In this episode of
Money Creation Explained, we are going to cover How
Businesses Can Easily Create Their Own Credit Line with IOU
Notes.
For companies that have their own credit card program, some
are in house, while others are run by an outside Financial
Institution. They work in the same manner as regular credit
cards, except card credits can only be used to purchase
products and services from only that particular company.
Credit interest rates vary in both scenarios but can go up
to 29% APR (Annual Percentage Rate) plus late and other
fees. Currently, these Financial Institutions (Banks, Credit
Unions, Lenders) and Larger Companies have the resources to
provide credit and/or loans to others.
The IOU Notes platform gives businesses the ability to offer
their current and future customers an internal credit and
pay later option that once was available to only larger
companies that could issue their own store credit program.
Leveraging the IOU Notes platform, small businesses can
reach a larger audience in their community by offering a
very attractive get product or service now and pay later and
not have to worry about high interest rates. This service
gives users the opportunity to change their spending habits
to start using the IOU Notes platform for the smaller and
mid level purchases and use credit cards for only larger
purchases. As more users signup on the IOU Notes platform
and this form of currency is used and accepted everywhere,
then the IOU Notes platform can also be used for larger
purchases also, as businesses allow and extend more credit
to users.
IOU Notes is a peer-to-peer credit and loan platform.
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