When it comes to running your business there are a number of different things to keep in mind. One of those is just how you’re going to conduct your business and how you’re going to take and send payments. For more traditional businesses this is generally done through credit card and cash payments. However, traditional businesses are no longer the only way. And modern businesses are beginning to accept cryptocurrencies.
When it comes to taking crypto payments, however, businesses need to have a more unique processing and invoicing structure, and that is where Request comes in. This service is designed to offer a high quality, easy to use method of accepting crypto without taking on too much risk in the process. Businesses are able to ensure that the customers they are interacting with are trustworthy and ensure also that the invoices they send are authentic and enforceable.
What is Request?
Request is a decentralized finance model that allows businesses and their customers to have more control over their own financial lives. It is an open network for invoicing that is free to all users and ensures payment status and invoices remain on the blockchain, making them more secure and more stable at the same time. Users and businesses can feel more confident and comfortable in the entirety of the process, because it is protected from beginning to end.
This invoicing system is entirely unique amongst other programs because of the ability to accept cryptocurrency, but it’s actually more than that as well. Request also has a few other unique aspects that make it an excellent choice for businesses that are looking to get further into the future, and attract some of the younger customers that are looking for opportunities to utilize the crypto they’ve been investing in.
The Benefits of Request
One of the top benefits of Request is the ability to accept cryptocurrency as a method of payment. But you can actually do this in different ways. Stablecoins are beginning to join the realm of ‘normal’ payment methods and offer a safer method for businesses to start out accepting cryptocurrency, even if they are not as familiar with this method of payment. They also come in a range of different types including USDC, USDT, BUSD, cUSD and DAI. For businesses, being able to accept each of these ensure more versatility to the customer base.
For many businesses, however, the idea of accepting any type of cryptocurrency was previously impossible, especially when accountants viewed the capacity for problems, fraud and non-compliance. But with Request there is no issue of any of these things because the invoicing system provides for all required compliance. Not only that but Request offers an entirely new method of ‘checking out’ each of the potential customers that attempts to pay through this type of invoicing. This is done through monitoring the reputation of the individual to ensure that they are a trustworthy person.
Reputation is scored based on whether or not the partner makes their payments in the way they are required to. Customers or partners who do not make their payments on time will find their reputation lowered. Those who consistently make all payments on time, however, will see that their reputation improves and therefore they have even more opportunity to engage with businesses through Request invoicing. The entire concept of reputation management and tracking ensures that businesses do not have to take on an unnecessary amount of risk and that they can feel more comfortable and confident with the partners that they choose to take on.
Request allows for businesses to make the leap from working with traditional financial institutions to working in a decentralized situation, which helps them to get on the wave of the future and to free themselves (and their customers) from the requirements of traditional financial institutions. Through the process of decentralizing, it is possible for businesses to gain as well, including allowing for fast financing, speedy payments and even more security overall. Not to mention cutting out the difficulties associated with working with a more traditional financial system or network.
You will also find that there are plenty of additional features available with Request, including partial payments and reconciliation. This makes it easier for businesses that deal in contracts or that are engaged with partners and customers who may make purchases on spending plans. Even businesses that make their own purchases via a spending plan or series of invoices may be able to do even better through the invoicing capabilities of Request. And this does not take into account the fact that payment due dates are automated and compound interest is figured automatically, taking a great deal of the work out of the process.
One of the other big benefits that many will find with Request is the fact that it allows for instant conversion of funds right at the reception. As soon as the payment is made on an invoice the funds can be converted into a different type of currency as fits the needs of the business or the person in charge of the invoice. For any reconciliation that needs to occur there is even a dashboard so you can quickly and easily match up the payments that have been made and make sure that the entire process is carried out in the correct manner and order.
Another of the most important features is that this system allows for simplifying invoicing. Even for more ‘traditional’ businesses, it is possible to create invoices and send them in a much easier method. This app is designed to make the process as easy as possible so that users can feel more comfortable and confident. This is yet another way in which Request is looking to aid businesses in making the switch from traditional financing to decentralized financing. By making the switch easy and ensuring that businesses can easily understand what is being required of them, it’s likely that more businesses will be willing to change their system.
