What is Loop again?
Loop is a protocol that enables crypto autopay. Transactions in web3 are pushes. Users initiate each send. This means every time your customer wants to make a payment, they need to return to your website, locate your wallet address, and then click send. For the individual user, this is annoying, but for multi-sig wallets, it is unsustainable when you need to coordinate multiple signers every pay period.
With all that friction, it is no surprise that subscription businesses manually collecting crypto payments find customer churn can be double for users paying in crypto as compared to fiat. Beyond the insanely high churn, businesses are spending countless hours following up on and reconciling manual crypto payments.
Subscription businesses manually collecting crypto payments find customer churn can be double for users paying in crypto as compared to fiat.
We set out to fix this broken experience; hence the birth of the most adaptable payment system enabling crypto autopay. We’re still in the early days, but as the results of our closed beta come in, we’re seeing lower churn and businesses saving 10+ hours a month on payment collection activities. Businesses trust Loop to handle their billing needs, and they’re seeing the results.
Loop unlocks superior product experiences. We do this by providing a suite of APIs, tooling, and smart contracts that fit into your current process and enable your customers to turn on autopay — removing the headache of recurring payments for everyone. Users always maintain control over their assets while eliminating the need to sign every recurring transaction.
We believe in a decentralized, interoperable future — one where global commerce (both goods and services) is increasingly peer-to-peer, and users are more in control of their assets, including their data. We are focused on automating crypto transactions to accelerate this future. You can read more about this in our first post.
What have we built?
For web3 to get there, it needs to not only be 10x better but also meet people where they are. The road to this future comes in steps, and the best solutions adapt to the present but are built for a fundamentally better future. This vision coupled with understanding the needs of our customers has informed what we are building today.
So what have we built in the last 6 months…Quite a lot!
The chart below lists some of the key features, but at a high level, we’ve built a full payments suite for businesses to accept crypto that fits in with your current processes, whether 100% of your customers are paying in crypto or just a few.
Loop is adaptable and seamlessly integrates with your existing payment systems. For example, if you utilize a pay-per-use pricing model, you can plug Loop into your existing billing system, like Stripe or Amberflo, to calculate and generate invoices. Once a payment is made through Loop on-chain and sent to your wallet (at an exchange or non-custodial), it’s reconciled automatically into that system. You can accept a wide range of ERC-20 tokens, or use Loop to immediately swap into USDC or off-ramp to fiat. This is particularly compelling for those serving DAOs (we’re multi-sig compatible!) and want to support those communities.
We’ve built everything you need on the front-end out of the box to collect your first crypto payment in minutes, such as a customizable checkout page and dashboards for you and your customers to manage subscriptions.
Underneath this user-friendly front-end is a powerful back-end that includes payment processing for any type of payment model, automated dunning flows, integrations, and notifications. We’ve built all this tooling so you don’t have to!
Loop supports a wide range of use cases. This includes SaaS businesses that want a simple platform to accept crypto payments, creator platforms looking to enable subscriptions, credit cards requiring crypto autopay, and much more.
Who should join our beta?
1) Subscription businesses that need a full payments suite for accepting and managing crypto payments
Loop payments are different from other on-chain payment methods. With Loop, companies can use any subscription model (e.g. pay-per-use, pay-per-seat, fixed amount, etc.) and allow for subscription payments to take place with any frequency (i.e. first of the month, when a new seat is added). Here are some example companies perfectly suited for Loop:
If you’re a web3 community looking to manage your members, we can also help! Loop works in conjunction with asset-gating to create sustainable communities.
2) Applications that need to embed crypto autopay functionality
From treasury management platforms automating employee payouts to credit card companies enabling autopay in crypto, Loop’s flexible payment rails can power any transaction automation. If you have a front-end application and want to enable autopay, you can use Loop for the back-end payment processing. Some example applications could include:
If you fall into one of the categories above, let’s talk! We’ll collect a few requirements from you during an introductory call, and then implementation takes just a few minutes. We look forward to hearing from you!