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As a forward-thinking crypto service on a mission to provide innovative financial solutions tailored for the digital age, Request Finance has created an all-in-one decentralized blockchain platform that can easily manage your specific accounting needs. From the handling of incoming invoices and payroll expenses to sending and requesting cryptocurrency payments, Request Finance is designed for crypto organizations and individuals alike.
Request ecosystem is built on the underlying Request protocol, an open-source payment request technology powered by the native REQ token. Request network can facilitate payments made in major cryptocurrencies such as Bitcoin and Ethereum, stablecoins, as well as a plethora of less popular tokens, while also supporting the most common fiat currencies, including USD, EUR, and GBP. Request allows users to accept both crypto and fiat payments and to effortlessly execute peer-to-peer (P2) transfers via just a few clicks.
In this review, we will examine the Request platform’s two core services – Request Invoicing, which allows users to issue invoices in local currency and get paid in cryptocurrency, and Request Payment, which is designed to enhance the process of making payment requests and sending funds.
Pros of Request Finance:
- Seamless integration of local currencies and digital currencies
- Support for over 40 cryptocurrencies, 9 fiat currencies, and 8 payment networks
- Invoices are backed by immutable and fraud-resistant blockchain
- Low transaction fees – 0.10% capped at $2 per transaction (excluding gas fees)
- User-friendly UX
Cons of Request Finance:
- No support for crypto to fiat transactions (although this feature is planned for the future)
First, we are going to take a look at the features and the intricacies of using Request Invoicing, and after that, we will review the recently launched Request Payment feature as well.
Request Invoicing features review
Request Invoicing is an application that empowers users with the ability to issue invoices in local currency and to get paid in an equivalent amount of digital currency. This means that you have the option of maintaining your bookkeeping in fiat currency while at the same time being able to take advantage of blockchain technology for nearly instantaneous transactions with low fees.
Request Invoicing is available to freelancers and companies that want to simplify their crypto payments and produce professional invoices in fiat or digital currency. Invoices with regular clients can be easily set up to occur periodically. With the InvoiceMe feature, you can send your business information to your suppliers so they can invoice you with ease.
Working with leading organizations in the decentralized finance (DeFi) space, such as MakerDAO and Gnosis Safe, Request has managed to simplify invoicing and successfully streamlined the payment process.
How to create an invoice with Request Invoicing?
First, you need to create an account with Request. After the sign-up process is complete, you will be redirected to the Request dashboard. From here you can manage your invoices, request payments, manage your contacts, and access your transaction history. Click the “Create an Invoice” button to create your first invoice.
After that, you need to select your invoice’s currency and the currency you want to receive your funds in. You can pick from 9 fiat currencies and 40+ digital currencies. You also have to enter the client’s information, pick the payment due date and select a cryptocurrency wallet.
As a bonus community-oriented feature, your Reputation Score is displayed in the upper left corner, which is calculated on the basis of whether you pay your invoices on time. For the time being, the score is visible only to you, however, there are plans to make the score sharable among your contacts in the future.
Request Invoicing supports most of the popular cryptocurrency wallets, including MetaMask, Fortmatic, and any wallet solution that supports WalletConnect, including multi-sig wallets such as Gnosis Safe.
Request charges a modest fee of 0.10% (capped at $2) per transaction. Invoices can be exported as .pdf or .csv for added convenience.
Request Payment features review
Request Payment opens up a range of new possibilities when making and receiving cryptocurrency payments. The Request’s payment feature is especially handy for payments that don’t require an invoice. While both Request Invoicing and Request Payment allows senders to be paid directly into their cryptocurrency wallet of choice, the dedicated payment feature is designed to keep track of transactions like intercompany transfers, loans, and reimbursements.
Request Payment shares the fee structure with Request Invoicing, meaning that fees are 0.10% capped at $2 per transaction. Given the fact Request Payment competes with established fiat processors such as PayPal, it is worth noting that Request’s fees are much lower compared to its traditional finance counterparts, which often charge up to 5% of the total transaction amount, while also charging a fixed fee and a currency conversion fee on top.
Request uses Chainlink price oracles to obtain the exchange rate and charges no extra fees for overseas money transfers. Due to this fact, Request Payment is especially beneficial to those who regularly make cross-border transactions.
How to request or send a cryptocurrency payment with Request Payment?
After logging into your Request account, navigate to the “My Payments” section on the left side of the screen. Click on the “Create a Request” button to proceed.
Request Payment is split into two distinct parts. You can either choose to request a payment or send funds to a recipients’ wallet address.
After selecting the “Request a payment” option, you have to enter the parameters of your request, such as the amount, payer’s information, select a cryptocurrency wallet option, and more. Once you enter all the required information, click on the “Request Now” button.
If you want to send funds instead, you have to select the “Send a Payment” option. Fill out the required data and click on the “Pay now” button to execute a cryptocurrency transaction.
If you regularly send funds to the same recipients, you can easily access the list of your contacts via the Request’s client address book feature.
Request Finance enables you to have full control over the management of your financial assets
Over the past year and a half, the prevalence of remote work has increased to unprecedented levels due to the Covid-19 pandemic. A growing number of freelancers prefer to be compensated for their work in cryptocurrency, which can present some challenges when handling financial information.
Request’s suite of products and services is tailored to meet the needs of the new normal. In February 2021, $1 million in crypto invoices had been processed via the app. Just six months later, Request has already processed more than $140 million in crypto invoices. With the recently launched Request Payment that has considerably extended the capabilities of the platform, Request Finance is quickly becoming one of the better options in the market to handle cross-currency transactions and crypto accounting needs.
