The ongoing pandemic has only hastened the need for MSMEs to digitally transform their business. The Small and Medium businesses, known famously as the growth engines of the Indian economy, have faced the brunt of the pandemic, irrespective of their size or sector. Especially for a country like India, where the MSME sector contributes to 30% of the GDP, a rebound of this sector is paramount and can only be done if digital transformation is embraced with open arms. How can we ensure that this rebound is not curtailed by the chronic problem of delay and default of payments against supplies made by the MSMEs. Dr. Kumar, the former chairman and MD of NSIC (a Govt. PSU), a Banker and C.A, who is also a CoFounder of IOUX has created a reliable system to address this issue.
- IOUX was launched with the aim of providing a one stop platform for the everyday contractual needs of your business, and to ensure the safety of your receivables and due payments.
- IOUX provides services related to the digital financing of bills and invoices, along with unique tools like Cheque payment Assurance and Invoice Payment Commitment, aimed at circumventing the problem of delayed payments and dishonoured cheques.
- Our unique Invoice Payment Commitment and Cheque Payment Assurance tools are designed to maximise convenience and minimise the amount of delayed or defaulted payments or invoices.
The Invoice Payment Commitment tool can be used to secure any receivable invoice or bill with an undertaking that can be filled in and e-Signed by your counterparty remotely. Simply upload a picture of the Invoice in question, and verify your identity, along with your counterparties, using your Aadhaar number. The result is a legally binding agreement reinforcing the payment obligation related to the invoice and creating evidence that holds up in court.
The undertakings created through the Timely Payment Assurance Tools can be used as valid and authentic records to secure working capital financing and can help you improve your credit worthiness. Our milestone management system makes sure to keep both parties informed as payment dates approach, and fosters an environment of responsibility and accountability to streamline the process further.
The IOUX team is always available to answer your queries regarding these valuable services for MSMEs on their helpline number i.e. 1800-274-8822 or email at contact@ioux.in.