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 other’s account.
Donations of $20
or
more will receive
our
Gift of Appreciation
Crypto
Currency Blockchain Coin
10 Million Max Supply Industry
leaders Bitcoin is
21 Million max supply
and Ethereum is unlimited.
_____________________
Note: IOU
Notes is a for profit company and any funds donated are not
tax deductible. We declare any donations as company revenue
and pay the applicable taxes on it.
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