How UrsaDeFi works
How it works
- Sign in and create an invoice. You sign in with Xaman, the XRPL wallet app, so there's no password. Bill in US dollars, with line items for the work. Invoices start at $25 of service amount.
- Your client pays on the XRP Ledger. Your client pays by approving an XRPL payment in Xaman for the invoice total. RLUSD is the default settlement asset, and USDC and XRP are also supported. UrsaDeFi checks the XRP Ledger and marks the invoice paid automatically once the payment appears in a validated XRPL transaction. You can also mark an invoice paid by hand; the 1% fee is still due either way.
- Settle the 1% fee. After your client pays, you send the 1% fee to UrsaDeFi as a separate XRPL payment, signed in Xaman, in RLUSD (default) or XRP. The platform fee is 1% of the service amount, rounded to the cent, with no minimum fee.
FAQ
What is UrsaDeFi?
UrsaDeFi is an invoicing app on the XRP Ledger. UrsaDeFi is for creators and freelancers who want to bill clients in US dollars and get paid on the XRP Ledger. You sign in with Xaman, the XRPL wallet app, so there's no password. RLUSD is the default settlement asset, and USDC and XRP are also supported.
Who is UrsaDeFi for?
UrsaDeFi is for creators and freelancers who want to bill clients in US dollars and get paid on the XRP Ledger. You create the invoice in US dollars, with line items for the work, and your client pays on the XRP Ledger.
How do I sign in to UrsaDeFi?
You sign in with Xaman, the XRPL wallet app, so there's no password. Every UrsaDeFi sign request shows up in Xaman, where you approve or decline it. Read the amount, the asset and the destination before you approve.
Which assets can I get paid in?
RLUSD is the default settlement asset, and USDC and XRP are also supported. To receive RLUSD or USDC, your wallet needs a trust line for that token. If your client pays in XRP, the XRP amount is based on a live XRP/USD price.
How much does UrsaDeFi cost?
The platform fee is 1% of the service amount, rounded to the cent, with no minimum fee. Invoices start at $25 of service amount. For example, on a $100 service amount the fee is $1.00.
Who pays the 1% fee?
Your client pays the invoice total, which is the service amount plus the 1% fee. After your client pays, you send the 1% fee to UrsaDeFi as a separate XRPL payment, signed in Xaman, in RLUSD (default) or XRP. For example, on a $100 service amount your client pays $101.00, and you then send the $1.00 fee. You pay the fee in RLUSD (the default) or in XRP at the live price; USDC is not accepted for the fee.
Is there a minimum invoice amount?
Invoices start at $25 of service amount. The minimum is checked on the service amount, before the fee. There is no minimum fee.
Does UrsaDeFi hold my funds?
Client payments go wallet to wallet on the XRP Ledger. Your client's payment is sent to the wallet address on your invoice. You sign in Xaman. UrsaDeFi doesn't receive your keys.
How does my client pay an invoice?
Your client pays by approving an XRPL payment in Xaman for the invoice total. They can pay in RLUSD, USDC or XRP; RLUSD is the default. The amount and the destination come from the stored invoice, not from anything the payer types. You send your client the private pay link for the invoice; it opens a page that shows the invoice and a button to pay in Xaman. The link is private, so share it only with your client.
How does UrsaDeFi know an invoice is paid?
UrsaDeFi checks the XRP Ledger and marks the invoice paid automatically once the payment appears in a validated XRPL transaction. You can also mark an invoice paid by hand; the 1% fee is still due either way. A payment is counted only once it appears in a validated ledger transaction.
If my client pays in XRP, how much XRP do they send?
If your client pays in XRP, the XRP amount is based on a live XRP/USD price. The invoice is priced in US dollars, and the XRP amount is worked out when the payment request is created. If no live price is available, UrsaDeFi refuses the XRP payment and suggests RLUSD or USDC.
Do I need a trust line?
To receive RLUSD or USDC, your wallet needs a trust line for that token. XRP needs no trust line. RLUSD and USDC are issued tokens on the XRP Ledger, so your wallet has to hold a trust line before it can receive them.
Can I try UrsaDeFi before I sign in?
You can try UrsaDeFi in a demo first, and demo data never reaches the database. Each demo gets its own demo wallet id, so no two visitors share data.
Can my client pay from an exchange like Kraken?
Yes: each invoice has its own XRPL destination tag for exchange payments. Paying with Xaman (scanning the QR code or tapping Pay) needs no tag, because the app adds it automatically; the tag is only for exchanges or other wallets. Many exchanges typically send only XRP, so your client withdraws XRP on the XRP Ledger network, pastes the receiving address, enters the destination tag exactly and sends at least the XRP amount shown. UrsaDeFi then finds the payment by its destination tag and checks it against a validated XRPL transaction. Less than the amount due isn't counted as paid; paying more is accepted. Without the destination tag, the payment won't be matched automatically, and you can mark the invoice as paid by hand. The 1% fee is still owed either way.
Does UrsaDeFi give tax advice?
UrsaDeFi doesn't give tax or legal advice. For questions about your own taxes, talk to a tax professional.