Crypto invoicing is the process of creating invoices for goods and services that need to be paid in cryptocurrencies.
Crypto invoicing allows you to create different itemized bills and invoices for the products or services you offer. It enables you to bill clients in crypto via email, without the hassle of switching between wallets and apps.
As cryptocurrencies continue to occupy the headlines, a greater share of the population now owns small sums of various popular tokens. This pickup in crypto adoption is seeing many businesses and individuals warming up to the idea of accepting cryptocurrencies as payment for goods and services.
But user-friendliness continues to be a barrier to accepting crypto payments. Unlike fiat payment gateways or retail point-of-sale systems, the sender has to meticulously copy the long string of hexadecimal numbers of the recipient’s wallet address. It is also difficult to properly document the counterparty information and consideration for each transaction like businesses can with traditional invoices. This often makes bookkeeping in crypto an administrative nightmare for accounting and tax purposes.
The ability to send, receive, and pay invoices easily with crypto will be one of the key drivers of crypto becoming a widely-accepted payment method. With a crypto invoicing tool, you can easily create, manage, track, and review all requested crypto payments from your customers. A predesigned yet fully customizable template allows you to fill in all the required information quickly and easily. You can then forward it to your customers as a link (or attachment) via email, social media, or text message.
Once the recipient clicks on the link, they will see the itemized bill and the requested amount. The crypto invoicing tool scans the blockchain explorer and notifies both parties when the payment has been made to your digital wallet.
Crypto invoicing is becoming an increasingly important tool amidst changing financial preferences. Some benefits of adding crypto invoicing to your accounts department include:
Generates invoices quickly and easily
Allows you to customize the invoice as per your brand standards fully
Avoids human error in sending and receiving payments
Allows quick, secure, and cheap payments processing (thanks to blockchain technology)
Allows you to manage, review, and track all of your invoices
Increases business opportunities as customers these days prefer paying via crypto
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