TLDR: In order to scale its revenue operations while meeting the payment needs of customers, a leading blockchain indexer turned to Loop to automate its collection of monthly recurring crypto payments. With Loop’s Stripe integration, the indexer was able to charge for subscriptions and add-on products in crypto and was deployed in minutes with no code required for setup.
Over the last several months, Loop has been working with a leading blockchain indexing and query platform. This client’s subgraphs have proven to be a critical piece of infrastructure for web3 teams, and they quickly onboarded paying customers after launch. Initially, the client only accepted fiat payments, but more and more customers started asking to pay in crypto.
As customers increasingly started looking for the ability to pay in crypto, the indexer began by asking customers to send funds to a wallet address. It seemed like the easiest thing to do. This worked for one or two customers, but tracking down transaction hashes and following up with customers every month for payment quickly became a pain and resulted in hours of manual work each month. The client’s team realized this would not scale and that they needed crypto autopay functionality sooner rather than later.
The team also wanted a solution that would allow them to use Stripe but add crypto as a payment option since they had already configured all of their subscription and add-on pricing logic in Stripe. They wanted to still be able to utilize Stripe’s recurring invoice logic when billing in crypto. In addition, their database was ingesting Stripe webhooks to provide access to their product after a successful payment. They didn’t want to redo this work. The crypto payment solution needed to work seamlessly with Stripe.
With Loop’s Stripe integration, the indexer was able to continue using Stripe as its subscription management platform while leveraging Loop on the back-end as the crypto payment processor. They were able to charge for their base subscription amount monthly plus any additional one-time add-on fees that a client might incur each period. Loop would ingest the invoice from Stripe and charge the customer the appropriate amount each month.
To go a level deeper, this is how it works. Loop automatically generates a crypto payment URL based on the products the indexer has configured in its Stripe account. The indexer client then sends that URL directly to customers to turn on crypto autopay. The customer clicks on the link, connects their wallet to Loop’s checkout, and provides a payment authorization. As soon as the payment processes on chain, the payment details (including the transaction hash) are synced to Stripe.
The next month, Stripe generates a new invoice in its system, which is ingested by Loop, and the funds are automatically withdrawn. This removes the hassle of a customer needing to sign a transaction each month. This auto-deduct functionality allows the customer to have an experience akin to web2 autopay with the added control of web3 via the ability to authorize a specific amount of funds that can be deducted.
Note: You can learn more about our Stripe integration in Loop’s documentation.
In addition to the flexibility of the Stripe integration, there were two other reasons that this indexing solution went with Loop. First, Loop was available across multiple EVM chains. As a blockchain indexing platform providing support for numerous chains, it was critical that this client could accept payment on chains like Optimism, Arbitrum, Polygon, Base, and BNB Smart Chain in addition to Ethereum mainnet.
Note: You can check out our documentation for more details on the chains and tokens Loop supports.
Second, Loop’s automated receipts and payment reminders eliminated hours of manual work each month. The client no longer needed to send follow-ups and nudge customers each month. Loop automatically took care of that. Customers are now notified if they need to increase their token allowance or wallet balance prior to their monthly payment date. If a payment is missed, a late notification is immediately sent to the customer.
Fortunately, there has been little need for Loop’s late payment notifications. 100% of payments were processed within 1 day of being due with Loop’s autopay functionality. This client has now been successfully processing thousands of dollars of recurring revenue each month with Loop. If you’re looking for a solution for getting paid or making payments in crypto to scale your business, reach out to Loop Crypto here to get started.
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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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