Chainalysis has shown that crypto adoption has increased by 880% since 2021. It is expected to continue growing. The mass adoption of crypto has become a matter of “when” and not “if”. Businesses are an important component in any technology’s adoption, just as they were at the beginning of the internet. It is now that businesses can use crypto to invoicing and accounting in a more seamless way, especially with DeFi’s rapid growth.
Enter Request Finance. A crypto finance management platform, it is expected to revolutionize the flow of crypto payments. Its mission is to help crypto assets be a part of the future financial system.
Accounting is vital to a business’s survival. It is essential to keep accurate records about payslips, bills and invoices. This will allow you to monitor cash flow and cut down on unnecessary expenses.
Request Finance is a new integrated suite of tools that Request Labs has developed to assist traditional companies, individuals, metaverse projects and freelancers with their crypto-native operations.
A Peek into Request Finance — Origin and Vision
Request Finance launched officially at the start of 2021. The goal was to transform financial operations for companies in the new decentralized economy. Request Finance was founded in order to provide tools that allow individuals and businesses to easily send and receive invoices to cryptocurrencies.
It allows users to track and monitor their cryptocurrency transactions. Users can also manage expenses and payments in an easy-to-use manner. It aims to provide products that do not pose security risks, comply with accounting and tax regulations and are as simple and user-friendly as possible.
The platform claims to have over 1,000+ business users including some major blockchain projects, such as Paraswap, AAVE and MakerDAO.
Crypto Payments: How to Fix Financial Operations
Request Finance’s core products include Crypto Invoicing, Expenses, and Payroll, and Accounting.
Users can access a simple dashboard that displays the status of all their invoices. This allows them to quickly and easily pay thousands of invoices. This tool can be used with Quickbooks or Xero, which allows for simplified bookkeeping, including the automatic generation, scheduling, settlement, and payment of all crypto invoices. To pay 0.1%, the payer must also pay the USD 2 network fee.
Request Finance’s payment mechanism is compatible with several popular cryptocurrency wallets, including MetaMask, Fortmatic, and other wallets that support WalletConnect, including multi-signature wallets like Gnosis Safe. Further, the app’s distinguishing features, such as real-time status updates, payer reputation, and escrow ensure that users enjoy a secure and anxiety-free experience.
Users can manage and track the status of invoices issued through Request’s platform, schedule invoices, highlight delayed and unpaid invoices, and influence the payer’s reputational score. On-chain means that the platform automatically verifies invoices on the chain, eliminating any need for follow-up emails.
Request also provides crypto payroll software. It is in beta right now. It will enable users to automate cryptocurrency payroll management. With a click, users can create compliant payslips that comply with cryptocurrency regulations and then pay these in crypto. The payroll service is designed to facilitate a good employer-employee partnership. The potential for this to ensure that organizations have proper labor- and HR relations is also possible.
Moreover, Request Expenses is an expense management tool that can be used by businesses to manage employees’ expenses, reimbursements and pay them in crypto. It is still in beta testing but has already been used extensively by the team. The product will launch next quarter. You can sign up to the beta program if you’d like to use this feature immediately.
Request users can connect to Quickbooks, Xero and Quickbooks. They will reconcile any transactions made in crypto with the general ledger. Request is a tool that helps businesses manage crypto payments more efficiently and with fewer labor and time costs.
How can Request Finance be funded?
The use of digital assets and cryptocurrency in businesses will increase as more companies explore blockchain and Web3. Request Finance is aimed at meeting the requirements of crypto-first businesses as well as their remote workforce. It makes it easy and simple to manage crypto-financial operations. You can automate everything from auditing to payroll processing, loans requests and salary, as well as expenses. Request Finance aims to serve as a platform for crypto-financial enterprise operations, and help overcome some of the clunky interfaces found in Web 3.0.
