Advanced Web3 Invoicing with Request Network
twinFin
Feb 2, 2024
5 min.
The adoption of digital currency and crypto assets for payments is accelerating rapidly, mainly because they are cheaper and faster than traditional methods. To support the increase in costs, a more robust, efficient, and compatible invoicing infrastructure is needed.
Although a step forward, traditional e-invoicing systems like PEPPOL are limited in their scope. They often remain confined to B2B/B2G (gov) transactions and focus primarily on accounting. This leaves out individual workers and SMBs who are increasingly engaging in digital transactions.
Additionally, the disconnect between financial transactions and their accompanying documentation poses a challenge in an era where fintech, mobile payments, and open banking are rapidly evolving. The widespread use of paper-based processes, even in digital formats like PDFs, leads to inefficiencies such as complex bank reconciliations and high operational costs.
Outdated paradigms constrain the current invoicing models. Let's delve into how Request Network can enable game-changing invoicing applications.
But first, what is Request Network? Request Network is an innovative platform for Web3 invoicing that processes more than 13,000 transactions per month. The platform leverages blockchain technology to provide contextualized transaction information, with data integrity and accessibility ensured by IPFS. By enabling multi-chain support, privacy compliance, and scalability in crypto transactions, Request Network is setting the standard for compliant and transparent digital transactions.
Empowering Users with Invoice Ownership and Interoperability
Web3 invoicing platforms on the Request Network can give users ownership of their invoice data. This ensures that users have complete control over their invoices, allowing seamless migration of invoices and financial data between different platforms.
Freelancers, businesses, and service providers can now utilize multiple platforms simultaneously. For example, one platform can be used for generating requests while another one can be used for tracking and managing them. Traditional invoicing systems cannot offer such flexibility and interoperability. Now, users can enjoy unprecedented control and convenience in managing their financial transactions.
Let’s look at specific examples of leveraging the web3 invoicing infrastructure.
Crypto Invoicing with Request Network's Advanced Features
At its core, Request Network is a platform that enables creating, storing, paying, and retrieving invoice data, to ensure secure and reliable transactions. It serves as an invoicing infrastructure for applications that cater to the complex needs of modern finance. The advanced features available on Request Network include:
Batch invoicing: A much-needed tool for businesses that handle many transactions, such as payroll and vendor invoicing. This feature allows the processing of multiple invoices simultaneously, streamlining operations and significantly cutting down the time and burden associated with individual invoicing. It is especially useful for industries like retail, logistics, and professional services that often deal with bulk transactions.
Conversion Invoicing: An amount of one currency, is settled (denominated) in another currency - pretty straightforward.
Swap-to-Pay Invoicing: Users can offer payers the option to pay the invoices with their preferred cryptocurrencies - it’s a swap from one currency to another before the invoice settlement. This feature is especially useful for users and companies that engage in international trade.
Swap-to-Conversion: An invoice can be denominated in USD, while the payee wants to receive DAI, and the payer prefers to settle using USDT.
Automated Reconciliation: Once an invoice is paid, the settlement is detected and reported.
B2B Invoice Management Platform: Revolutionizing Business Transactions with Web3 Invoicing
There is enough room for the B2B sector to embrace innovation, particularly by integrating Web3 invoicing. Using Request Network's encrypted data storage, a platform that caters to the specific needs of particular B2B transactions can be developed. Request Network offers a native escrow feature, and apps can provide escrow services for high-value B2B transactions.
Incorporating real-time crypto payment tracking will also increase transparency and play a crucial role in effective cash flow management, a cornerstone for successful business operations. This will position your platform at the forefront of B2B crypto invoicing solutions.
Intrigued how Request Network enables such Web3 dedicated invoicing features? You can learn more by on our dedicated invoicing page.
Crypto Billing Platform for Individual Workers
Billing platforms built on Request Network can easily offer real-time payment tracking capabilities. They can also support recurring and automatic payments for expenses or invoices. Freelancers working on long-term projects or retainers can benefit greatly, as it allows them to automate the invoicing process.
Individual workers can also set up regular payment schedules for their clients or employers, ensuring that payments for ongoing services are received promptly and consistently. This provides a more predictable cash flow, which is essential for freelancers managing their financial stability.
Innovate with Us in the World of Web3 Invoicing!
We're looking for innovative minds eager to explore the world of Web3 invoicing and collaborate with us. We believe your ideas and solutions in crypto invoicing are vital in shaping the future of financial technology.
Find out more about building invoicing applications with Request Network. We also have a Grants Program to empower developers and entrepreneurs to create game-changing financial solutions. We would love to have you on board!
To learn more about how Request Network supports invoicing dApp builders visit our dedicated invoicing page.
This is the 1st blog post focused on invoicing.
We will soon follow up with the 2nd, revealing additional features and benefits Request Network offers to invoicing dApp builders. Stick around!
About Request Network
The Request Network Foundation’s mission is to re-invent accounting and finance by creating a decentralized network of interoperable apps that promotes transparency and real-time reporting.
We inspire and educate developers, partners, and authorities to use Request Network and build an open-source, seamless, and interoperable.
We’re building a network that connects businesses worldwide, giving them ways to do business at the speed of the internet. Come and be a part of tomorrow’s financial revolution!
