StonePay is an app for building and sharing your B2B Business Reputation. A new way to trust each other.
- Our algorithm for reputation rating is based on community inputs
- Viral process, gamification, and incentives for explosive growth
- Freemium>Premium to hook the market for serious revenue traction
B2B trading is a huge and fast-growing market, several times bigger than B2C. In B2B a significant number of transactions are settled with payments scheduled over time.
For this reason, most business persons all around the world every day has to face two fundamental questions:
-Can I trust this client?
-Can I be certain that I will be paid on time?
Dealing with late payments is a problem in search of a solution. What's more, there are few incentives to respect payment terms as late-payment charges are rarely enforced in practise.
We address that problem!
The paradigm today is to rely on “Credit Scores” provided and controlled by credit bureau companies such as Experian, Equifax and Dun & Bradstreet.
We propose a new paradigm: the “reputation score”.
Think of StonePay as the Tripadvisor for businesses, where your reputation matters!
You can build your business’ reputation or evaluate your client’s reputation based on virtuous payment habits, validated by the supply-chain community.
Substantial accomplishments to date
We were founded in 2019, and got to work on the coding.
Since September 2021 we have a fully operational MVP of the app available on Android Testmode and iOS Testflight mode and the cloud-based desktop version.
We are now missing the APIs for accounting software integration, such as Quickbooks and Xero. This is what we are raising funds for, so the app can easily access their millions of B2B users.
The company intends to launch the StonePay Freemium App as soon as we have these APIs up and running.
Please see below our historical development timeline, showing the company’s achievements to date.
StonePay benefits from the network it creates, gaining additional value as more people use it.
In time, StonePay aims to achieve multiple revenue streams through offering business services.
- StonePay partners to pay bounties for services offered to Freemium and Premium App users. The Premium App is expected to be released in 2023.
- StonePay to receive monthly subscription fees from Premium App users for additional business services
- Stonepay to receive additional fees from Premium App users for branding opportunities
- StonePay to receive additional fees from Premium App users for sophisticated reporting capabilities
- After a certain ceiling, StonePay plans to also receive transaction fees from Premium App users based on:
- cap the number of monthly invoices
- percentage of total invoice value over a specific period
- improvement in the payment cycle
Use of proceeds
The company has three main objectives to accomplish with the proceeds of this campaign:
(1) To build-out the team by adding a Business Development Manager and a CTO.
(2) To develop the APIs for Xero and Quickbooks.
(3) To launch the UK marketing campaign in Q3 2022 for the Freemium App.
The company currently has a non interest bearing £50K loan from Seed Partners.
This will be repayable from revenue pending board approval. No instalment arrangement has currently been agreed.
Funds from this campaign will not be used to repay this loan.
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