This is especially true because invoicing through this system provides the tools necessary to ensure compliance with regulatory sources. This means that accountants for the businesses in question are also more likely to accept the requirements and to continue to work with businesses that choose to engage in this type of financing and invoicing system. Accountants are able to get all of the information necessary to file required documentation. Businesses can ensure that their invoices are compliant and can then justify the funds and the books for their business.
One of the most unique features of Request is the fact that it offers FIAT invoicing, especially for those who are looking to delve into cryptocurrency but are not entirely certain about what to do with it. Through this type of invoicing it would be possible to send out invoices that can be paid in cryptocurrency and then have the currency immediately transferred to fiat, or traditional, money. This makes it easier for businesses to withdraw the money into their own accounts and use it for any of the additional purposes that they may need.
Known as ‘cross-currency payment’ customers and businesses will be able to send and receive money in currency forms that work for them. For example, a business would be able to make a request for payment in USDT, a specific form of stablecoin. If the customer does not have USDT, however, they would be able to make the payment in the currency of their choice, such as DAI. Once they make the payment in DAI the currency is immediately converted to the chosen currency for the business. This allows both sides to send and receive in the format that they have, making the process easier still.
There are plenty of additional features that will continue to be added to the service as it becomes more and more mainstream. In fact, the reputation features and invoice financing, as well as escrow are not quite live, but are expected to be available within a few short weeks at most. This will allow users and customers to have even more opportunities and to continue to develop the payment system to make sure that it works for different types of businesses and that it continues to evolve with the needs of the changing business environment.
Advancing the system of decentralized finance is something that Request is most definitely striving to do, and it’s something that business owners and customers should also be looking for. With this process it will be possible to take control of your own finances in an entirely new way and to make sure that you are able to finance and lend money back and forth as you choose, without needing to get approval from a traditional financial institution. This makes it easier and faster to get financing and because Request is based on reputation, it also provides you with a better chance of making your own impression.
How Businesses Are Using It
Currently there are approximately 80 businesses that are using Request, and that’s only as of the end of 2020. Coming into the beginning of 2021 and moving through the year it is likely that these numbers will continue to increase. This is especially true when considering all of the features that are currently available and that will continue to become available through Request over the course of the year. Customers and businesses alike enjoy the many features like automated payment detection, improved compliance and compliant invoicing, payment safety and streamlining of the payment process.
Customers and businesses can take care of manual crypto payments and even take care of payments with only two clicks of their mouse, which makes it extremely simple to complete any type of transaction. They can also get rid of some of the danger of default through the implementation of reputation and escrow. These encourage customers to continue to behave in appropriate ways and to provide payments on time. By doing so, their reputation will improve (or remain high if they already have an excellent reputation). This allows businesses to feel more secure but also allows customers the opportunity to change and get better over time.
What to Keep in Mind
If you are looking at cryptocurrency invoicing as the wave of the future then you are absolutely right. More and more businesses are starting to look into accepting cryptocurrency because more and more people are starting to get into buying and selling it. Where once the ‘hot craze’ was credit cards, that craze is now firmly planted in cryptocurrency and to avoid getting on the bandwagon now means that you will miss out on a great deal of potential traffic for your business and attention for whatever it is you have to sell.
Getting started now also means you can jump right in with the decentralized financing system, which will put you on the fast track to getting everything that your business needs. Whether you’re looking to get financing or to give it, you can do a whole lot more when it comes to decentralized financing. You’ll be able to get everything done a lot faster and you’ll be able to feel more confident about the investments that you’re making. Getting traditional banking out of the process is just one more step in the direction of security and even more control over the future of your business. What could be better for you than that?
Disclaimer: This article is not intended to be a source of investment, financial, technical, tax, or legal advice. All of this content is for informational purposes only. Readers should do their own research. The Capital is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by reliance on any information mentioned in this article.