Accepting crypto payments just got 10x easier - Loop now integrates with Stripe! This is a powerful new integration that will bridge the worlds of fiat and crypto. Companies can utilize the process they already built with Stripe but with crypto rails for payment. This is unlocked via the Loop protocol - a payment processor built for web3.
With our new integration, companies can use Stripe’s frontend to collect crypto payments via Loop rails on the backend, all with autopay natively enabled. This will save companies countless hours by not having to follow up with customers to collect payments, track down transaction hashes (metadata is immediately captured), and provide access to their end system.
We’re excited to announce this launch in conjunction with a number of our pilot clients who have provided valuable feedback along the way. The list includes: Nansen, Integral, Satsuma, Webacy, 0xCord, Map3, MGH Consulting, Chain Patrol, Web3 Analytic, Web3 Alerts, and others.
We’ve spent the last 1.5 years building alongside our clients, listening to their feedback, and aligning our feature development with their needs to solve real pain points. One of the challenges that kept coming up is the ability to get paid in both fiat and crypto. Clients wanted to satisfy their customers’ demand to pay in crypto, but they needed a simple solution that integrated seamlessly into their existing technical and financial stacks. When it came to fiat, most were using Stripe and the biggest ask was if we can integrate.
Well…now we can 🥳. Ultimately, we believe crypto will be the payment rails of the future, but to gain mass adoption, crypto must have at least feature parity with web2; this means it must have autopay. As we outlined in our initial announcement:
“One of the most powerful features of web3 is full control over your assets, i.e. self-custody. Every transaction is signed and approved by you, ensuring that you are always in control and that no one can access your funds unless you grant permission. However, this killer feature also poses a difficulty: burdensome approvals each time a transaction is made. Every single subscription payment, token swap, employee salary payment, donation, etc. requires confirmation — there is no ‘set it and forget it.’”
Following the tenets of web3, we built the Loop protocol to be completely interoperable. That means it works with existing web2 frontends like Stripe as well as native web3 dApps. In this regard, Loop is the crypto payment processor for the Stripe subscription management system. This is in line with our vision of embracing the strengths of web2’s payments UX and combining it with web3’s inherent self-custody and interoperability. This new integration highlights those tenants.
Integral is one of our pilot users of the integration. They were looking for a solution that fit seamlessly into their financial stack and streamlined crypto payments.
“We manage our revenue operations via Stripe, so it’s critical to have a crypto autopay solution like Loop that can seamlessly plug into Stripe and leverage all of the functionality we had already configured through Stripe.” - Willian Grant (Head of Operations, Integral)
Another pilot company focused on building web3 infrastructure is 0xCord who wanted a payment system that worked out of the box and enabled them to focus on growing their user base.
“Getting started with Loop Crypto and integrating with Stripe was simple. The 0xCord infrastructure hub was quickly able to enable crypto payments within our checkout flow.” - Alex Napheys (Co-founder, 0xCord)
Loop picks up where you left off in Stripe. At integration, Loop will pull in any “products” (i.e., subscription plans) already configured in Stripe. As new products are made in Stripe, they will automatically be created in Loop and a payment link will be generated that can be used to collect an authorization from a wallet.
Payment links can be sent directly to customers or embedded in self-checkout pages. If you don’t want to use a link, you can also embed the Loop modal on your custom checkout page to collect the necessary authorization.
Once a customer has successfully signed up to the subscription, Loop will create that customer in Stripe and generate a “subscription” associating the customer and the product. If the customer already exists, Loop creates a new subscription for that customer.
When Stripe generates the first invoice, Loop pulls in this invoice and then facilitates the payment on chain. When the transaction confirms on-chain, Loop will mark the payment as paid in Stripe. All of the metadata is available via the Loop dashboard and can be downloaded via CSV.
Stripe will then create the next invoice, and the loop (pun intended 😉) will start again.
If you’re using Stripe as your source of truth to provide access to your product for customers, you do not need to change anything. After going through the Loop checkout, the customer will be created in Stripe and your workflow will function as intended to grant that customer access.
In terms of accounting, if you’re using Stripe for invoicing and tracking accounts receivables, you can track all your invoices in Stripe as usual, regardless of if the customer is paying in fiat or crypto. Separately, you can monitor the inflow of crypto to your balance sheet, which can be handled using Loop’s transactions page alongside crypto accounting solutions, such as Integral.
Allowing companies to continue using Stripe as their subscription management platform means companies can also leverage the native features of Stripe on top of Loop’s rails. For example, in the coming weeks, Loop will work seamlessly with Stripe discount codes. There are a number of other enhancements on the horizon that will allow the crypto payment experience to mirror Stripe’s current fiat capabilities.
If you’re currently using Stripe to manage fiat payments and want to add crypto, let’s get you set up! Here is our Calendly link to schedule an onboarding call. To get started, you’ll simply need a Stripe account and a wallet address for where you want to receive funds from your customers.
If you have questions, you can reach us at email@example.com. You can also check out our documentation and Stripe FAQ. For companies who offer payment frontends and want to build on top of Loop, please reach out as well.
This integration with Stripe is just the beginning of the merging of the web2 and web3 worlds. We believe Loop will continue to be a core piece of infrastructure that allows crypto to be embedded seamlessly into existing systems, like Stripe, and unlock the power of crypto autopay.
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