Crypto Payment to Suppliers
Last updated
Last updated
BlockPeer Books simplifies supplier payments with integrated Safe Multisig, allowing subscribers to make spot crypto payments to their suppliers securely. This process involves selecting approved supplier bills for payment, initiating a multisig transaction, and gathering signers' approvals before executing the transaction.
Go to Wallet -> Crypto Payments -> Spot Payment.
Ensure the MPC Wallet is connected.
A Safe Multisig wallet is created (refer to the guide on creating Safe Multisig wallets for more information).
In the Supplier field, select the supplier from the drop-down list.
All approved supplier bills that are pending payment will be listed below.
Select the bill(s) you wish to pay.
Choose the payment token for the transaction (e.g., USDT, DAI).
Input the exchange rate for the selected payment token (if applicable).
Enter the supplier’s blockchain address where the payment will be sent.
Select the Safe Multisig wallet through which the payment will be made.
Once all details are entered, click Review & Pay.
This action initiates a multisig wallet payment transaction and marks the supplier bill as "under payment." This ensures that the bill cannot be pulled for another payment while awaiting multisig approval.
The next step is for the signers in the Safe Multisig wallet to approve the payment transaction.
To approve, navigate to Wallet -> Safe Multisig -> Safe Transactions.
Select the Safe wallet used for the payment and click on Get Transactions to retrieve all pending transactions that require signers' approval.
The pending transactions will display detailed accounting context to help the signers understand the payment they are approving.
For example, a supplier payment will include the supplier’s name and the specific bills being paid as part of the transaction.
Review the details carefully before signing.
Note: The signers must approve the lower nonce transactions first to ensure the correct order of execution.
Once all the required signers have signed off on the multisig transaction, it can now be executed to release the payment to the supplier.
Upon execution, the payment is sent to the supplier’s blockchain address.
After the transaction is executed, BlockPeer automatically passes the supplier payment journal entry.
This ensures that the accounting records are updated immediately after the crypto payment is made, saving time and reducing errors.
Security: Multisig wallets ensure that payments require multiple approvals, providing an extra layer of security for significant transactions.
Efficiency: Automating the supplier payment process via crypto reduces manual intervention, speeds up payments, and streamlines cross-border payments.
Accounting Integration: The automatic creation of journal entries upon payment ensures that the company’s books stay up-to-date in real-time.
Transparency: Detailed transaction context helps signers understand each transaction they are approving, reducing the chances of mistakes or fraud.
