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Is Request Finance Safe? What Beginners Should Know

Is Request Finance Safe? What Beginners Should Know
Jordan
Major
10 months ago
9 mins read

This guide will look at the security features in place for Request Finance, a financial tool package that enables you to manage cryptocurrency invoices via its integrated accounting software from one location. In particular, we will analyze its data encryption, 1-click feature payment feature, and real-world use cases, among others, when utilizing the different invoicing, expenses, payroll, and accounting features as a company or freelancer.

About Request Finance

Request Finance is a subsidiary of the Request Network, which was launched officially in August 2017 to establish the future of finance in a decentralized economy. According to the company’s guiding principles, financial control over one’s holdings should be a fundamental right for individuals and businesses worldwide.

 Utilizing Request Finance, users may:

  • Users can confidently send and receive cryptocurrency payments, through a trustless ecosystem at any time.
  • Businesses and freelancers can take ownership of their financial data and break free from the limits of existing financial institutions. 
  • Receive payments and invoices in more than 43 different cryptocurrencies and stablecoins as well as nine different fiat currencies.
  • Freelancers, small businesses, cryptocurrency corporations, and decentralized autonomous organizations (DAOs) can instantaneously match payment and invoice records.

Request Finance core products

In order to give support to freelancers, businesses, and DAOs, Request is one of the few corporate decentralized finance (DeFi) operators that provide a variety of core products such as:

  1. Invoicing;
  2. Expenses;
  3. Payroll;
  4. Accounting.

Companies and freelancers may both use Request Finance, and we’ll go through some of the features they have in common before considering the characteristics. 

Furthermore, these fundamental products include additional capabilities inside the software that aid in the facilitation of a rapid and frictionless payment experience from fiat to cryptocurrency without the stumbling blocks and security risks that traditional financial institutions may provide.

Note: For full details about all the products and features available on the Request Finance platform, on top of a comprehensive guide on setting up an account, please read our Request Finance review.

Request Finance security measures

As previously mentioned, Request Finance is a decentralized system that enables you to produce fully compliant cryptocurrency invoices quickly and efficiently.

However, when manually producing and receiving crypto invoices, there are a variety of factors to consider, including security threats, regulatory compliance, and making the process as user-friendly as possible; Request Finance was designed to assist in simplifying such operations. 

Request Finance, how secure is your crypto business. Source: Request.finance

When businesses use Request, they have access to a comprehensive record of their incoming invoices and outgoing payments through an easy-to-use interface. With the option to export data in the file format of their choice, integration with their accounting system is simple and straightforward.

The following is a list of the security measures that Request has put in place to protect its users:

  • Payment validation: Payments are validated using blockchain technology;
  • Peer-to-peer transactions: There is no mediator involved; you send and receive payments directly;
  • 1-click payment: Some malware may hijack your clipboard so that when you copy the blockchain address you want to pay, it replaces it with the corrupt one. If your customer uses Request Finance’s 1-click payment, there is no risk of a clipboard virus infecting them;
  • Updated security: Request is continually improving its invoicing software with the most up-to-date features and security upgrades;
  • Encryption: Data is safeguarded by elliptic-curve encryption.

Encrypted data

Request Invoicing allows you complete control over who has access to your invoice data. This is accomplished by encrypting the invoices you issue prior to broadcasting them on the Ethereum blockchain network. Thus, the invoice and underlying data are visible only to you and the others to whom you authorize access. 

All invoices produced using Request Invoicing are encrypted by default utilizing the Request networks’ encryption function, which was recently audited by Cure53

In other words, your invoice data will only be accessible by yourself and the person or company to whom you are issuing the invoice since only you have the keys to “unlock” the data.


Trusted Platform

The Request Finance platform is also trusted by some of the largest cryptocurrency projects, like 88mph, Aave, Gnosis, MakerDao, The Sandbox, and Ocean, to name a few.

Additionally, there has been no negative occurrence associated with this firm since its inception, such as security breach or loss of funds. 

Furthermore, over $140 million has safely been transferred through the Request Invoicing supported with real-world use cases, case studies, and user feedback provide evidence that the platform is secure.

Request Finance, cumulative payments. Source: Request.finance

Reduced risk with company’s smart audit solution

Clients that pay utilizing Request Finance (rather than manually inputting payment addresses) get 100% of their funds delivered directly to the designated wallet.

