Businesses prepare for instant payments, and there are various instruments and tools at their disposal, encompassing one they might have hidden under their toolbox: Quick Response (QR) codes. This technology got invented in the times of 90s and has undergone varied adoption in the U.S. However, in the present time, QR codes have become a popular way to initiate a payment in various countries.
The unique combination of numerous black squares and dots of QR codes can store URLs and other data. This concept is an easy, reasonable and time-effective option to the conventional ways of payments and invoicing.
In different nations, consumers frequently use QR codes to pay merchants. For example, clients in China mostly scan (Off-site) blockchain based QR codes to finish their transactions through Alibaba’s Alipay or so on. Similarly, recently Singapore introduced (Off-site) a unified QR code. It blends the QR codes for each payment app into a single, versatile QR code; the consumers or users scan the QR code to finish a transaction with the payment app of their preference, which may encompass quick or instant payments options.
Why Should You Introduce QR code in your Invoice?
Since companies optimize main procedures, like buying, sales and production, myriad challenges need to be taken care of within the present-day environment. Work from home or remote working is on the rise. Hence, finance and accounting teams, IT teams, and supply chain staff carry out business processes remotely, producing e-invoices rather than physical invoices delivered directly to the customer via channels like email etc.
The point is you should generate the Invoice so that it is tamper-proof, and one can conveniently authenticate it on receipt. You can do it using Secure QR codes, which are based on blockchain. In a blockchain based QR code, you give a hash value that gets embedded onto the invoice as a secure QR code.
Once anyone uses the QR reader to check the invoice, the system looks at the hash value given into the QR code and then matches it with the hash value on the blockchain. Hence, it displays the invoice linked to the hash value. This assists to upkeep the authenticity of the Invoice right from production to the end customer.
Remember, if anyone makes even a meek change in your invoice input, the hash is no longer going to match with the one initially generated. Hence, guarding you against fake tampering of your invoice.
E-invoicing or electronic invoicing is a concept that hardly requires any introduction. Blockchain-based QR e-invoicing is where revolutionary technologies hold hands to redesign the invoicing and payments process. One clear benefit that you experience with secure QR code is nobody can temper with, or alter the invoice. In other words, your invoices will be tampered proof, which means nobody can manipulate the amount mentioned in the invoice. It has always been a big concern among professionals to keep the invoices tamper proof.
There have always been instances where people tried to forge invoices for different reasons like to claim loans, payments and so on. But with QR codes, you can prevent it because blockchain-based QR code e-invoicing alters the dynamic of the entire concept of the invoicing process. Once you have issued the invoice to anyone, it would be a permanent document.
The verifiable and tamper-proof nature of transaction records on a blockchain-based QR code gets an unprecedented level of trust in the payment process. In response, this offers confidence to process payments more quickly – improving the flow of cash and opening up chances, like dynamic discounting for quicker payments.
You Get Transparency
Since there is blockchain architecture in the secure QR code, the system can underline the status of every payment and Invoice received. There is no scope for any changes or alterations in a forged manner. Nobody can forge the QR codes because scanning a forged code will reveal the fact of counterfeit right away.
Ensure a Better and Smoother Journey
A blockchain-based secure QR code is the simplest and ideal tool to take customers or clients from their original paper communications towards a contenting digital customer experience where many more possibilities state themselves.
Blockchain-based QR code invoicing processes can shrink the purchase-to-pay cycle to approximately immediately in some instances. When you align QR Codes invoicing with just-in-time production processes, rationalized warehousing and agile supply chains, the gains you experience inefficiency, as a result, could be enormous.
Your business may choose to apply such gains to improve your margins, price more competitively, or work in a more agile way. One thing is for sure, blockchain-based QR code invoicing is going to become a disruptive technology for your competitive benefit.
However, for various businesses, the main step towards embracing blockchain QR code invoicing is to embrace e-invoicing. You can undergo historic benefits quite quickly after using e-invoicing. Such a thing paves the way for extending invoicing processes to include blockchain-based QR code invoicing in the future.
The Bottom Line
As such developments continue to unfold, there is every possibility QR code-initiated payments and invoicing are going to become common in more countries, specifically for initiating instant payments. Consequently, it could be time to think about what this could mean for your business. Remember, QR codes enjoy their moment in the limelight because of their ability to link the digital world to the physical.
If you want to evaluate the benefits of blockchain-based QR code invoicing, get in touch, and we would be glad to discuss with you the opportunities for your business to benefit from secure QR code invoicing.