Subscriptions
Collecting crypto subscriptions on-chain can be done in 5 simple steps. These steps can be completed via our dashboard (no-code) or via our SDK / API calls.
1. Create a subscription
On the company dashboard, on the "subscriptions" page, companies can add a new subscription product using the form. When creating a subscription, you are able to select which tokens you want to accept by network, and you can elect to enable auto-invoicing, among other fields.
Once a subscription is added, the subscription will be included in the table and a hosted checkout page will automatically be generated.
2. Collecting authorization
Loop provides a custom checkout page for each item with the type of "subscription, donation, and fee". This page can be sent directly to the end customer via email, telegram, or an externally generated invoice or it can be embedded directly on your site in a "pay with crypto" button.
3. Invoice
Once you have authorization to bill a customer, you can then schedule payments. You can choose to auto-invoice or bill manually.
Auto-invoicing
This is best for companies that have fixed payment amounts and dates (i.e. $30/mo every month).
Loop will automatically generate the next invoice for subscriptions and one-time payments (called items) with auto-invoicing enabled based on the item's payment frequency and amount specified.
Manually
This is best for companies who may have changing payment amounts and dates and thus require flexibility in scheduling payments or are using Loop to schedule outbound payments.
Companies generate an invoice (called a transfer requests) on our company dashboard via the invoice button on the Customers page. Here you can type in the details of the invoice and schedule the payment.
4. Configuring webhooks and granting access
Loop uses webhooks to notify you of events. You can configure these webhooks to go to Slack, Airtable or Discord to be notified immediately of a payment by simply providing an endpoint.
The AgreementSignedUp event lets you know that a wallet provided authorization to be billed - it does not mean you have been paid yet, but it does indicate the user has set an allowance for payments.
The TransferProcessed event is the payment notification and indicates funds have been sent to the receiving wallet.
Granting access
You can use the wallet address, email, or a reference ID provided in either of these events to provide access to your system.
Even with immediate invoicing, there will be a delay between the webhook events, as the transaction must be confirmed on-chain. Companies can decide to grant access based on the AgreementSignedUp event and take action if you do not hear about the TransferProcessed event within a certain amount of time, (e.g. show a warning, etc.). We built Loop to be flexible, so companies can decide how "aggressive" they want to be about payment confirmation.
There are a few reasons why the TransferProcessed event would not occur:
The wallet does not have enough balance to cover the payment
The wallet does not have enough token allowance to cover the payment
The transaction is stuck in the mempool
Loop's relay network is down
Wallet amount and balance information can be found on our company dashboard for all active subscribers if you are troubleshooting a late payment.
5. Cancellations
Customers can cancel a subscription either:
directly with the end company and the company can cancel the customer on Loop's dashboard on the Customers page or
the customer can cancel directly on Loop's Portal.
Regardless of method, Loop will emit a AgreementCancelled events that can be used to manage the end customer's access.
When a subscription is canceled, all future scheduled invoices will be cancelled but any currently due invoices will not be. Companies can cancel these scheduled payments without code by canceling the transaction on the company dashboard.
Companies can listen to webhooks to subscribe to events about customer-initiated cancellations.
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