Enabling Automated Recurring Invoice Payments in Web3 with Superfluid and Request

January 12, 2022

Our mission has always been to simplify payments in Web3. We want anyone to be able to request a payment quickly, easily, and cheaply - all directly on chain.

We started investigating what our users really needed in order to request payments on-chain. It became increasingly clear that sending (and receiving) invoices easily, was one of the core needs that had yet to be met.

In 2021 we saw tremendous growth in payments made via Request Finance. One of the features our users love the most is the ability to both send, and pay invoices with just a few clicks without having to input billing information manually in users’ wallets.

However, some client-supplier relationships are based on recurring payments with a regular cadence (usually monthly). This regular process involves repetitive tasks when making monthly or weekly payments to the ecosystem, with Web3 teams having to pay various team members, vendors, contractors, etc. Even if all Web3 payments can be batched in one click with Request, some additional time and effort can be saved ultimately with automated invoice payments.  

In an ideal world, we want our Web3, DeFi, DAOs and Metaverse users to be able to set up a recurring payment once, and then forget about it. Request takes care of automating all future invoices, and payments - until the user decides to intervene. No more chaser emails. No more editing invoices.

That’s why in Q1 2022 we want to make an important step forward to making this a reality. 

Simplify your crypto payment experience for your business

“By partnering with Superfluid, the asset streaming protocol, we work on enabling streaming as a payment method for recurring invoices for all Web3 users.” - Christophe Fonteneau, Head of Strategic Partnerships & Business Development 

It’s simple. Suppose you hire a team of remote developers for your Web3 project, for a monthly salary. When they come onboard, each developer on your team sends you a monthly recurring payment request via Request

When you login to your Request Finance dashboard, you have an instant overview of all account receivable, account payable, and salaries of your team members. From there, you have two possibilities: 

1) Batch payment: you can pay all invoices in one click with the batch payment feature and keeping this process on a monthly basis. This way, you have full control of your treasury, being more hands-on with your monthly payouts.

2) Payment stream: you can automate your recurring invoice payments by opening a payment stream. In this case, you will start an open-ended stream of tokens to the recipient, enabled by Superfluid Protocol. The stream will move a fraction of the monthly salary at every block, in what feels like a constantly ongoing transfer of assets such that the total monthly amount transferred targets a predetermined value.

The stream can be stopped at any time by either the customer, or service provider, and doesn’t require any gas while it’s running. But for as long as the stream is ongoing, Request will keep producing invoices on a monthly cadence and archiving them for your reference. Once the stream is stopped, you will automatically receive a final invoice showing the value transferred since the last invoice sent.

The possibilities this will unlock are endless. Any freelancer, contractor, employee, company or project in Web3 can set and send a recurring payment request once. Similarly, the payer - whether donor, subscriber, or employer, only has to start the streaming payment once. No more monthly administrative hassle required.

Request and Superfluid are working to build the best invoice payment automation in Web3. But this is just the beginning. Together, we want to streamline DAO payments, salaries, recurring subscriptions and recurring donations powered by Request Finance.

Get Early Access to Automated Recurring Invoice Payments

If you have any questions or ideas, or simply would like to be among the first to try the beta version of this new product, please sign up here to get early access or reach out to the team directly or via our Discord. Our team will be more than happy to help!  

About Superfluid

Superfluid is an asset streaming protocol that has the power to describe cash flows and execute them automatically on-chain over time in a non-interactive way. Superfluid streams are programmable, composable and modular. The first cash flow types allow constant streams of value and one-to-many distributions. All streams are settled at the same time, based on block timestamps. No capital is locked up, and all inflows and outflows are netted in real time, drastically increasing capital efficiency.
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About Request

Request (REQ) is a blockchain based suite of financial applications dedicated to crypto first companies. Its first product, Request Invoicing, allows anyone from freelancers to small businesses and organizations to create, store and access invoices and receipts in a universal, decentralized network. Users can easily send professional, secured, compliant invoices and receive payments in traditional currencies like USD and EUR — or digital currencies such as USDC, DAI and USDT among many others in the list.

To learn more about Request, visit Request.Finance 

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