Payment methods

The paymentMethod defines the walletAddress, network and tokencombination a User pays a Merchant with.

A payment method can be utilized to take payments without requiring the User to connect with wallet again by passing thepaymentMethodId into the payin request.

Currently payers can only have 1 payment method. We are adding functionality to enable more than one payment method per User.

Status

Before a payment is due you can check if the status of a payment method's balance and authorization levels. You can use this information to preemptively tell the payer that there is an issue with their payment that may result in it not being processed.

You can do this using the GET payment method endpoint by passing in the paymentMethodId that is found in the event response to initial payment in the Pay widget. If you need to retrieve the paymentMethodId you can use the List payment method endpoint.

The endpoint's response will include a status object with the balance and authorization amounts. These amounts are in the token amount and pre-formatted for token decimals. For stablecoins, like USDC and USDT, the token amount is equal to $1. For all other tokens, you will need to convert to the fiat amount yourself. You can use a data feed, like CoinMarketCap or 0xMatch, to get the exchange rate.

Handling insufficient token balance

It is up to the end User to add more money to their wallet.

Handling insufficient authorization

While the Pay component prompts the User to set a high enough authorization to cover future payments, a savvy end User may know how to change this authorization themselves by sending their own transaction to the given blockchain network. The ability to manage this authorization amount is a core feature of blockchains and cannot be overridden by Loop.

If a User needs to increase their authorization, you can use the Pay component to provide a place for Users to adjust their authorization amount.