We've gathered the most common questions (and their answers) to help you out quickly and easily. Whether you're curious, confused, or just browsing, we've got you covered!
How much money can I expect to save by going digital with my trade?
Going digital with your trade can save you significant time and money. By reducing paperwork, streamlining processes, and improving communication, you eliminate inefficiencies in traditional trade systems. For example, switching from paper-based bills of exchange to digital alternatives can save up to 50% of processing costs while reducing errors and delays. If you would like to see how much you could be saving for your business, check out our cost savings calculator.
Boex is a subscription-based service currently selecting suitable clients. Pricing is not yet set, but we anticipate substantial savings. It’s not just about the money saved, but also about error reduction and the time reclaimed—allowing you to focus on growing your business. Plus, with digital systems, you can scale easily, manage compliance efficiently, and gain real-time visibility into transactions. A true win-win!
Is my paperwork secure in Boex? Is it stored digitally “on the cloud”?
Absolutely! Boex ensures your paperwork is highly secure. We leverage blockchain technology, meaning your data isn’t just "on the cloud"—it's in an encrypted, tamper-proof system. Boex is classified by the UK government as a "reliable system". Your data remains private and is only accessible to authorized parties in the transaction. You can rest easy knowing your information is safe.
Do I need my counterparty (buyer/seller) to also sign up for this service?
To begin trading on Boex, only one party needs to have a full account with completed personal and business account verification (KYC/KYB). This verified user can then invite trusted trading partners by sending a vouched invitation—a streamlined, trust-based onboarding method. Vouched accounts can trade only with the inviting party and cannot initiate trades unless they verify their account.
How hard is Boex to set up? What kind of information does Boex need for me to start trading on the platform?
Getting started with Boex is simple and user-friendly—no tech expertise required! Our step-by-step setup process makes it easy for businesses of all sizes, particularly SMEs, to onboard quickly.
How does Boex help protect me from fraud or non-payment?
At Boex, security is our top priority. Our platform is equipped with advanced fraud prevention measures, including:
Robust verification processes to ensure you’re dealing with verified users.
Secure payment solutions to mitigate the risk of non-payment or disputes.
Additionally, in the rare case of a dispute, Boex’s Bill of Exchange consolidates all necessary documentation. Any legal action taken will be supported by the internationally recognized framework of Bills of Exchange, giving you a strong legal foundation.
What is the legal basis for trading this way? Is it as valid as paper? How does digital paperwork actually work?
The legal foundation for digital trade is robust. It’s backed by the Bills of Exchange Act 1882, the Electronic Trades Document Act 2023 (EDTA), and the UN Model Law on Electronic Transferable Records (MLETR). These regulations ensure that digital documents hold the same legal weight as their paper counterparts.
A Boex Bill of Exchange functions just like a paper one but offers enhanced benefits: faster processing, reduced errors, and a tamper-proof audit trail. With everything securely recorded and transparent, Boex ensures compliance and reliability in digital trade.
Can I use Boex for both small and large trades?
Yes! Boex supports trades of all sizes.
I’m new to international trade. Can Boex guide me through the process?
Absolutely! Boex is designed to simplify international trade, even for beginners. Our platform provides:
Secure electronic bills of exchange for real-time transaction visibility.
Tools to streamline documentation, reduce costs, and eliminate red tape.
A system tailored for SMEs, helping you focus on growth without complexity.
You are also able to contact our customer service representatives here with any questions about your trade needs:
[email protected]
What are the main features of Boex?
A centralized hub for trade document management
Banking-grade secure digital platform for digital trade
Faster, cost-effective trade document creation
Built-in transaction partner verification
Comprehensive trade dashboard for better oversight
Dedicated customer support
Simplified trade negotiations
How do I join?
To trade on Boex, both you and your trading partner must be registered on the platform. If you have a known partner already on the platform, you can have them invite you as either a full access account, or a Vouched account with limited access. If you do not have a known trading partner that is already using the platform, contact your Boex sales representative or email [[email protected]] with the company name, email, and phone number. Our team will verify the business and typically get back to you in 24 hours on the next steps for verification.
What is the future of Boex and digital trade in general?
The future of Boex and digital trade is incredibly promising. We are at the forefront of revolutionizing global commerce, leveraging blockchain technology, AI-driven financial insights, and fully integrated platforms to streamline cross-border transactions. As digital trade expands, Boex will continue to innovate, ensuring businesses of all sizes can trade securely and efficiently in an increasingly connected world.
Need help?
Didn't find what you are looking for? No worries! Contact the Boex support team at [email protected] with any other questions you may have and they will answer them for you!