TL;DR: Loop supports net payment terms for invoicing with it’s new payment scheduling feature.
At Loop, we’re on a mission to help you get paid on-time. One of our core beliefs is that for mass adoption, crypto payments must provide superior benefits and functionality compared to web2 payments. In line with that belief, we’re excited to announce our crypto payment scheduling feature.
Now, our invoicing payments page allows your customers to schedule their crypto payments, removing the need to remember to pay you on net payment terms and increasing your on-time payment rate.
Our payment scheduling feature offers an additional benefit to web2: scheduling transparency. Once your customer schedules the payment, you will be able to see the scheduled date 🤯. No more bugging your customer to see if they are going to pay the bill.
This feature is available invoices created directly in Loop or via one of our integrations with Stripe, Quickbooks, or Xero.
Historically, the challenge with generating an invoice to be paid in crypto has been the operational and manual work required to confirm who paid you and then decipher which invoice they paid you for.. For most companies, this has been done manually and takes hours chasing down customers for transaction hashes. With our integrations, we fully automate this process, from payment notification to closing the invoice. As soon as the payment is made, the invoice is automatically marked as paid and the transaction hash is stored in the invoice.
As we began working with more companies who were managing invoices paid in crypto, one feature request that kept arising was the ability to facilitate net payment terms. In short, net payment terms “refers to the amount of days the buyer has to pay up.” (There is a nice explainer from Checkout.com for those who want to learn more). The terms usually range anywhere from 30 to 90 days. For example, with net 30 payment terms, a customer can buy something today but only needs to part with the cash 29 days later.
In the world of accounts payable and accounts receivable, there is a constant tug of war. Savvy businesses try to utilize payment terms to preserve cash as long as possible, and companies on the receiving end try to ensure all the money owed to them is collected on time. Unlocking the ability to schedule a payment solves this challenge. In a survey from The Balance, 98% of businesses reported automation is key for streamlining their payables process.
With Loop, customers who receive an invoice can now schedule a payment, setting the date when they want the funds withdrawn from their wallet to pay off an invoice. For an invoice with net 30 terms, this means the customer can schedule the payment at any time within that 30-day window. This simplifies the customer’s workflow and removes the need to separately track when they should make a payment. They receive an invoice with a Loop crypto payment link and can then immediately schedule the payment for either today or in the future.
For companies on the receiving end, payment scheduling provides visibility into when their customer is going to pay, unlike with fiat payments where companies have no idea when a payment will be made. For an invoice with net 30 payment terms, accounts receivable teams would typically spend the whole 30 days guessing when the payment would come in. Once the 30 days were up, they would have to start chasing the customer for payment. With the ability to schedule a payment in crypto, the company can now see when the customer has scheduled the payment and ensure the payment will be received within the agreed-upon payment terms. If there is an issue with a late payment, Loop automatically generates late payment notifications for customers and will notify you of the issue. For customers scheduling payments, they’re able to access Loop’s Customer Portal where they can see all of the payments they have scheduled.
For customers paying an invoice using Loop, they will now see an option to pick a date for payment as shown below. For customers who want to pay immediately, they can simply select today’s date.
For companies using Loop to manage invoice payments in crypto, they will see all scheduled payments within the transactions page of the Company Dashboard. By navigating to the “Upcoming” tab, they can see payments that have been scheduled into the future and can then ensure customers are adhering to their payment terms.
If you’re ready to add payment scheduling to your invoicing process, let’s talk. Setup only takes a few minutes.
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Loop Crypto
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.
Loop crypto is programmable payments.
Are you ready to supercharge your payments? Book a call with Jeff, our Head of Business Operations, or head to our docs to learn more.
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