Digital payments are a win-win situation for a whole host of participants in an economy. It simplifies life for everyone involved. For this reason, we in Switzerland have implemented a modernisation measure that is the envy of some of their EU neighbours. We show the background of this payment method and explain the advantages.
QR bills in Switzerland – the legal situation
The government has laid down by law that from 30 June 2020 until 30 September 2022 all invoices in Switzerland must be provided with a QR code. The so-called QR invoice is to completely replace the previous payment slips by then. The aim is to make these documents quickly machine-readable. This is an attempt to digitalise payment transactions in the country. But who benefits from this and what are the advantages?
QR Invoice – the advantages
Consider that thousands of companies in Switzerland send out invoices every day. They send them to other companies and to private households. In the B2B sector, such an invoice, if it is on paper, is usually transferred manually to the accounting department so that it reaches the ERP system. Vendor number, address, bank details, invoice amount – all this data and much more is processed. This costs time, vast amounts of time. With the help of a QR code, such data can be made readable for a reader at a stroke. This means that employees simply hold the receipt under the scanner. This is an immense time-saver for all businesses.
Customers also benefit. If you add up how many bills people manually transfer each year, it adds up to quite a bit of time. QR bills, on the other hand, can be transferred via smart device with the appropriate apps. They don’t even need to have their bank card with them. Cashless payment is also possible in shops. Uncomplicated payment transactions speed up processes in all areas.
One of the secret beneficiaries will probably be Father State. Tax authorities and the police naturally have an increased interest in ensuring that as few purchases as possible are made in cash in a country. With digital technology, it is much easier to trace who has done business with whom in an emergency. Above all, it makes it much easier to expose tax evaders and money launderers. Simple verification algorithms can be used for this purpose.
Invoices with a QR code are capable of significantly accelerating processes in the overhead area in Swiss companies. They are easy to create for any company, no matter how small, with the help of simple software tools, like a QR invoice generator. The technology is definitely a big step forward for everyone involved.