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Online payments are one of the most interesting use cases of cryptocurrencies. Yet, it is still very uncommon to use them to pay online. The Request Network protocol makes it easy to accept a payment in any currency, detects the payment, simplifies the accounting and even converts the cryptocurrency into fiat at the moment of the payment.

Note 1: The Request Protocol works with fiat and cryptocurrencies (it is currency-agnostic).

Note 2: Online payments are one of the 5 main use cases of the Request Protocol along with B2B invoicing, accounting, auditing, IoT and transparency.

Cost

A marketplace usually pays between 1.5% (Stripe) and 7% (Paypal with inter-currency) of the transaction amount to accept a payment. Saving 2% fees per transaction could mean up to 50% more profit for a merchant. If the marketplace needs advanced payment options such as an escrow, the fee would be between 1% and 2% more.

Request disintermediates 2 types of third parties: the payment providers (Paypal, Stripe…) and the credit cards institutions (Visa, Mastercard…). Within the protocol, the cost of creating a request is between $0.001 and $0.20 depending on the invoiced amount and the selected features. Advanced payment conditions are standardized which also results in more competition and automation to reduce the cost. For example, we expect an escrow extension to cost less than 0.3% and even less than that if the escrow is managed by an automated oracle. Finally, the payment cost is reduced since the money is not debited but pushed from your account. This is quite inexpensive in most countries (in Europe for example, SEPA payments are free and soon to be instant).

Security

Today, marketplaces either store your financial information (debit, credit card) or use a third party to store it for them. Giving your financial information is a security leak. If the third party is compromised anyone would be able to debit your account. It also happens quite often that a third party debits you by mistake.

Request solves this security leak as you do not provide your debit information anymore for the third-party provider to debit your account — you are initiating the payment yourself. This initiation is simple as we use a standard communication format between payment providers.

Inter-currencies

A built-in inter-currency settlement system within Request allows the seller to receive the currency he needs while the payer pays with the currency he has.

Experience

No need to input your credit card information or initiate a wire transfer. Instead, during the checkout, you will be able to pay using your browser or your phone — it will detect the request and ask you for confirmation. You only need to swipe left to reject or right to confirm the payment.

Accounting

At the moment, marketplaces usually share with you a PDF-invoice by email. Using Request, both you and the marketplace have access to the same digital invoice and can refer to it later.

This invoice can then be used as a proof for taxes or insurance, for your own reporting, or for sharing it with your company as a business expense.

Advanced payments options

The extensions platform built on top of Request allows anyone to create advanced payment conditions which can be used in any request such as an escrow or a down payment. The system is flexible to not favorize innovation.

Be paid on time

The reputation system inside the Request Network gives B2B marketplaces the data to know whether the client will pay on time, therefore limiting the outstanding debt and the risks.

In addition, the software used to pay a request will be able to program the payment of a request at a later date and make it easier to pay at the right time.

The Request Network protocol brings new features, lowers the cost, and improves the experience for marketplace payments.

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