How Loop works
The most flexible payment solution
Loop Crypto offers a suite of no-code tooling, APIs, and smart contracts powered by a relay network that simplify collecting and scheduling crypto payments. The architecture enables companies to implement any payment model (e.g. pay per use, pay per seat), coupons, free trials and many payment use cases (e.g. loan repayment, autopayroll, subscription platforms, etc).
Inbound payments
Provide our checkout page or widget to payer who provides authorization to be charged and receives an email confirmation of the authorization
Payments are scheduled with Loop adhering to our trust preserving model
This can happen via the payment management system that automatically generates the next invoice or manually using our dashboard or APIs
Our relay network monitors the scheduled payments, waiting for a payment to become due. Until the due day, payments can be modified or canceled. Once the payment is picked up by a bot, the payment is executed on-chain
The open invoice is marked paid in the payment management system (i.e. Stripe, Loop, etc) with the transaction hash saved in the closed invoice
Loop repeats. 😉
If enabled, Loop will send webhooks notifying companies of key events and emails to the end payer with receipts and payment reminders.
Outbound payments
Loop provides an easy to use "schedule payments" page to set up outbound payments.
The paying wallet provides authorization to spend. This wallet can be a multisig or an EOA and the authorization is often large enough to cover several months of payments
Choose the payment dates, receiver wallets, token, and other payment details to schedule the payments. Here you can add tags and notes to help track the payments
Our relay network monitors the scheduled payments, waiting for a payment to become due. Until the due day, payments can be modified or canceled. Once the payment is picked up by a bot, the payment is executed on-chain
The scheduled payment is marked paid in Loop
Loop repeats. 😉
Web 3 > Web 2 payments: authorization to spend
Loop works similarly to web2 payments: end users provide authorization to be charged and then companies schedule payments. Unlike web 2 though, companies have greater insight into whether a payment will successfully take place and end-users have more control over the authorization amount.
Troubleshoot issues before they happen
Loop sends reminders to customers letting them know a payment is due. Because we can see the payer's wallet balance and authorization level, we are able to notify the end-user of a payment issue before it happens. We are also able to tell companies about this so they can react. We make this information easily available on our company and customer dashboards.
User control around authorizations
When an end payer provides authorization, they are able to set spending limits. These limits put control back into the hand of the payer. End users can set the limit to cover just the first payment or enable enough for future payments. Regardless of their choice, payers can easily use Loop's portal to manage their authorizations.
Additionally, we use clear language and a simple UI to educate end-users setting up payments, leading most payers to choose to authorize an entire year's subscription amount.
Getting setup is fast and simple.
We create your Loop account or integrate with your fiat provider for you.
We automatically pull in all your products from your 3rd party subscription management platform or provide you with a no-code dashboard to add products or create one-time invoices.
We handle reminding customers of their next payment and troubleshooting missed payments before they happen.
We provide the data you need to understand on-chain transactions.
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