September 4, 2012 – Latin America Provides Insight Into Future of eInvoicing
Odds are you’re unfamiliar with the strict invoicing requirements Latin American countries impose on businesses. That’s ok – many companies that do business in the area have a hard time keeping up too.
Enter Invoiceware International, an eInvoicing processing business that offers a cloud-based eInvoicing platform and specializes in dealing with the dynamic requirements mandated by many Latin American governments.
PYMNTS.com spoke Scott Lewin, Invoiceware’s newly appointed chief executive officer, to find out more about what eInvoicing encompasses, the Latin American market, and how it affects the payments industry.
Prior to joining Invoiceware as CEO, Lewin served in the same capacity for SEEBURGER, a B2B platform, and as President of Crossgate, Inc, where he first began interacting with the Latin American market.
Lewin says eInvoicing in Latin America is different than in the majority of the world because of all the requirements mandated by Latin governments. Interestingly, he compares the eInvoicing process in the Latin world to a credit card transaction, noting that invoices must flow through channels and be approved before they can be used in transactions.
“Before you can send out an invoice, you have to get it validated by the government. The government sends it back to you, and at that point you can send it to your partner,” Lewin says.
Lewin states that Invoiceware is focused on becoming the dominant network in Latin American eInvoicing, and plans to expand as compliances grow and change.
But what does that mean for the future of payments? Lewin says what’s viewed as merely meeting compliances today can lead to an enhanced payments process in the future.
“We’re starting with compliance, but the offshoot of this is you have so much data electronically flowing into your system, you’re now able to perform functions much quicker and be much more efficient in your payments,” he says.
To listen to more of Lewin’s comments about how eInvoicing will enhance the future of payments, Latin America’s unique requirements and more, listen to the full interview below.