Arbitrum Powers Cheaper, Faster Crypto Invoicing and Payroll in Request Finance
Learn how you can benefit from cheaper, faster transactions by issuing and paying invoices on Arbitrum with the Request Finance app.
Invoices are key to keeping records of where a company’s crypto assets come, and go. They are also essential in ensuring everyone has their bills paid on time.
Request Finance enables you to see, manage, and pay all your crypto invoices in one place. Today, it is used by thousands of Web 3.0 companies to pay their suppliers, partners, contributors and team members in crypto. Since launching in 2021, over $175 million of cryptocurrency payments have been made through Request Finance. Of which, around $4.5 million in crypto invoices were paid last month in January alone.
Among the rapidly growing base of crypto projects, DAOs, and large companies using Request Finance are notable names in the Web 3.0 space like The Sandbox, AAVE, Chainstack, and MakerDAO.
It offers users the flexibility to choose from a growing list of over 70+ different currencies, and 10+ different blockchains to pay with.
“Adding more tokens and blockchains as payment options in the Request Finance application allows our users to seamlessly do business across different ecosystems, and transact on networks like Arbitrum that are cheaper and faster”, said Ludovic Gilbert, Business Development Manager at Request Finance.
Arbitrum projects can also reach out to the Request Finance team to have their own tokens listed as a payment option in the Request Finance app.
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How to use Arbitrum with Request Finance
Learn how you can benefit from cheaper, faster transactions by paying with Arbitrum in the Request Finance app.
Create and send an invoice on Arbitrum
1. Log in to your Request account
2. Click on the “Create an invoice” button
3. Add/Select the client for the “Your client information” field
4. Leave the “How do you want to receive funds?” field with the default option: crypto, the payer pays in crypto
5. Click on the “More” button (ellipses icon) next to the list of cryptocurrencies
6. Next, click on the “All networks” field and select Arbitrum
7. Then choose the payment currency you wish to receive as funds on the Arbitrum network
8. Set your invoice currency which will depend on the payment currency chosen in the previous step*
9. Add the rest of the details for your invoice: item description, quantity, unit price, discount, and tax
10. Review and check that your invoice number, issue date, and payment due date are correct.
11. Click the “Create & Send” button to generate and send the invoice
*What is the invoice currency? This is the currency that your invoice will be issued in and can be different from the payment currency which you’ll receive as funds. For example, you can have the invoice currency as EUR (fiat) while receiving funds in AETH as the payment currency. You can also set both the invoice and payment currency as the same currency such as in AETH.
Pay an invoice on Arbitrum
1. Log in to your Request account
2. Click on “Received Invoices” on the sidebar menu under Invoices
3. Next, select the invoice you wish to pay
4. Click on “Pay now”
5. Select a wallet
6. Proceed with payment following the instructions from your wallet
7. When payment is successful, the status of the invoice should change to “Paid”
Anyone who has used the Ethereum network, especially when interacting with DeFi protocols or other smart-contract-based projects, have firsthand experience with one of the network’s biggest hurdles: prohibitively expensive transaction fees.
One scaling solution with the best potential for easing congestion is optimistic rollups; a layer 2 scaling solution. A Layer 2 solution is a network that takes some of the processing work off the main (or Layer 1) Ethereum chain with the aim of improving performance.
Optimistic rollups can decrease the amount of time it takes to confirm a transaction, increase transaction throughput, and reduce gas fees. Optimistic rollups can offer up to 10-100x improvements in scalability dependent on the transaction.
Arbitrum Rollup is an Optimistic Rollup protocol developed by OffchainLabs for the Ethereum blockchain. It enables high-throughput, low cost smart contracts while remaining trustlessly secure.
From a user perspective, interacting with Arbitrum feels exactly like interacting with Ethereum. Built on top of, and secured by the Ethereum blockchain, all transaction data is logged on Ethereum. But transactions on Arbitrum cost a fraction of what they would if run natively on Ethereum, yet without compromising on security or decentralization.
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