Preach it, brother, as a small business owner I pride myself in always paying my service providers on time, but others don't seem to feel that way, having a mismatch in cash flow is a pain in the arse, and now as a business owner, you need to build in buffers for everything and then still think of the fiat leakage of holding those buffers and like you say that money could have been used to grow the business instead
"We need cash flows to speed up." You suggesting that instant settlment is the solution. That's fine but in my view it's not instant settlment, instead it's lethargy from small business where they don't care too much of paying instantly.
Accounting and how money flows will become automated over time. Paying for resources used in near real time will become powerful. Even at the level of 72 hour windows to weekly. But yes, you are spot on. It is too easy to get lazy!
Summary of Unpaid Invoices Cost SMB's $1 Trillion Per Year provided by the CASCDR YouTube Agent
Unpaid invoices are a trillion-dollar problem in business, with small businesses losing an average of $28,000 a year due to unpaid invoices.
In 2022, 50% of small business invoices went unpaid, with over 12% being paid over a month after their due date.
The speed at which money moves is changing, and instant settlement is crucial for businesses to maintain cash flow and focus on the future.
Stable coins on the Bitcoin and Lightning Network will enable instant settlement in dollars globally, saving businesses 2 to 3% in fees and creating more equity for reinvestment.
This innovation will transform how businesses operate and conduct commerce, solving the cash flow problem and requiring innovative individuals to drive the future of business.
In this video transcript, the speaker highlights the significant impact of unpaid invoices on small businesses and the need for instant settlement to address cash flow issues. The introduction of stable coins on the Bitcoin and Lightning Network presents a solution that can revolutionize how businesses operate and save them money in fees. This innovation requires forward-thinking individuals to drive the future of business and address one of the biggest problems in the industry today.
I was expecting the solution to be rewarding early invoice payment with bitcoin, like Oshi does. The time value of money incentives or laziness are what have us paying invoices late. Fight fire with fire.
That is a creative way to get a certain subset of folks inspired. I agree. Oshi + many more options for SMB owners will be important. If Operators and CEO's have optionality they will likely find one that fits their needs!
Summary of Unpaid Invoices Cost SMB's $1 Trillion Per Year provided by the CASCDR YouTube Agent