👋 Good day Request Enthusiasts!
Welcome to another monthly edition of Request Invoicing in Numbers, where we’ll be reviewing the usage metrics of the product since our last update in June 2021.
This format is intended to bring the highest amount of transparency to our users, community, and others interested in Request.
Note: This report exclusively looks at usage data from the Request Invoicing product and leaves out data from Request Create and/or direct protocol integrations. Additionally, this post doesn’t consider the invoices and payments managed in fiat currency since the primary focus currently for Request is strictly on cryptocurrency.
Cumulative payments amount: $92m at the end of July vs. $77m at the end of June
A key indicator for success at Request is the cumulative value of payments made through the Request Invoicing app.
Since September 2020, over $92 million of cryptocurrency payments in total have been transacted through the Request Invoicing app. For July alone, the total payment amount was around $14 million In cryptocurrency.
Shown in the chart below is the cumulative payment amount (light blue) versus the monthly payment amount (dark blue).
Newly registered businesses: +14% increase on average this year
One other important metric to look at is the growth of new accounts signed up for the product. They represent new companies and freelancers onboarding to Request Invoicing, with the primary use case being to pay and get paid in cryptocurrency. Since August 2020, we’ve had 4367 businesses signed up to Request Invoicing.
Considering July’s figures, the average monthly increase rate in signups since January 2021 is around +14%.
As shown in the chart below, the total number of signups in July has dropped compared to the previous months. We’re conducting a few marketing experiments and pivoting our digital marketing strategy based on the ongoing user feedback we’re receiving.
722 invoices issued in July (+20% increase from previous month)
Getting invoices and bills paid on time is at the top of the list for companies and freelancers. This means that the invoicing process must run smoothly between the payer and the issuer. The invoice data is to be provided accurately, and the payment status updates are prompt on time.
As illustrated in the graph below, the overall issued-to-paid invoice ratio is 65% since August 2020. The number of issued invoices in July has increased by +20% when compared to June.
This metric provides insights to improve the user experience for Request Invoicing, aiming to increase the paid versus issued invoice ratio and reduce the barriers to payment.
Out of a total of 3512 invoices issued and accepted from August 2020 until July 31, 2021, 2317 have been paid. Non-paid invoices mainly consist of duplicates or tests that occasionally happen with first time users trying out the invoicing app.
It’s important to note that it can take more than 20-30 days for invoices to be paid, and even much later. Therefore, some of the invoices issued in July are still pending for payments likely to occur during August.
Currency payment breakdown: 39% in DAI and 19% in USDC (vs. 40% in DAI and 14% in USDC for June)
Another interesting aspect to look at is which cryptocurrency is the most widely used with Request Invoicing.
Since the launch of Request Invoicing, $DAI has been leading as the most used cryptocurrency as payment, accounting for 39% of the total invoices paid. Next in the list, we have $USDC and $USDT with 19% and 11% of the total invoices paid, respectively. Understandably, stablecoins are a popular choice by many businesses.
It’s also important to note that $GRT and $OCEAN are in the list of top currencies. The rest of the cryptocurrencies under ‘Other’ in the list are: $ETH, $AAVE, $MPH, $BTC, $INDA, $cUSD, $REQ, $CUSD, $AKRO including several more. You can find the list of currencies supported in the Request Invoicing app here.
With this monthly report, we hope to provide you an overview on what’s happening with Request Invoicing and what data is driving our product decisions. By increasing transparency, we aim to inspire potential users to take their first steps into cryptocurrency invoicing and payments for their business.
While the number of newly registered accounts and cryptocurrency payment amount have been slow for July, the team at Request is excited about the upcoming product features currently in development that will drive the adoption and use case for Request Invoicing.
Want to see what’s going on with Request on a daily basis? Our community has built a Twitter bot that reports all network activity over the past 24 hours. You can also check the Request Activity Dashboard
Any specific metric missing you’d like to see covered in the following report? Feel free to get in touch with us through mail or by joining our Discord channel!
Happy invoicing! 🖖