Payments for platforms
Last updated
Last updated
Creator platforms and marketplaces can collect subscription and one-time payments via crypto for their platforms, collect platform fees, and allow creators to manage their own subscriptions via the use of child entities in Loop.
Platform fees can only be applied when companies are using auto-invoicing via Loop.
When a contract is deployed, an entity is created that is the parent entity. Loop allows for users to create child entities linked to the parent, and create users associated with those child entities. A feature to create child entities via the Company Dashboard is coming soon, but creating child entities via API is currently supported for parent entity users. Child entities have the same fields as parent entities. Thus, each child entity has its own branded checkout pages, list of accepted tokens, inbound treasury address, subscriptions, etc.
Creator platforms and marketplaces can also optionally configure a platform fee to automatically be charged for any child entity payments. The fee can be configured as a percentage (ex. 5%) or a fixed amount (ex. $0.50 USD). Different platform fee amounts can be configured for each child entity, or a single platform fee amount can be configured for all child entities.
When transfer requests are created for child entities, if a platform fee has been configured, two transfers (one for the platform fee, and one for the remaining amount) will be created, and they will be processed in an all-or-nothing fashion. In other words, if the end user has insufficient allowance or balance for both of these transfers to be processed, then neither of the transfers will be processed, and the end user will be prompted to increase their allowance or balance via an email notification.
Collecting crypto subscriptions and one-time payments on-chain with child entities in Loop can be done in 5 simple steps. These steps can be completed via our dashboard (no-code) or via our SDK / API calls.
On the company dashboard, when logged in as a child entity user, on the "Subscriptions" and "One-time payment" pages, companies can add a new subscription or one-time payment product using the form.
When creating a subscription or one-time payment, you are able to select which tokens you want to accept by network, and you can elect to enable auto-invoicing for subscriptions, among other fields.
Once a subscription or one-time payment is added, it will be included in the table and a hosted checkout page will automatically be generated.
Loop provides a custom checkout page for each subscription or one-time payment item. This page can be sent directly to the end customer via email, telegram, or an externally generated invoice, or it can be embedded directly on your site in a "pay with crypto" button.
For those that prefer, Loop provides checkout widget that can be integrated in the context of your company's website or application, to enable your customers to pay with crypto. The modal allows end users to give Loop authorization to enable autopay.
Once you have authorization to bill a customer, you can then schedule payments. You must choose to auto-invoice.
Loop will automatically generate the next invoice for subscriptions and one-time payments (called items) with auto-invoicing enabled based on the item's payment frequency and amount specified.
Loop uses webhooks to notify you of events. You can configure these webhooks to go to Slack, Airtable or Discord to be notified immediately of a payment by simply providing an endpoint.
The AgreementSignedUp event lets you know that a wallet provided authorization to be billed - it does not mean you have been paid yet, but it does indicate the user has set an allowance for payments.
The TransferProcessed event is the payment notification and indicates funds have been sent to the receiving wallet.
You can use the wallet address, email, or a reference ID provided in either of these events to provide access to your system.
Even with immediate invoicing, there will be a delay between the webhook events, as the transaction must be confirmed on-chain. Companies can decide to grant access based on the AgreementSignedUp event and take action if you do not hear about the TransferProcessed event within a certain amount of time, (e.g. show a warning, etc). We built Loop to be flexible, so companies can decide how "aggressive" they want to be about payment confirmation.
There are a few reasons why the TransferProcessed event would not occur:
The wallet does not have enough balance to cover the payment
The wallet does not have enough token allowance to cover the payment
The transaction is stuck in the mempool
Loop's relay network is down
Wallet amount and balance information can be found on our Company Dashboard for all active subscribers if you are troubleshooting a late payment.
Customers can cancel a subscription either:
directly with the end company and the company can cancel the customer on Loop's dashboard on the Customers page or
the customer can cancel directly on Loop's Customer Portal.
Regardless of method, Loop will emit a AgreementCancelled events that can be used to manage the end customer's access.
When a subscription is canceled, all future scheduled invoices will be cancelled but any currently due invoices will not be. Companies can cancel these scheduled payments without code by canceling the transaction on the company dashboard.
Companies can listen to webhooks to subscribe to events about customer-initiated cancellations.
