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What are IOU Payments?

 



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In this episode of Money Creation Explained, we are going to cover What are IOU Payments?

IOU Notes is a peer-to-peer credit and loan platform that is not based on a person's traditional credit score (FICO), but rather on their IOU Credit Report. Every user on the IOU Notes platform can decide who to give credit and/or lend to, how much and the terms (1- 24 months) and (0% - 5% interest rate).

The IOU Payments feature allows users to conduct transactions between themselves and make payments later for those products or services. In the IOU Payment section of your account, select to either make an IOU Payment Request (request from other user payment for the product or service that they received or will receive) or Offer (offer to other user payment for the product or service that user requesting offer received or will receive). Next, enter the amount of the transaction total for the product or service. Then select the transaction purpose from a long list of choices generated and stored in the platform (user can save there own custom entered choices also for future use). If other reason was selected, then a text box would appear for customization. Next, set the terms, including loan length (1-24 months) and interest charged (0% - 5%). Then if user wants to include a receipt, invoice, or other item to include in the payment transaction record there is upload file icon where user can attach a photo or file from their device. After all IOU Payment details are entered, submit a request by clicking on the submit button.

The platform would next receive the request from User A and send request to User B by email and also as a notification in their IOU Notes account. Once User B accepts payment request or offer, transaction details (date, business info, product or service received, terms, etc.) gets recorded in both User A and User B accounts. The user that received the product or service will have the amount recorded as a liability and the user that gave the product or service will have the amount as a future receivable. In the event that if one user does not accept or declines the request or offer then the transaction does not take place and does not get recorded or posted to each otherís account.

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