Most companies, freelancers, and entrepreneurs in the crypto industry acknowledge that accounting is an integral part of daily activities. Several platforms keep coming up offering customized services to meet their individual needs. Lately, developments have resulted in the inclusion of many crypto-related services including cryptocurrency invoices.
The questions now arise: what are crypto invoices and how do they work?
Benefits of Accepting Cryptos
Professionals and business that accept crypto payments enjoy many benefits. Some of these include low transaction fees, fast payments, and no chargebacks. Nevertheless, the crypto finances have their particulars and services meticulously tailored to address them are necessary. Today, many online platforms specialize in offering the services and software that enables the creation of cryptocurrency invoices.
The Blockonomics platform lets users create peer-to-peer crypto invoices. Its system uses encryption technology to stop third parties from intercepting the accounting documents. Currently, it supports bitcoin core and a few fiat currencies.
Users do not need an account when creating single-use invoices. They only need to copy a valid BTC address originating from their wallet and paste it in the search bar. Once the address is found, they only need to submit it.
Clicking on “Create P2P Invoice” redirects them to a page where they can put in a description. Then, they can input an amount in any of the available fiat currencies and set a number of days before the invoice expires. The merchant can then view the invoice that has a QR code. On the other hand, they can copy a link and send it to the clients.
One such platform is Gilded. Companies can use it to create and send invoices to clients who prefer to pay with cryptocurrencies. Through it, merchants get their payments instantly and directly. No intermediaries or high fees feature in these transactions.
Users must sign up on Gilded using basic information about their company. They should also select their base fiat currency and provide public addresses for the tokens they wish to accept under “Add Your Wallets.” Accountants must then click on “Request Payment” to create an invoice and “Add a New Contact” for every business partner.
For the user to fill out the invoice details and specifications, they need to click on “Go to Payment Method.” Then, select “Address and QR Code.” It is important to “Choose a Currency,” and the available currencies on the platform currently are USD, Canadian Dollar, Australian Dollar, and Euro.
All items listed on an invoice feature fiat currency prices but the total is converted to cryptocurrencies. Users must then select their preferred crypto for every listed payment. Gilded currently support Litecoin, Bitcoin, dai, and Ethereum. After an invoice gets dispatched, both sides get email notifications. The sender also receives notification after payment is made.
The platform has a section providing registered users with the opportunity to create crypto invoices. This feature is placed under “Merchant Tools” on its website. The company offers businesses many fiat currencies and digital coins options. The invoice template has fields for different information. Users find a place for the number of the invoice, shipping information, and description of the service, tax amount, and cost.
The point-of-sale payment system, Anypay, can generate crypto invoices free of charge. The platform supports BCH (bitcoin cash) and a few other digital tokens. Merchants must set up an account using only an email address to enable them to create an invoice. They can then proceed to enable their preferred crypto option using a public address for the respective coin.
An Anypay invoice comprises of a receiving address, the due amount in cryptos, and a QR code. The added advantage with the BCH merchants is the ability to pay the invoices using just a simple text message. This payment strategy is possible due to the integration with Cointext.
While using this platform, users can send BCH with SMS. They then receive the payments to their Cointext wallets. All BCH invoices created using Anypay offer a code that makes payments through Cointext even without internet connectivity.
This digital currency payment gateway lets companies create crypto invoices in several steps. The CD Pay registered users can do that under the “Invoices” tab when logged in. Selecting the “Create Invoice” tab opens up a page where they can choose the amount in local currency. Many fiat currency options feature on the platform including JPY, EUR, AUD, CAD, GBP, and USD.
After choosing their preferred fiat, they must add an amount and set an expiration date for the created invoice. The invoice is then saved as a PDF file with the submitted data therein and can be sent to customers via email as attachments. When customers open the attachment, they see all options available for them to make the necessary payments. They also see the information about the invoice’s sender and its expiry date.
The CD Pay platform generates QR codes for payments in zcash, bitcoin core, monero, and litecoin. The clients see all the necessary information required to complete the invoiced transaction including the fiat amount and current exchange rates.