How Coinshift users can pay invoices raised by employees in a single click by using Request Finance.
Request Finance enables Companies, DAOs, and Freelancers to manage crypto invoices, salaries, and expenses quickly and compliantly. Payments can be in local currencies and processed in crypto.
Below are the potential benefits for Financial controllers by accessing the Request Finance app from their Coinshift dashboard:
Real-Time Tracking- Monitor crypto invoices, salaries, and expenses in real-time for immediate response
Efficient Batch Processing- The ability to approve and pay multiple invoices simultaneously, enhancing operational efficiency and reducing gas costs
Flexibility in Payments and Invoicing- Options for both payments and invoices, catering to diverse business needs
Enhanced Collaboration- Features like proposal creation and multi-signature facilitate teamwork and oversight among team members or departments
We will now outline the process of how you can interact with Request Finance directly from their Safe using Coinshift Apps.
Step 1: Go to Apps and connect your Safe with Request Finance
Navigate to the Apps section on your Coinshift dashboard.
Locate and click on Request Finance within the Apps section.
A window will appear showing the list of networks the dApp is live on and supported by Coinshift. You can choose a Safe belonging to any network supported by Request Finance.
Select the Safe (highlighted below) you wish to work with and click on Open App to establish a connection between your selected Safe and Request Finance.
Step 2: Log in to Request Dashboard and Access Bills
Log in to your existing Request Finance account. Next, navigate to the Pay-> Bills section to find the list of all incoming invoices from vendors or contractors.
Click on Awaiting payment to expand and review the invoice details. If the details are correct, you can proceed further.
Step 3: Batch Approve Invoices
You can perform batch payments, and pay multiple invoices at once in different tokens. However, before proceeding to batch payments, the invoices should be approved.
To do so, navigate to Batch Action -> Batch Approve (see the above screenshot). The below screen will appear.
Select the checkboxes against the awaiting payment invoices that you would like to approve, and click the Approve Invoices button.
Step 4: Initiate Batch Payment
You can now see the approved invoices on their dashboard. Click on Batch Payment.
The application will allow you to select the invoices that you would to pay now. Once done, finally, click on the Pay now button to initiate the payment process.
Step 5: Connect Safe and Approve Payment
Select your desired Safe account that you wish to use to pay, and approve the payment by clicking on the Pay now button.
This will trigger the process of creating a proposal on Coinshift.
Note that, transaction details are presented in a clear, human-readable format (see screenshot), providing essential information for other Safe Signers to review.
Hit the Create Proposal button to create an off-chain proposal for your transaction.
Following the creation of a proposal, Safe Signers have the authority to Approve or Discard the proposal as necessary. Add any relevant notes and labels if required.
Step 6: Action on Proposal
Signers can take one of three actions on a proposal:
Proposal Rejection- If any Safe Signer rejects the proposal, it will be discarded Off-Chain.
Proposal Approval and Execution- If the number of votes in favor of the proposal meets Safe's required threshold, the transaction will be submitted to the network.
On-Chain Transaction Rejection- Even after a proposal has been approved, it can still be turned down in the on-chain stage. This can happen if a Safe Signer initially approves the proposal, moving it into the on-chain queue, but other Safe Signers decide to use the On-Chain Rejection option to stop the transaction.
The proposal has received the necessary signatures, as shown in the screenshot below, and the transaction will be submitted to the network.
Step 7: Verify Payment
Navigate to your Request Finance account via the Coinshift Apps to verify the payment status of the invoice.
Congratulations, you have successfully paid an invoice via your Coinshift dashboard by using the Request Finance app.
All recipients will be notified via email upon successful processing of the invoice.
