Fondy, the payments service, first to launch software EFR for online businesses in Ukraine

05/ 08/ 2020

Starting from August 1st, 2020 Ukrainian entrepreneurs may use software electronic fiscal registers (EFRs). Software EFRs are to speed up fiscal data transfer to the State Tax Service, to simplify issuing e-receipts and to function as an alternative to hardware electronic fiscal registers. 

Fondy, the payments service, introduces its own software EFR, that is available for all entrepreneurs having an online business.

Benefits of software EFRs for entrepreneurs

Software EFRs digitalize fiscalization that used to be done on paper only. They introduce new opportunities to business entities:

Saving business resources. The price for hardware fiscal registers ranges from 4,000 to 20, 000 UAH. They also entail going through burdensome bureaucratic procedures during installation and maintenance. At the same time, to utilize software EFR the only thing required is a cloud solution for automatic fiscalization of incoming payments.

Less paper — fewer mistakes. Automated data transmittance to the State Tax Service spares entrepreneurs from possible fines for discrepancies in hard copies of settlement books, eliminates the necessity to paste up receipts or to fill in paper tax declarations.

Simpler keeping of cash records. It has now become less effort-consuming and more transparent, especially for e-commerce. Online stores can send fiscal receipts by email or phone upon the payment confirmation from the acquiring bank or payments provider.

Lower prices for end-consumers. It is made possible thanks to cutting down expenses on payment infrastructure maintenance.

Improved customer awareness. Having received an e-receipt a customer can check it with the State Fiscal Service of Ukraine server to make sure that the transaction has been fiscalized and the seller has paid taxes.

“The introduction of the software EFRs lets business entities get less loaded with bureaucratic procedures and as a result spend less time on them. Having a simple tool for fiscalization at hand, companies are more willing to set up their business legally and help beat the shadow economy with the help of innovative software solutions,” says Maxim Kozenko, Fondy CTO. 

What types of businesses should attend to the introduction of  software EFRs 

Beginning from the 1st of August entities that use hardware EFRs may connect software EFRs. It is a great occasion to try out e-receipts as an alternative to paper ones. 

Individual entrepreneurs involved in online retail are obliged to start utilizing EFRs from January 1st, 2021. However, they can connect software EFRs starting from August the 1st to check out how they work.

Business entities that don’t have to use EFRs are listed in article 9 of Document 128-IX.

How to connect software EFR to your business

Connecting software EFR form Fondy is free of charge to all active users.

The process is the following:

  1. Fill in the application for registration of a software EFR and submit it to the State Tax Service. This can also be done through the e-cabinet.
  2. Generate an e-stamp (EDS) at the website of the Accredited Centre of Key Certification.
  3. Register a Fondy account and fill in the application form for the EFR connection. The applications are accepted starting from August 1st, 2020.
  4. After that, the Fondy team will activate the software EFR and all the payments data will be transferred to the State Tax Service automatically.  

How Fondy’s software EFR works

Software EFRs are positioned as a simplified way to legalize business practice by means of bringing cash records and tax reporting online.

Here is how it works:

  1. A customer makes a purchase at an online store. 
  2. Fondy transfers data about the purchase to the State Fiscal Service’s server.
  3. The customer gets an e-receipt from the State Tax Service or the payments provider.
  4. Using a unique fiscal number of the e-receipt the customer can make sure that the purchase is fiscalized and the taxes are paid. 

Therefore, the entrepreneur automates their sales data transfer and eliminates human factors form the tax reporting procedure.

To connect a software EFR from Fondy, get in touch with the managers:

By email: support@fondy.eu

By phone: +442 080 68-25-91 

About Fondy, the payments service

Fondy is a fintech company providing services with the help of which every entrepreneur can accept online payments through their website or a mobile app from customers all over the world.

Since 2014, the project has grown into an international company with branch offices in Ukraine, the UK, Ireland, Poland, and Slovakia. Over 8,000 companies have become Fondy’s clients.

Connecting to the Fondy payments platform, entrepreneurs save time and receive payments from their customers faster. And, thanks to the possibility to receive payments from any place in the world in any of over 100 currencies online businesses have an opportunity to appear in the international markets.

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