In this episode of
Money Creation Explained, we are going to cover how Most
Service Businesses Engage in IOU (I Owe You) Transactions
with their Customers.
There are hundreds of types of service businesses and the
majority operate on some kind of IOU, where they provide
their service first and get paid after the service is
completed. Most businesses do not even realize that they are
extending a form of IOU credit to their customers. This
usually happens within that same day, which might be 15
minutes, 30 minutes, 1 hour, or 2 hours, etc. later when the
customer leaves from the place of where the business or
service has been provided.
A few examples of these types of businesses include sit down
restaurants, bars, hair salons, auto mechanics/service
shops, home repair services, etc. Most of these businesses
provide services first to the customer, and there is no
credit check, identification required, or collateral
necessary. Many times, the customer’s basic information such
as name, address, and phone number is not even required
prior to service being performed. It has become standard
practice for most service businesses to provide the service
and the customer pays immediately afterwards. The IOU Notes
platform takes this already established practice and extends
it for a longer timeframe/pay later option and utilizes this
model to service and product based businesses and
individuals operating as sole proprietorships.
IOU Notes is a peer-to-peer credit and loan platform.
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