Looking for an elegant way to accept both crypto and fiat payments from your clients?
You now can with Request Invoicing!
Doing business in 2020 has had its challenges. The global pandemic has forced many to work remote, causing companies to be more open towards building globally distributed teams and working with clients across borders.
Utilizing stable cryptocurrencies to initiate cross-border payments have been in favour of many tech-oriented businesses to speed up settlement times and lower processing fees. Unfortunately, many clients still require you to pay/get paid with traditional currencies such as USD, EUR or GBP. We’ve got an answer to this.
Request Invoicing now allows you to issue invoices which are payable in either cryptocurrency or through bank transfer, based on the needs of the person/business you’re issuing the invoice to.
This unlocks any business & freelancer around the world to use Request for getting paid while keeping track of their complete history of inbound and outbound financial transactions.
How does it work?
When issuing your next invoice with Request Invoicing, you now have the option to be paid in a fiat currency by the recipient. This is done by selecting the Bank Transfer option when selecting how you want to receive funds.
Are you new to Request Invoicing and wondering what a digital currency invoice looks like? We’ve created a cheat sheet for you which breaks down the creation process into tiny bits, making it understandable which information you’ll have to fill in at each step.
When selecting Bank Transfer as the payment method of choice for your invoice, a new dropdown menu will appear.
This menu allows you to add & edit bank details associated with your account. It also enables you to manage multiple bank accounts when required. Click on the menu to add your first bank account on which you want to receive the invoice payment.
The menu that is prompted next asks you to fill in a name for your bank account, as well as all the bank information required for the recipient to initiate a payment via bank transfer. This information will be included in the invoice you’re sending to your client.
After setting up your bank account and completing the rest of the invoice, click on Create & Send to share the invoice with your client.
The recipients’ payment flow
From the recipients’ perspective, the invoice will look and feel similar to any other invoice issued through Request Invoicing. However, instead of paying the invoice with cryptocurrency, the recipient will be prompted to initiate a bank transfer following the information provided.
To complete the payment process, the recipient is required to sign a checkbox that says “I have sent the funds for this invoice”, signalling that the payment has been made.
After confirming, this updates the status of the invoice from Awaiting Payment to Declared Paid by Payer.
Note: Because invoices on Request Invoicing are utilizing blockchain technology as the single source of truth, the status will be updated for both the issuer and recipient in real-time. An additional notification mail will be sent to the issuer, showing that the bank transfer to pay the invoice has been initiated.
Declaring the invoice paid
After your client has initiated payment, the last step for you to mark the invoice as paid will be confirming that the payment has been received on your bank account.
This is done by going back to your invoice and clicking on the “I received the money” button, which will appear on the top right of your invoice.
Clicking this prompts a confirmation message, allowing you to declare the invoice paid.
Doing this successfully will update the status of your invoice from Declared Paid by Payer to Paid for both you and the recipient of the invoice.