Loop Crypto’s checkout takes the hassle out of paying with a multisig wallet, such as Gnosis Safe. By using Loop for checkout, multisig owners can “turn on autopay,” so they do not need to go through the cumbersome multisig transaction signing process each time they want to make a subscription payment.
This guide will walk you through what to expect when using a Gnosis Safe wallet with Loop Crypto. At a high level, Loop allows one signer on the multisig to initiate the transaction through the checkout. The other signers are then notified of the transaction via the Safe app to then provide their signatures. Once all signers have acted via the Safe app, the payment will be processed on chain.
These instructions assume that you have arrived at a Loop checkout page or widget as you look to purchase a product or service. Before you connect a wallet, you will begin by selecting the network and token that you would like to pay with. For example, you may want to pay with USDC on Polygon or DAI on Optimism. Ensure that the Safe wallet you intend to use is deployed on the same network. If you do not have sufficient tokens for the first payment, the checkout flow will show you an insufficient funds message once you connect your wallet in the next step.
In order to use a multisig wallet, you will start by connecting the EOA wallet that you use as your signer wallet for the Safe.
Start by clicking Connect wallet. You will then see the option to connect a browser extension EOA wallet like a Metamask or Coinbase wallet. You can also use WalletConnect to connect a variety of other wallets.
Once you have connected your EOA wallet, you will notice there is a message in the grey box that says "Safe wallets available." The Safes where your EOA is a signer will be shown below. You can use any of those Safes for checkout. In the example below, you will see that the EOA wallet 0xd5f3... is the signer for one Safe wallet with the address 0x9051... If you do not see any Safe wallet addresses shown, confirm that you are on the correct network and using the correct EOA wallet.
To use a Safe wallet that is shown, simply click on that wallet address. Once you do so, you will see a label appear next to the EOA address. This label will say "proxy" as shown in the image below. Once you have selected the Safe you want to pay with, click Continue.
The next step is to enter your email address. This allows Loop to notify you when the other signers on the wallet have completed their transactions. Once you’ve entered your email, click Save and continue.
Move back over to your Safe Wallet where you will be prompted for a signature to confirm Loop Crypto's Terms of Service. Once all required parties have signed, head back to the Loop checkout page.
Finally, you will select the number of payments you want to authorize. If you are signing up for a recurring monthly subscription, Loop will typically default the number of payments to 12. This means that for a $10 subscription, you will authorize $120. Each month, Loop's autopay functionality will spend down that authorization as $10 is moved from your wallet to the company's wallet as payment.
The benefit of web3 is that you are totally in control of this authorization. It can be increased or decreased at any time via Loop's Customer Portal. For users paying with a Safe multisig, the major benefit of Loop is that you can authorize multiple payments at once, such as 12 payments for a monthly subscription. This reduces the need to go through the hassle of coordinating all of your signers to pay for the same service month after month.
After you've selected the number of payments to authorize, finish the checkout process by clicking Pay.
Now that you've completed the checkout, it's time for your fellow signers to do their part. Within the Safe app, each of the remaining signers will receive a notification about a pending transaction within their queue. Once the requisite number of signers have completed their part, the payment transaction will be executed on chain. At this point, you will receive an email notifying you of the successful transaction.
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About Loop
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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