Jakarta, April 23rd 2018 – In a fast developing country like Indonesia, there are still many SME’s that ignore prudent financial management. This is the result of the old tradition of using pen and paper by SME’s to invoice their customers that involves lots of paperwork and is very time-consuming to track and reconcile. As a consequence, many SME’s lose track of their cash flow and in substantial risk of failing.
Paper.id is, fittingly, trying to solve this universal problem by providing the first invoicing platform in Indonesia that is integrated with payment and financial reports. Started by the two co-founders, Jeremy Limman and Yosia Sugialam, Paper.id aims to help SME’s in managing their order-to-pay process and generate reports instantly. Complete with a reminder system, Paper.id users don’t need to worry in missing payment or even losing track of their receivables.
“The pervasive problem of collecting and slow cash flow may not be solvable in the short term. In this digital era, however, SME’s need to be educated to understand their cash flow and business performance with a system that is easy to use,” said Jeremy Limman, CEO of Paper.id. “With Paper.id, business owners can create an electronic invoice with their favorite device, from the web browser in a PC and Paper.id Android application. Although at first glance it looks simple and is freemium, Paper.id offers reports such as Balance Sheet, Income Statement and other reports that allow business owners to see their complete and up-to-date financial performance.”
Along the advancement of digital economy that not only affects consumers’ lifestyle but also business operations, Paper.id offers safe and trusted electronic payment solutions to traditional SME’s. From bank transfer, virtual account, credit card, m-banking and e-wallet, SME’s can receive payment and have the invoices reconciled automatically. This is crucial for SME’s who can rarely afford to hire staff to do administrative work. On this day, Paper.id is collaborating with state-owned Bank Negara Indonesia in presenting Yap!, which is a QR-based payment application that allow customers of Paper.id’s users to pay their invoice.
“With the presence of Yap! in Paper.id, we provide a new invoice payment method that is both fast and simple. Every invoice that is sent by Paper.id will include a QR Code that customers can directly pay using Yap! application,” said Idi Priadi Wibawa, Assistant Vice President Internet Banking & e-Commerce Business Bank Negara Indonesia (BNI). “Together with Paper.id, we are working together to make it easier for business owners to digitalize their business process, from sending their invoice to receiving payment with their digital payment solution,” he added.
With the mission of developing SME’s to compete in the digital era, Paper.id is supported by Golden Gate Ventures. Dea Surjadi, Business Development Golden Gate Ventures said, “Paper.id positions themselves as a platform to remove obstacles for SME’s in managing their finance so they can really focus on the most important thing: that is to server their customers and grow their business. Investing at seed stage in Paper.id is a unique opportunity for us in aiding the development of SME’s in Indonesia.”
Up to now, Paper.id has thousands of users who have sent more than 30,000 invoices digitally. For SME’s who need more advanced feature like inventory, they can upgrade to the basic or premium tier at affordable price. To create invoice using Paper.id, business owners can sign up at www.paper.id or download Paper.id application at Google Play Store.
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How EBICS should have been built - A modern API for bank accounts. Fully automatized processing of incoming and outgoing money transactions.