system among them. Still the legislative background of the US prevented them from doing so.
In this case the Conformal Systems Company is not entering this market and makes no transactions with the coins, it just help users to more easily communicate. After the rules established by the FinCEN this new opportunity is more likely to be not under any restrictions. As a payment processor a service can be excluded from this official source.
The only similar website is the BitPay. But it only seems to be look alike – the main aim of it to create invoices, send them and process, less attention receive such processes as online and mobile transactions. Specialists and representatives from Coinvoice believe that the launch of this service will be a huge step forward for the crypto currencies and even for the whole world economics. They believe that this segment still has many opportunities and development options to be considered and tried.
On the first glance users might thing that the system will create bills with bitcoin sums equal after the current course to regular fiat currencies. It is a wrong idea. A company might register within the service. Providing all the details about it to the support center, be approved and start the work. The process is following: Coinvoice receives the payment for a service or product performs or shipped to the customer in dollars or any other fiat currency, exchanges it to bitcoins and transfers the resulting amount to the company. Of course there would be a fee that Coinvoice will collect from every deal of their customer – 3,99% from the bills sum.
The main problem to consider is the exchange course for a current day. It is hard to forecast when a customer might decide to pay especially if he or she does not work with crypto coins and do not follow the regular changes and fluctuations. Still the companies should be ready to accept this market rule; there is nothing to be done to stabilize this aspect of process. The price for conversion will be taken from the day of transaction as it is or was at 9.00 in the morning.
This service might be interesting for international deals. For example a manufacturer from Argentina has some customers in the US. But the banks limit the amount of transactions for an attempt. Coinvoice is a very good option for regular and stable payments. Of course this page is great for freelancers preferring to collect their payment in bitcoins.
Still the administration of the website does not give advice on tax and regulations. It can pass the tax if the sums are mentioned in the invoices. Everything depends of the country of the user and the local norms and laws.
The only drawback of the page is the absence of reports. But this feature is planned to be developed in the closest future.