Items

Items are the object that a payment is associated with. An Item type can be a subscription or a one-time payment.

Items can be created via the API, the Company Portal, or they can be imported from a 3rd party integration (e.g. Stripe, Chargebee). By default, each item will accept all tokens that were configured when the contract was deployed. This default token list can be overridden by specifying a subset of that list per item.

Auto-invoicing

Items can be set to "auto-invoicing" and Loop will automatically generate the next invoice for all agreements that exist with the item using the payment frequency configured for the item. In order to use the auto invoicing feature, delegated signing must be turned on for the entity and an inbound treasury wallet (where funds will be directed) must be configured.

Once auto invoicing is turned on for an item, you can turn it off again, but do not turn it back on a second time. If you do, the next auto invoice will be generated from the last manual invoice which could be far in the past.

When using the auto-invoicing feature for a subscription item, Loop will set a suggested allowance. The suggested allowance is meant to prompt the customer to set a high enough allowance for multiple payments. You can always adjust the suggested allowance with the defaultSpendingCap parameter. The customer can also override the suggested allowance in their wallet.

The table below details the suggested allowance that Loop defaults to depending on the frequency of the subscription chosen. For example, a $5 item with a monthly frequency would have its suggested allowance set at $65 ($5 *13).

Frequency type	Number of payments charged	Duration of payment charges [1]
Hour	24	A day
Day	30	A month
Week	26	Half a year
Month	13	One year + a month
Year	3	Three years

[1] Note that the “duration” in the column assumes the frequency.value multiple is 1 , but will vary based on the frequency multiple. For example, if an item is being billed every other day (frequency.value: 2), then the duration would actually be "two months" (30 * 2 * amount)

Stripe / Chargebee Integration

If you enable a Stripe or Chargebee integration, all tokens in the contract will automatically be applied to any product or plan pulled into Loop. However, you can modify the list of accepted tokens for a given subscription by editing the subscription on the Company Portal or via API call.

Disabling items

Items that are disabled will no longer allow wallets to provide authorization. Any existing agreements will continue to be able to be billed and auto-invoices will continue to be generated.