Redesigned Loop checkout boosts customer conversion
TL;DR: Loop redesigned its crypto checkout page to increase customer conversion and speed up the checkout process.
The new checkout experience
In early 2022, we shipped the MVP version of the Loop checkout page. The checkout enabled a customer to pay for a flat rate subscription (i.e., $100 per month) using a checkout URL. It worked well for our early customers, but looking back now, it’s amazing to see just how far we’ve come. Our checkout page now supports one-time payments, invoicing, multiple subscriptions and one-time items, wrapping ETH, coupons, quantities, and much more.
To get here, we worked with a range of web3 businesses and organizations, including Nansen, Messari, Satsuma, Privy, Entendre, ENS, and Web3 Analytic, to understand their needs and iterate on this design. Below, we explain the design principles and how we worked to solve for each of them in the new checkout.
Design principles
Design Principle 1: It has to be fast and simple.
Stripe, PayPal, and Amazon have conditioned us to be able to check out with minimum friction in a few clicks when using a credit card or bank account. We know that customers have limited attention spans and any type of friction can cause them to abandon the cart. 66% of consumers expect to complete the checkout process in 4 minutes or less. When it comes to paying in crypto, the checkout needed to remove complexity with straightforward language explaining who you are paying, for what, and on what network.
Solution: We’re happy to report that for most users, we are now within this 4-minute range. There were a couple of changes that allowed us to achieve this speed and simplicity. First, we allow you to pick the network and token you want to pay with before having to connect your wallet. This eliminates the potential of connecting on the wrong network and then needing to spend time reconnecting. If you’ve used Loop before and your wallet is already connected, we accelerate your checkout experience by pre-populating data, such as the network your wallet is connected to and your email address.
Another improvement was reducing the number of on-chain transactions. Now there’s only one on-chain transaction and if you’ve already provided authorization, there are zero; we don’t require you to do it again.
Finally, we redesigned the cart, which displays the item or items the customer is purchasing. As you look at the left side of the page, you can clearly see the items that you’re buying, any discount codes or free trials, and very soon we will be adding the ability to specify a quantity. This simplified layout means you can quickly understand what you’re paying for and then proceed.
Design Principle 2: It has to build trust.
In payments, trust is the most important principle. The checkout experience had to provide assurances that the customer was in control and could trust the checkout to execute their financial transaction as expected.
Solution: In order to build trust, we initially tried to explain every step that was occurring during the Loop checkout process. While some web3 natives appreciated this transparency, it led to a cluttered and text-filled checkout page.
To address this, we added context and honed our language. We also brought in a fresh set of design eyes from Paperclip Labs. The team at Paperclip Labs was a fantastic partner who helped us slim down the checkout steps and add design elements that would make the user feel completely in control, such as a simplified UI for adjusting the token allowance up or down. This allowed us to maintain and build trust without all the explainer text. This refreshed checkout paired with our Customer Portal gives end users the tools they need to be in control of their spending.
Adding the option of a checkout widget was another element of building trust through simplicity. Our original checkout was only available via a redirect link to a Loop checkout URL. While that experience still works well for the majority of our clients, we consistently heard feedback that companies wanted the option to keep the customer on their site during the checkout process. This would allow them to control the experience better. It also reduced the back and forth if the company then needed to immediately grant access to their product after payment.
Design Principle 3: It has to reduce churn.
We typically hear that churn is 2x when businesses have customers send crypto to a wallet address vs. traditional credit card payments. With the ability to monitor wallet balances and proactively address potential missed payments, enabling crypto payments should reduce churn, not increase it.
Solution: As noted above, we redesigned the allowance field in the checkout making it more straightforward for end users to see and edit the number of payments they wanted to authorize. We’re ultimately seeing that customers are comfortable using Loop and setting up autopay so that they don’t need to come back to the checkout month after month. On average, customers authorize 7 months of auto payments, with 40% choosing to authorize the maximum suggested amount. This helps ensure that payments are processed on time. We see this playing out with 90% of recurring transactions (i.e. excluding the first payment that is collected immediately) successfully paid within 24 hours of their due date and 76% are paid within 1 hour.
Conclusion
Loop’s mission is to simplify payments. We do that by automating on-chain payments and providing the context companies need to streamline their operations. Our checkout page is a central component of this mission.
As customers complete the checkout experience, Loop’s automations kick off and we mark things in 3rd party software as well as send webhooks and reminders. This means if you’re using a 3rd party integration, everything just works. No need to adjust your setup.
Next steps
The newly re-designed checkout is live. As you checkout for products and services across web3, you’ll see the Loop checkout page and widget. If you’re a business that’s looking to get started collecting crypto payments, let’s talk. We’ll have you set up in minutes on a quick onboarding call.
___________________________________________________________________________________________________________________________________
About Loop
At Loop Crypto, we build infrastructure to unlock truly programmable money and create an open financial system. We enable crypto payments for 50+ of the top web3 companies, including Pinata, Neynar, Paragraph, Kaito, ETHGlobal, and ENS, supporting millions of dollars transacted and saving thousands of hours.
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. Our integrations with Stripe, QuickBooks, and Xero make it easy to implement crypto payments within your existing operations.
If you’re ready to get started, book a call with our team to get started in minutes.
Stay in the Loop.