Automate your payment reminders

Introduction

Following up to remind customers to pay is a pain. No wants to spend time chasing down customers for payment. That's why at Loop we've automated all of your payment reminders, receipts, and late payment notifications. With Loop's automations, even Loop's smallest clients save over 10 hours a month by eliminating manual efforts to follow up on upcoming payments and late payments.

In the sections below, we detail how our automated notifications work.

Autopay enabled

Loop sends a custom branded notification for companies that notifies a user that they have enabled autopay when a wallet provides authorization to a Loop smart contract (i.e. an agreement is made). This lets the user know that they have turned on autopay and will have crypto payments automatically withdrawn from their wallet when their next payment comes due.

Successful payment

Loop sends custom branded receipts for companies that include the transaction hash and relevant payment information when a transfer occurs on-chain.

Digest: Reminders

Payers will receive an email reminder on Sundays that includes the upcoming transactions due that week across all companies a wallet has configured with Loop. For users to receive the digest, Loop must know about the payment on the previous Sunday before the due date.

Billing requests must be sent at least 3 days prior to the intended billing date for reminders to go out. If the bill is received less than 3 days prior, no notification will go out. Thus, subscriptions with daily auto-invoicing will not receive a notification.

For companies using Loop's Stripe integration for subscriptions, note that Stripe only finalizes invoices 24 hours before they are due. As a result, Loop creates a draft invoice after the last invoice is paid with the expected next invoice amount. Throughout the month, Loop monitors the subscription details and updates the draft invoice as needed. Loop uses the details of this draft invoice for sending email reminders.

Digest: Potential missed payments

We will send a daily email that includes all the upcoming transactions due within the next 48 hours that do not have enough balance and/or allowance, and thus require an action from the payer wallet for the transaction to take place.

Late payment

If the payer's wallet does not have sufficient funds or their wallet's balance is too low, the payment will not be processed. In this scenario, we will send a "late payment" email when the payment date has passed. The first notification will be sent 5 minutes after the payment is due but is not processed.

The bot will continue to attempt to process the payment unless the customer or the company cancels. If the customer cancels on the Loop Portal, Loop will send a webhook notifying the company, mark that subscription as cancelled, and automatically cancel future billings. If the customer cancels on the company's end or the company cancels the customer, then the company needs to notify Loop by cancelling the subscription.

We are building a "retry" feature, so cancellation can happen automatically after a configured period of time, if the end customer doesn't increase their balance/allowance during that time. In the future, companies will be able to configure how long this "retry" period will last.

Cancellation

Customers will receive an email confirming the cancellation of any authorization.

© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.