How Web3 Analytic uses Loop to land and retain customers paying in crypto

TL;DR: Web3 Analytic lands and retains major protocol customers for its marketing analytics platform using Loop to enable crypto subscription payments across numerous chains and ERC-20 tokens.

Introduction

Web3 Analytic helps dApps to grow their user bases. Anonymity is a core tenet of web3; however, it makes the web3 marketer’s job challenging. It is hard to grow your user base, especially at the beginning if you can’t contact your users! 

Web3 Analytic helps solve this problem - protocols can find and understand their users. Founded in 2022 by Will McTighe and Mike Wu, they support teams like Perp Protocol and Vertex and have connected more than 300k social profiles to on-chain wallets. One of their biggest wins was helping a protocol onboard a client who deposited  $500k in their protocol.

Target Customer

Web3 Analytic’s target customers are protocol teams who are looking to attract builders and users to their protocols. These teams are often managing on-chain treasuries of a distributed native token, have raised funds in crypto, or earn revenue in crypto. As a result, they have the following needs:

  1. They do not want to off-ramp to pay bills. They prefer to pay for services in crypto. It is cheaper, faster, and reduces operational and accounting headaches. In addition, some teams may not be banked, so off-ramping is not even an option.

  2. They want to be able to pay for services using their native ERC-20 token. Protocol teams desire to have their token in circulation and use it to pay for goods and services.

Implementing Loop Crypto

Given the attributes of their target customer, Web3 Analytic knew they would need to offer a crypto payment option for their clients. While they could have had customers send funds directly to a wallet, Will and Mike were forward-thinking founders and wanted a solution that would scale for the future. Additionally, as a company with a Software-as-a-Service (SaaS) revenue model, they cared about: 

  • Making the process quick and seamless for their end customers. Most of their customers use multi-sigs and signing to pay each month was a cumbersome process for a pre-approved spend. Thus, they wanted a solution that would enable their customers to automate recurring monthly payments in crypto. They knew this would reduce churn and limit the amount of time they had to spend chasing down payments.

  • Collecting full payment. They wanted to ensure they got the full payment amount, on the right chain, and in acceptable tokens. 

  • Pricing flexibility. As an early-stage company, they wanted a solution that would allow them to iterate on their pricing model. This meant being able to quickly and easily create products with various pricing and payment frequencies.

  • Fiat and crypto in one place. The ability to manage fiat and crypto payments from one platform was another key consideration for Web3 Analytic when it came to customer payments. While protocol teams tended to opt for crypto payments, Web3 Analytic still had customers paying in fiat via Stripe. They wanted a crypto payment solution that could plug into Stripe so that they could see all their subscribers from one dashboard.

After meeting the Loop Crypto team who spoke at the a16z’s Crypto Startup School and learning about Loop’s Stripe integration, Web3 Analytic was ready to get started. In just a few minutes, the Loop team onboarded Web3 Analytic and enabled Loop’s Stripe integration for them. This allowed Web3 Analytic to continue managing all of its products in Stripe and have crypto checkout links automatically generated in Loop. Web3 Analytic could then simply send the Loop checkout link to their customers to allow them to authorize crypto autopay. 

“Web3 native protocol teams have funds in crypto that they need to use to pay for services like Web3 Analytic. Loop makes it easy for us to get paid in crypto. We simply send a checkout link to our customer, they set a payment authorization for autopay in seconds, and then the payments process automatically month after month.” - Will McTighe, Co-founder of Web3 Analytic

Sending a checkout link is as easy as sending a wallet address but with the added benefit of enabling customers to set up autopay and capture transaction data automatically. This dramatically reduces manual work down the road and removes the headache of reconciling transaction hashes.

Impact of Using Loop Crypto

The most important impact of using Loop is that it has allowed Web3 Analytic to grow revenue by landing critical clients who needed to pay on specific networks or in a specific native token. For example, when working with Kwenta, Web3 Analytic needed to accept payment on Optimism. Loop was able to quickly add support for Optimism in a matter of hours, enabling Web3 Analytic to close the deal with Kwenta. 

Loop’s multi-chain support has also been critical for Web3 Analytic as they currently have customers paying on Ethereum, Arbitrum, and Optimism. Loop also supports Polygon, BNB Smart Chain, and Base. About 20% of Web3 Analytic’s clients pay them in crypto. With Loop, they can serve web3-native protocol teams and cater to their particular payment needs.

Another key benefit of using Loop has been saving time. Loop’s crypto autopay eliminates the need to spend hours every month sending reminders and chasing down payments. The average Loop user authorizes and pre-schedules 7 months' worth of payments, and 40% of users authorize for the entire year. If Web3 Analytic were using a simple checkout front-end like Coinbase Commerce that does not offer autopay, they would be wasting hours a month on manual follow-up. Loop also offers a Customer Portal, making it easy for customers to manage their payment authorization and always stay in control of their funds, which is one of the key benefits of web3 payments over web2.

The Stripe integration also saves Web3 Analytic time because it means they have one source of truth where they can manage all of their subscribers. Aggregating all invoices and payment data in Stripe makes accounting significantly easier and less time-consuming.

Ultimately, this combination of being able to grow revenue and save time has been a critical tool for Web3 Analytic as they scale their operations and prepare for their next phase of growth. To learn more about Web3 Analytic and how you can utilize their solution to better understand your web3 users, check out their website.

If you’re focused on growing revenue among a crypto-native client base, let’s talk. Loop can help you close deals and automate your payment operations. We’ll have you onboarded in minutes during a quick onboarding call.

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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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© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.