Keeping track of crypto payments can be a hassle. Gilded Bills takes the chaos out of crypto payment documentation. Because Gilded is not in the flow of funds, payments must be executed manually by the wallet owner. However, Gilded Bills can still help facilitate payment by connecting your non-custodial wallet and providing the transaction hash for proper record keeping.
In this article, we'll go over the following:
Creating a Gilded Bill
Selecting a contact
Selecting payment details
Documenting payment
Navigate to the Payments tab in Gilded to trigger the drop-down menu. Select “Bills.” This will take you to the Bills homepage. Here, you can view a chronological list of past bills created and documented. This list will reflect the most pertinent information related to each bill: number, title, amount, date created, date due, status, and paid date (if applicable). Click on the information box to get a view of the corresponding bill with a live and up to date payment status. Alternatively, select the pencil icon to make applicable changes to any bills.
Creating A Gilded Bill
On the Bills homepage, click the “New Bill” button located in the upper right portion of the screen.
Step 1: Selecting A Contact To Pay
Select a recipient from your Gilded contacts list. If you do not have any contacts in Gilded, you can learn how to add them by checking out our article on this topic.
Scroll down to the bottom of the page and click the “Go to payment method” button to proceed to the second step of the payment request process.
Step 2: Setting Up Payment Details
Now that you have selected a recipient, you can now customize the bill to your exact specifications. Begin by typing in the reason for the bill. This can be a brief description, a title, or any identifying information that you prefer.
Next, choose a payment due date. You will notice that the default date is set for the current day. Clicking on the provided date field will trigger a calendar pop up that allows you to pick a specific due date. Alternatively, you can also select from the provided options labeled as “Today,” “Tomorrow,” “In a week,” or “In a month.”
Note: Click on the “Clear” button in the calendar pop up window to have the option of no due date.
You will next choose the base currency for measuring/pricing the actual bill totals. You can select from standard fiat currencies like USD, GPB, EUR, etc., but you also have the option to measure/price your bill by cryptocurrencies like BTC, ETH, Matic, etc.
Note: You will receive a message informing you that fiat price conversion to crypto happens at the time of payment for the best price accuracy possible. Check out our short article on how Gilded measures spot pricing.
You will next be prompted to select which tokens you would like to see. Gilded currently supports 30 of the most popular and widely used ERC20 tokens. You can choose from one or all of the provided choices.
After reviewing that all of your entered information is correct, click the “Go to details” button in the bottom right portion of the page to advance to the third and final step.
Step 3: Finalize Payment Details
On this page, you can include invoice description/title, quantity, unit price, amount, discounts, notes, and new line items. There are a few important items to take note of:
The unit price of your bill will reflect the base currency that you selected on Step 2 of the bill creation process. In our example, we chose USD.
If you choose to include a discount (optional), it will be measured in percentages.
You can add up to 8 total new line items to reflect the breakdown of multiple charges within a single bill. Click the “Add New” button to create a new line item. Don’t forget to include the description, quantity, and unit price for each new line item.
When adding a new line item, you also have the option to have the bill reflect previous charges such as a down payment, reimbursement, or voucher. This can be done by entering a negative value for the unit price (i.e. -10). The negative value will subtract from the subtotal to reflect any previous payments.
Any additional notes, descriptions, and relevant information can be included in the Notes section at the bottom of the bill.
Make sure to review all of your information to ensure that each is correct. After confirmation, click “Send Payment” to initiate and document the manual payment process.
If you are not ready to send, you have the option to save your bill as a draft by clicking the “Save Draft” button. Saved drafts can be found in the bill list located in the Bills homepage of Gilded.
How Would You Like To Pay?
You will next be taken to the payment page, where you will select from a list of the provided digital currencies. You have the option to send payment via the Ethereum or Bitcoin networks.
Paying On The Ethereum Network
If you choose ETH or any ERC20 token, you will have the ability to pay by connecting your non-custodial wallet (MetaMask, Ledger, etc.) or by entering the recipient’s address/QR code. If you choose to connect your non-custodial wallet, follow the prompts and enter your login credentials. You will then be able to execute payment from within your non-custodial wallet.
Note: Only the owner of the wallet can initiate payment. Gilded does not have access to your funds at any point in the payment process. Read more about our Security and Privacy Promise.
If you choose to pay by entering the recipient’s address/QR code, you will receive a warning informing and reminding you that ONLY ETH can be sent to Ethereum addresses. Sending non-compatable tokens or currencies to the wrong network will not only fail to reach the intended recipient, but will most likely result in a complete and irreversible loss of funds.
Copy the provided address of the contact/recipient to manually send payments through your preferred wallet/exchange. Use the payment amount as reference for how much digital currency to send. Once the payment has been sent and confirmed on the blockchain, make sure to enter the transaction hash in the space provided and click “Confirm Payment.”
You will be taken to the bill’s status screen. If you provided the transaction hash for the payment, your bill’s status will read as “Paid.” If you skipped the transaction hash verification, your bill’s status will reflect as “Unverified Payment” until the transaction hash has been entered.
Paying On The Bitcoin Network
Documenting payments on the Bitcoin network in Gilded must be done manually. This process is similar to the address/QR code method with Ethereum payments. You will first see a warning indicating that only BTC can be sent to BTC addresses. Sending crypto to the incorrect network or address will likely result in an irreversible and complete loss of funds.
Copy the provided address of the contact/recipient to manually send payments through your preferred wallet/exchange. Use the payment amount as reference for how much digital currency to send. Once the payment has been sent and confirmed on the blockchain, make sure to enter the transaction hash in the space provided and click “Confirm Payment.”
You will be taken to the bill’s status screen. If you provided the transaction hash for the payment, your bill’s status will read as “Paid.” If you skipped the transaction hash verification, your bill’s status will reflect as “Unverified Payment” until the transaction hash has been entered.
That’s it; you’re all done! Navigate back to the Bills homepage to see your newly created bill reflected in the provided listing. Additionally, if the wallet you used to pay the bill is connected to the Gilded platform, you can see all subsequent transactions in the Gilded Activity page.
Got a question? Contact our Customer Success team via the in-app chat at the bottom-right of your screen, or email [email protected]