Peeranha saves time and simplifies operations with crypto payment scheduling

TL;DR: Peeranha saves hours scheduling crypto payments to contractors using Loop.

Introduction

If you’ve ever found yourself hunting down the answer to a technical question or trying to figure out how to fix a thorny issue in your code, you’ve likely landed on Stackoverflow or a site like it. These community forums allow developers to help each other out and leave some notes for the next person who runs into a similar challenge. The problem is that the information is often poorly organized and the developers who do take the time to leave thoughtful, detailed answers are not rewarded for doing so. This is where Peeranha comes in. Peeranha is a community-sharing platform that streamlines knowledge-sharing and rewards contributors with on-chain reputation and NFTs.

As builders themselves, the Peeranha team understood how challenging it can be to organize and share developer knowledge within the web3 ecosystem. They set out to solve this problem and are now working with a range of web3 teams, including blockchains like Polygon and Sui, helping them implement a robust, yet simple to navigate, knowledge-sharing platform.

The challenge of paying a global team

Peeranha is an early-stage web3 startup that is largely on-chain. They generate revenue or inflows of crypto payments through client contracts, grant programs, and by acting as a validator for some of the ecosystems they support. This on-chain revenue comes in the form of stablecoins as well as a variety of native tokens from protocol teams. They then use this on-chain revenue to pay for their expenses.

As a global company, Peeranha has team members spread out all over the world working for them on a contractor basis. They pay these contractors, usually five or more each month, in crypto because it is quicker and less expensive than traditional financial rails. Bank transfers take days and result in high transaction fees.

While crypto has proven to be a superior payment method for Peeranha, their process for initiating crypto payments each month was still cumbersome, which is why they turned to Loop Crypto. Peeranha faced two big challenges when it came to managing their monthly contractor payments. First, it was taking a ton of time. Every month, one of the founders would spend over an hour setting up and signing transactions to pay contributors. The process looked like this:

  • Log into Metamask.

  • Remember which wallet he makes the payments from.

  • Ensure that the wallet has enough funds.

  • Find the wallet address of the contractor he has to pay.

  • Paste that wallet address into Metamask.

  • Confirm that it’s the right wallet he wants to pay.

  • Check that gas isn’t crazy expensive. If it is, come back later to do the transaction.

  • Sign the transaction. 😩

In addition to this manual process, the second issue was data organization. Once a payment was confirmed on chain, one of the founders would add the link to the hash to a spreadsheet. This spreadsheet quickly became disorganized and made it difficult to track payments month after month.

Scheduling crypto payments

After struggling with this process for months, Peeranha tried Loop. With Loop, the founders could create and schedule a series of payments every month that would send funds to all of their contractors at once. Their process became significantly more simple and efficient. The Peeranha founders start by setting a payment authorization with a wallet in Loop. They can set this authorization to be high enough for several months of payments so that they do not need to constantly update it.

Each month, they then add the wallet addresses they need to pay into one batch payment as shown below. With Loop’s ENS integration and transaction history table, it is easy to see who they are paying. If someone is paid the same amount each month, they can schedule that payment for multiple months in advance.


The impact of using Loop

Peeranha has been using Loop since September 2023 to schedule payments in crypto. Over that time, the team has found themselves saving over an hour every month from the reduced manual work of setting up and signing crypto payment transactions. The team is also excited to have all of their payment data organized and easily accessible via Loop’s Company Dashboard, especially as we enter tax season. With Loop, Peeranha now has a scalable process to schedule and batch crypto payments to even more contractors as they grow in the future.

To learn more about Peeranha and how you can use their platform to build a knowledge-sharing database for your community, check out their website. If you’re also facing the challenge of creating, signing, and tracking transactions month after month, let’s talk. Efficient companies choose Loop to save time and simplify their payment processes.

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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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© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.