How to receive and invoice bitcoin in SAP - Proof of Concept

[Koni]

Integrating Bitcoin Transactions into SAP with BTCpayserver

In this post, we'll explore how to receive and invoice your customers in Bitcoin using the open-source software, BTCpayserver.

A key advantage of BTCpayserver is that it allows you to maintain complete control, eliminating the need for a third-party custodian to manage your Bitcoin wallet.

For a clearer picture of where this solution stands on the self-sovereignty spectrum in terms of counterparty risk, refer to Andrew Lunde's insightful visualization:

This visualization is taken from @andrew_lunde  blog post.

On the self-sovereignty spectrum, this solution is located on the two right spots.

• You can secure your own keys (you are your own custodian).
• You can take care of channel management yourself.
• You can use the bitcoin blockchain for final settlement.
• You are also able to use the Lightning Network for the invoicing (instant and low fee settlement).

Below is a glimpse of the working interface (note: values have been modified for privacy):

When you enter an email address in the invoice creator, it automatically sends an invoice to your customer. Here’s a preview of what your customers will see upon opening the email:

One standout feature is the highly customizable checkout screen. Customers can make payments on-chain or through a lightning wallet, as the QR codes support both protocols.

Main use case

Picture this: You're an accountant at a multinational company, operating across several sales organizations. The CEO has decided to embrace Bitcoin as a payment method, aiming to attract a forward-thinking customer base (envision a strategy akin to Tesla's). Traditional payment providers are off the table due to high costs, and adding another third-party service would only compound compliance complexities.

In your diverse locations, tech expertise varies; not everyone is adept at setting up a wallet or managing Bitcoin transactions. What you need is a streamlined solution allowing your team to invoice in Bitcoin effortlessly, without getting bogged down in exchange rate calculations, Lightning Network channel management, or accessing the company's Bitcoin wallet.

Seamless integration with SAP is key for a smooth and rapid deployment.

Our goal? Simplicity. Customers should receive an aesthetically pleasing invoice that's easy to interact with. Moreover, every aspect of the payment process, including documentation, needs to be meticulously handled.

The ultimate aim is to empower various sales organizations within your company to invoice their customers in Bitcoin, all funneling into a singular, centralized wallet for ease of management.

Outlook

There are more functionalities and possibilities to be excited about. A few I can think of that are cool:

• Customer Bitcoin Refunds
• Tax Deductions with Split Payments
• Automated bitcoin payments 

Want to discuss Bitcoin further? Feel free to send me a message! 

Or would you like to try it out yourself in your SAP environment? Follow me on my github below, will post more there soon.

Sources:

Andrew Lunde´s blog post:
https://community.sap.com/t5/technology-blogs-by-sap/thoughts-on-bitcoin-etfs-and-the-sovereign-ente...

My github:

https://github.com/konigra99