When utilizing the Request for payment method, funds are no longer transferred directly to a manually entered address but are instead routed automatically using Request’s smart payment system.

The invoice is instantly reconciled as soon as the funds have been received, saving time and guaranteeing appropriate accounting.

Business admin consumes an average of 120 working days a year, with accounting and bookkeeping occupying the majority of this time. These procedures are often performed manually and are prone to data input mistakes. Incorrect data input may be, at the very least, an annoyance and, in the event of an audit, a regulatory issue.

With Request Finance, you can avoid this problem entirely, and you can be certain that your data are always up to date and correct. The firm’s smart audit solution, enabled by blockchain technology, makes it simple to verify data integrity. It is a process that automatically guarantees that information is 100% consistent.

Prevent administrative errors

Request is a more straightforward and less error-prone method of managing crypto payments in a variety of tokens. Batch payments allow companies to manage and pay invoices in bulk with a single click.

Request that pre-filled invoices with the right payment information connected to their email accounts be sent to the recipients. This helps avoid administrative mistakes and saves time by eliminating the need to obtain and type in the correct payment information each time. 

Using the online application, businesses can simply track the status of invoices they have received as well as check that a payment has been received. 

Furthermore, having all the cryptocurrency transactions recorded on a single dashboard makes it easier to retrieve information for accounting purposes during an audit year. The InvoiceMe tool enables businesses to send pre-filled invoice templates to their suppliers, which helps them eliminate mistakes and save time.

Request technology

Request technology is a decentralized payment request technology that is used to request payments—running on the Ethereum blockchain. However, the Request (REQ) token ensures that the Request technology stays independent of centralized control.

Reputation score

As a company, you are assigned a Reputation Score depending on your actions. If you pay your invoices on time, you will always get a perfect score of 5 stars.

This helps to protect customers from companies that may delay or even refuse to pay invoices, resulting in financial repercussions on the receiver’s end.

Customer Support

By using the [Contact Us] area of the Request website, you may get in touch with the company. Users may reach the Request Finance team via this page to help you with your problem or negotiate prospective cooperation.

Request Finance, Contact Us. Source: Request.finance

Request Finance has a FAQ page that answers all of the commonly asked questions that its users have submitted to it. However, if you are unable to locate the answer to your query as a first option, you may contact Request Finance through chat, social media, or by organizing a video chat.

Is Request Finance safe? [Verdict]

In conclusion, we consider that Request Finance is a safe, decentralized platform to invoice requests, make batch payments, and utilize third-party connectivity with multi-sig wallets like Gnosis.

Users of Request Finance from all around can efficiently request and handle payments,  eliminating the need to be concerned about transferring money to the incorrect wallet address or manually checking blockchain explorers to ensure that their invoices have been paid on time.

Request is an audited platform with a proven track record; it has never been hacked and built up a relationship of trust with over 1,000 companies around the world that have safely and securely transferred over $140 million using Request Invoicing since its inception.

Finally, the Request team is continually working with leading companies in the crypto sector to build compliance-ready tools and methods for better managing their crypto assets and financial operations.


FAQs about Request Finance

Is Request Finance safe? 

Yes, the platform utilizes elliptic curve encryption to protect customers’ data, while payments are validated and recorded on the blockchain. One-click payment prevents malware from changing blockchain addresses and Request Finance is continuously updating its platform with the latest cutting-edge security updates.

Can I be paid in crypto on Request Finance? 

Yes, when you use Request Invoicing to create an invoice, your clients will automatically get an email with a link to the invoice. It’s as simple as clicking “accept” and “pay” on the invoice itself.

Can I store crypto on Request Finance? 

No, the platform is used for paying and receiving cryptocurrency invoices from users’ blockchain addresses. To store cryptocurrency it is generally recommended to keep your crypto in an offline wallet.

What are the fees on Request Finance?

Request Finance is subscription-free, including any product or feature; the only expense will be incurred via crypto payments. The payer will pay the gas fee (used to send the funds) and the Request Invoicing service charge at the time of payment. Request Invoicing charges 0.1% of the invoice’s total value, up to a maximum of $2 per invoice.

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Jordan Major
Author

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.

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