Web3 teams often hold crypto assets like stablecoins, but they find themselves wrestling with complications when paying employees, vendors, or service providers in crypto.
With Request Finance, the process of moving Crypto-to-Fiat (C2F) is simplified, efficient, and cost-effective.
In this guide, we break down the steps below for you to make your first Crypto-to-Fiat payment with ease.
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Step 1: KYB process
First things first, you have to get through the Know Your Business (KYB) process. It's a secure and streamlined procedure that takes only a few minutes.
- Access pay menu: Navigate to the "Pay Menu" and select the "Crypto to Fiat" option.
- Start account verification: You'll be prompted to enter essential company details including registration, postal address, Shareholder Registry, and Certificate of Incorporation.
- Terms and conditions: Take a moment to read and agree to the terms and conditions.
- Select currency: From the dropdown list, select the fiat currencies that you'll be accepting for payouts.
Step 2: Identity verification by our Partner
After entering the required details, the system moves you to the identity verification phase, powered by our partner.
- Submit documents: Here, you'll be asked to submit corporate documents like your shareholder registry and certificate of incorporation.
- Review: Once submitted, allow 3 to 5 working days for the review process. You'll receive a notification email upon KYB completion.
Step 3: Invoice receiving
To initiate a payment, you must first receive an invoice from your vendor or employee. This invoice should be denominated in one of the supported currencies—either USD or Euro—that you have previously approved.
- Navigate to 'Get Paid': The invoice issuer will access the 'Get Paid' menu and select "Create New Invoice".
- Select payer: They can select you as a payer in the drop-down list arrow under “Your Client Information” or add a new client to set up the contact details of your company.
Alternatively, you can share your InvoiceMe link to the issuer to automatically create an invoice that’s already pre-filled with your business information. They will just need to fill out the rest of the invoice content such as the payment method, description of the services or products, price and quantity.
- Select currency and recurrence: Next, they'll select the invoice's currency and its recurrence — regular or recurring.
- Bank details: Finally, they will choose their preferred receiving bank account or add a new one.
Step 4: Making your first payment
With the invoice in hand, you're now set to make your first payment.
- Access 'Pay Menu': Revisit 'Pay Menu' and click on the invoice awaiting your action.
- Payment choices: Select the network and currency in which you wish to make the payment.
- Payment execution: Click on "Pay" to initiate the transaction.
Step 5: Transaction tracking & confirmation
Once you've clicked 'Pay', Request Finance keeps you updated.
- Status banner: A banner appears at the top of your dashboard showing the transaction's progress.
- Blockchain confirmation: A link is provided to track the transaction until its settlement.
Allow an average of 24 hours for your recipient to receive the funds in their bank account. Both parties will be notified via email when the status of the invoice is updated.
If you’re more of a visual learner, here’s a 3-minute video tutorial demonstrating how to pay in crypo and receive in fiat with Request Finance 👇
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