At its core, Loop is a crypto payment processor, enabling companies to offer a seamless checkout experience and automation for recurring or one-time crypto payments. Loop recently had the opportunity to work with Assure DeFi, a leading KYC provider in web3. With Loop, Assure was able to collect one-time crypto payments and deliver a simple and efficient payment experience that delighted end users and saved days of manual reconciliation work.
TL;DR: Collecting one time payments in crypto at scale is time consuming because it is highly manual; Loop enables companies to automate this entire process.
A new layer 1 project, Vulcan Blockchain, sought out Assure for their KYC services as the Vulcan team prepared to launch their mainnet. This meant that Assure would need to accept crypto payments and provide KYC services for 500 node validators over the course of just a few weeks. Assure’s business advantage is that they can move fast and conduct high-quality verifications quickly. In the past, their bottleneck had been collecting payments at scale.
"Traditionally, we would send a one off invoice manually, wait for it to get paid, and then track down the transaction hash. It blows the team's mind in terms of what we're doing with Loop."
As described above, the Assure team would manually create an invoice, send it to the end customer, wait for payment, and then have to ask the customer for the transaction hash to be able to confirm payment. To onboard 500 node validators, they were going to need to bring automation to their crypto payment flow.
By using Loop, Assure was able to leverage Loop’s hosted checkout page, webhooks, automatic receipts, and transaction metadata to build an automated process that provided them with peace of mind and eliminated tons of manual effort.
To do this, Assure created a product in Loop for their KYC services, defining the product name, amount, accepted tokens, and networks. Assure then allowed customers to purchase this product by embedding the hosted checkout page on their website.
Using the checkout page, end-customers connected their wallets and provided authorization to spend. After the contract received approval to spend, Assure leveraged Loop’s auto-invoice feature to automatically generate the invoice and process the payment. The whole flow took just a few minutes.
After a customer signed up, Assure received a webhook letting them know of the wallet and email address that successfully paid. Assure was able to write an application that used this webhook to then mark the user as paid, begin their KYC process and ultimately move the user on to the next step. In the past, this step would have been manual - asking the customer to send the hash for their transaction and then tying the wallet to that transaction. But since Loop has all the transaction metadata natively captured, Assure was able to automate this entire process.
"Loop gave us peace of mind that payments would go through, the webhooks would work correctly, and then our users would be able to access our product without us needing to do anything. It's incredible value, especially the fact that this is all with crypto."
Lastly, building trust in the process among the node validators was critical. Assure also utilized Loop’s automated emails to provide transparency around the crypto payment process. Customers received both a notification of the approval to spend as well as a receipt to the email they provided when the crypto payment processed on chain.
The successful onboarding of hundreds of verified node validators has the Vulcan community energized and ready for the mainnet launch. For Assure DeFi, they now have the tools to tackle other large KYC projects knowing that their automated crypto payment flow allows them to operate at scale. Days of manual reconciliation work have been eliminated, and they can now handle one-time or recurring crypto payments with a simple checkout experience.
Are you looking to bring automation to your crypto payment experience? Loop Crypto helps businesses automate recurring and one-time crypto payments. Whether you're a business getting paid in crypto or a DAO looking to schedule crypto payments, the Loop protocol is designed to meet your use case. To get started with Loop, reach out here.
Loop Crypto makes it simple to collect and pay in crypto by allowing companies to turn on autopay and schedule payments. Built by web3 veterans, Loop unlocks payment automation to reduce customer churn and eliminate time-consuming payment collection and follow-up. By connecting on-chain and off-chain data, Loop streamlines invoice reconciliation, accounting, and fits seamlessly into your financial stack.
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Assure DeFi is the pioneer and market leader of project KYC verifications in the crypto space. An Assure DeFi KYC adds trust and credibility to Web3 projects while also boosting visibility. Project founders rely on Assure’s data integrity and anonymity promise, key tenets of the crypto culture; while its market leading Gold Standard Verification empowers investors and collectors with an unmatched accountability chain and active recourse support. A US registered LLC, Assure DeFi™ serves to reduce fraud and provide credibility to legitimate innovators, with a broad vision of creating a more investable blockchain.