Fairplay - Funding ecommerce projects in 48 hours with electronic promissory notes

Since its launch in 2019, Fairplay has become a partner for ecommerce projects by injecting working capital without excessive requirements or bureaucratic burdens.
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Their premise: offer a credit proposal within 48 hours with no collateral required. They made this possible by signing credit agreements and endorsing promissory notes electronically using Mifiel's solution.

Promissory notes that comply with the General Law of Credit Titles and Operations: the reason for choosing Mifiel

Achieving a 100% digital process was always a goal for Fairplay. The COVID pandemic accelerated the search to make it happen. The company's CFO, Javier Lizardi, understood the fundamentals of electronic signatures and the advantages of using them in contracts. But could they also sign and endorse promissory notes electronically?

A credit title (such as a promissory note) must meet certain requirements set by the General Law of Credit Titles and Operations (LGTOC): it must be unique, and its chain of endorsements must be uninterrupted and verifiable. Simply signing electronically—even with an e.firma—is not enough to guarantee this.

For this reason, Fairplay sought a solution that would allow them to comply. The answer was Mifiel, which offered a proven, scalable, and easy-to-integrate electronic signature and endorsement solution that adheres to the LGTOC.

Lawsuits: the acid test for electronic promissory notes

But theory is one thing, and practice is another. In the event of a client default, how would they fare when enforcing electronically endorsed promissory notes in court?

The results were successful. Fairplay has taken promissory notes signed and endorsed via Mifiel to court; they have successfully enforced all of them, and judges have recognized their validity.

“We already had to enforce a promissory note in an executive trial and we won. It was a promissory note for a little over 4 million pesos that was signed and endorsed electronically with Mifiel.”
‍‍_{Javier Lizardi, CFO of Fairplay}

Integrating Mifiel into Fairplay without the need for coding

For Fairplay, integrating the electronic signature process was essential for two reasons: they needed their clients to sign directly from their website, and they required the automation of document creation and sending for signature (rather than one by one) to ensure the process was scalable.

Mifiel not only allowed them to do both, but made it possible in the simplest way. Javier and his team managed to integrate Mifiel without being programmers by using a no-code solution, and they had the support of the Mifiel development team throughout the entire process.

"I'm not a programming expert, and integrating Mifiel is quite simple. Their documentation is super clear for understanding what I need to do to send a document for signature."
‍_{Javier Lizardi}

Mifiel supports Fairplay's accelerated growth

As a fast-growing startup, Fairplay needed to work with service providers that could keep up with their pace.

When it came to signing and endorsing promissory notes, they couldn't afford to have a platform that might go down at any moment or stop offering support. They needed a robust and proven platform.

Fairplay found in Mifiel a long-term partner, one that always listens carefully and quickly implements high-impact solutions for their users.‍

"For Fairplay to keep growing fast, I need to make sure I'm with a provider that can keep up with me. In Mifiel, we found what we needed, as they have grown their solutions right alongside us."
‍_{Javier Lizardi}

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