InnMind implements Loop for crypto autopay

TL;DR: InnMind implements Loop Crypto to streamline the process of collecting crypto payments while maintaining the flexibility to experiment with their pricing model.

Introduction

We are excited to announce that InnMind has implemented Loop Crypto to enable crypto subscription payments and one-time payments for its customers. InnMind is a global platform designed to foster connections between web3 startups and investors. The platform allows startups to showcase their products and traction while investors can unlock a trove of thousands of data points on some of the most interesting companies in the web3 ecosystem.

With its global reach and a web3-native audience, InnMind needed a checkout solution that would allow it to accept payment in crypto for subscriptions and ensure they were paid on time without any additional effort. With Loop, 96% of recurring subscription payments are processed on their due date since Loop natively overs crypto autopay. These results, plus several other factors detailed below, led InnMind to turn to Loop Crypto to facilitate crypto payments on its platform.

Background on InnMind

Founded in 2015 by Nelli Orlova, InnMind is a leading platform for web3 startups and investors. InnMind is short for “Innovative Mind.” From the start, the team has been on a mission to break down barriers to entrepreneurship. Nelli and the early team understood that innovation happens around the globe, not just in the so-called “startup hot spots.” They wanted to design a platform that could connect entrepreneurs to the resources they need, especially capital in the form of access to investors.

InnMind currently has a community of over 55k web3 founders, crypto investors, and web3 experts. Over $100M in deals have originated between InnMind community members. InnMind was essential for facilitating fundraising for projects like Metis Protocol, Magic Square, Eesee, Ore Network, and many others.

Demand to accept crypto for subscription payments

InnMind’s customers are both venture capital firms and startups that need to pay for access to the platform. For VCs, InnMind gives them a database of thousands of web3 startups that are either pre-funding or in the early stages of raising capital and growing. Through the platform, these VCs can dive deeper and connect with projects they’re interested in investing in. For startups, the platform offers a way to showcase what they have built both to investors and other companies who may want to utilize the product. InnMind offers a range of pricing options for these parties but primarily focuses on offering monthly subscription tiers.

Both these parties, VCs and startups, have a desire to pay for their subscriptions in crypto. Many of the VCs on InnMind maintain significant on-chain wealth. The ability to pay in crypto, particularly stablecoins, is simply easier for them, especially investors who are spread around the globe. They do not need to off-ramp to fiat to make a payment. They can stay on-chain avoiding any off-ramping fees.

On the startup side, founders often raise capital in crypto, so again, their funds are on-chain. In some cases, these startups are not able to access the banking system, which makes paying for a service via credit card or bank transfer impossible. These startups prefer and often need to manage their expense payments in crypto. Without a crypto payment option, these startup teams struggle to gain access to software tools that are essential to run their companies.

Experimenting with pricing

The InnMind team was clearly hearing the demand for crypto payments from their customers, but they could not find a solution that was easy to implement and worked seamlessly with their Stripe account for fiat. The team also needed a payment solution that was flexible and would allow them to experiment with different pricing models. As a startup themselves, InnMind was still determining the optimal pricing model for their business. The crypto payment solution they selected needed to accommodate various subscription models and one-time payments. This is where Loop came in.

The key differentiator for InnMind was Loop’s ability to both integrate with Stripe and enable automated recurring payments. This would allow their customers to go through checkout just once, set up autopay, and then have all those recurring payments automatically sync to their Stripe account. It was a simple experience for the customer, and the automation would save them hours every month by removing any need for manual follow-ups or manually updating records in Stripe.

Another critical benefit of the Stripe integration was that InnMind could utilize Stripe’s webhooks to unlock access to their product. Since Loop payments sync automatically to Stripe, InnMind was able to continue using Stripe as its source of truth and grant access to its product based on webhook events from Stripe, rather than having to listen to multiple systems.

A final consideration was Loop’s flexibility. When the InnMind team met Loop, they were in the middle of experimenting with pricing and reconfiguring their pricing model. They needed a system that would allow them to adjust their pricing with the click of a button to experiment. Since Loop automatically syncs with Stripe, all of the products they created or updated in Stripe were immediately created or updated in Loop, meaning they could instantly test new pricing models for both fiat and crypto payments with no additional work.  

What’s next?

We look forward to seeing the continued evolution of InnMind as their platform brings together web3 startups and investors from around the globe. We’re excited that they now have a crypto payment solution in place to fuel their growth.

If you are a web3 startup or investor, check out InnMind via their website and follow them on Twitter. And of course, make sure to use Loop when you check out for your subscription! 😁

For companies looking to implement crypto payments in minutes, let’s talk. Companies like InnMind choose Loop because we make it easy to implement crypto and integrate with your existing payment systems.

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About Loop

Loop Crypto is designed for companies, DAOs, and projects that need to get paid or make payments in crypto. Whether the payment is one-time or recurring, Loop supports a broad range of payment use cases: subscriptions, one-time charges, recurring bill pay, loan repayments, and donations. Loop has processed millions of dollars in on-chain transactions and powers crypto payments for the leading brands in web3 like ENS, Privy, Alchemy Subgraphs, Paragraph, Neynar, Pinata, and many others.

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.