Crypto Invoicing: Integrating Blockchain in Payments
Crypto Invoicing is the process of creating invoices for goods and services for payment in cryptocurrencies.
What is Crypto Invoicing?
Cryptoinvoicing is the process of creating invoices and bills for goods or services you offer. It allows you to invoice customers in cryptocurrency via email, without having to switch between wallets and applications.
As cryptocurrencies continue to make more and more headlines, a growing portion of the population already owns small amounts of various popular tokens. As a result of the growing popularity of cryptocurrencies, many businesses and individuals have embraced the idea of accepting cryptocurrencies as payment for goods and services.
However, user convenience is still a barrier to accepting cryptocurrency payments. Compared to fiat payment gateways or retail systems, the sender of a payment has to carefully copy a long string of hexadecimal digits of the recipient’s wallet address. It is also difficult to properly document counterparty information and the settlement of each transaction as traditional invoices do. This often results in cryptocurrency accounting becoming an administrative nightmare for accounting and tax purposes.
The ability to easily send, receive and pay invoices using cryptocurrency could be one of the key factors in making cryptocurrency an accepted payment method.
A pre-designed but fully customizable template will allow you to quickly and easily fill out all the necessary information. You can then send it to your customers as a link (or attachment) via email, social media or text message. Once the recipient clicks the link, they will immediately see an itemized invoice and the amount requested. The crypto billing tool scans the blockchain and notifies both parties when the payment has been made to your digital wallet.
Text “Cryptocurrencies are rapidly gaining a larger share of the global payments market. A number of well-known payment companies, such as Paypal, Venmo, Visa and Mastercard, have already partnered with cryptocurrency businesses to enable users to buy their favorite items at millions of retailers worldwide using their digital assets. Request Finance’s own data on more than 150 million cryptocurrency accounts shows that nearly half were paid for in stable coins such as DAI or USDT.
Large businesses such as McDonald’s, Starbucks, AMC, Pizza Hut and many others have also begun to accept cryptopayments. Freelancers, professionals, sports figures, artists and even politicians willingly accept cryptopayments. Moreover, countries such as El Salvador have already adopted bitcoin (BTC) as legal tender, and many other countries are considering Stablecoin or central bank digital currencies (CBDC).
Cryptoinvoices are becoming an increasingly important tool in the marketplace amid shifting financial preferences. Some of the benefits of adding cryptoinvoices to your finance department include:
- Fast and easy invoice generation;
- The ability to fully customize your invoice to your brand standards;
- Prevent human error when sending and receiving payments
- Provides fast, secure and inexpensive payment processing;
- Manage, view and track all invoices
- Enhance business opportunities as customers are choosing to pay in cryptocurrency these days.
Christophe Lassuyt, CEO and co-founder of Request Labs and Request Finance, is a YCombinator (W17) graduate with extensive experience in banking, finance and blockchain technology. Christoph holds a BA from the University of Mannheim and an MA in Finance from NEOMA Business School and has held several prominent positions in leading European organizations. Prior to founding Request Labs, Christof co-founded Moneytis, a money services platform, and served as CFO for several companies including Virtua SA, Eurenka and others.