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The idea of purchasing of receivables originated in ancient times. It can be traced back to Mesopotamia, 4th millennium BC. At that time, the main asset of expected annual return was land. The only people who could afford to buy land were the rich ones, or in other words – the elite. Purchasing of receivables proved to be such an important part of society’s life that it made its way to the famous Code of Hammurabi – one of the oldest preserved legal documents in the world. According to the Code, land was to be used as collateral for receivable.
Let’s talk about more recent events
Fast forward to the XVII century, the world saw its first real stock market open doors – the Amsterdam Stock Exchange. Although historians argue on whether it really was the first one, it was definitely first in size and it got enough publicity to become widely recognized as an institution. The stock market was created as an effort to connect business owners and users, and to standardize purchasing of receivables, while also making it a more transparent and accessible process. That was also when concepts like liquidity, publicized value, and free price sharing were officially introduced.
The Industrial revolution – a new era of purchasing of receivables
Over a century later, the world entered into the industrial revolution stage. This period probably had the biggest impact on purchasing of receivables among all other events in human history. The industrial world introduced permanent employment and expected annual salaries – thus people started having spare money that they could put aside every month. At the same time, they also needed a place to store and a way to manage their personal funds. This is how banking was born. Free funds could be saved and multiplied for the future – thus pension funds also originated. With so many changes at once, the receivable scene was obviously changed forever – more people could afford to be part of it and they were provided with an easy way to collect and manage their earnings.
The Digital Age
We’re at the verge of another transformation. Actually, it would be more realistic to say that this transformation already started with the birth of FinTech. Even though stock exchange markets and banks made the receivable game a whole lot easier, they still have their own imperfections – mostly related to bureaucracy and lack of control for the end user. Luckily, the technology sector has the means to overpower these drawbacks by digitizing and simplifying everything.
Until the new millennium, purchasing of receivables on the stock market was achieved through a middleman – people had to work with stock brokers to access the market and buy shares. The DotCom age provided us with commercial Internet and user-friendly portals that help us follow the financial market on our own, make informed decisions and purchase our money straight away. The available tools are sometimes smart enough that they do a big chunk of the work for you. This has also lowered the learning curve for newbie users.
The new model
The tech revolution shaped new receivable models and assets that didn’t exist before – like purchasing of receivables in P2P loans. Iuvo is a portal for P2P lending that allows you to purchase in loans and make profit from the expected annual return and the applicable fees. You don’t need to know anything besides general credit terminology and the profile of the borrowers (which is kindly filled by our loan originators). This gives you the power to start purchasing of receivables right away. At the same time, you don’t need to worry about sudden losses, since you’re protected by the Buy-back guarantee.
Conclusion
Solutions like iuvo help users appreciate how much the world has developed in the last centuries. Purchasing of receivables has been part of the human culture for so long, but it didn’t experience any drastic changes until the 1600s. With the recent giant leaps, who knows what tomorrow will bring?
We made purchasing of receivables safe. Join iuvo now.
