Getting set up with Loop + Stripe

Introduction

This guide will walk you through how to use Loop Crypto’s integration with Stripe (Loop + Stripe). We will walk you through the basics of setting up accounts in each system and then the quick process for connecting your two accounts to start getting paid in crypto and stablecoins.

Why Loop + Stripe

Before we dive into the setup details, let’s start with who this integration is designed for and the unique advantages of using Loop + Stripe. The integration enables merchants to accept payments in crypto or stablecoins for any type of pricing model, whether it is a one-time checkout, a recurring flat-rate subscription, or a complex usage-based payment system.

Stripe serves as the billing engine, allowing you to set the pricing logic and generate invoices while Loop serves as the payment orchestrator, reading the final bill amount produced by Stripe and charging the end customer. This setup makes it simple to plug crypto and stablecoin payments into your existing billing setup with Stripe - no need to manage multiple systems or track invoices across two platforms.

Stripe offers its own crypto payment option, but merchants pick Loop for these reasons: 1) we serve global merchants and Stripe only serves the US, 2) Stripe does not support recurring payments, limiting the types of pricing models supported, and 3) Stripe does not support as wide a range of crypto, stablecoins, and networks. 

Cost of using the integration

Payments made via Loop are considered external payment methods in the Stripe billing system. Stripe does not charge a fee for these payments. Typically if you are getting paid for a subscription via Stripe, the system charges you a payment processing fee as well as a billing system fee. If you are using Loop, these fees do not apply.

Creating a Stripe account

Now that we’ve covered the background, and you understand the high-level mechanics of the integration, here are the steps to get started.

You will first need to create an account with Stripe. If you are already getting paid in fiat with credit cards or bank account transfers using Stripe, you can skip this step and head to our self-serve onboarding flow.

For those who do not have a Stripe account, head to the Stripe homepage, enter an email address, and click Start now.

• Create an account by setting a password and selecting the country in which your business is registered

• Enter your Business name and Business website

• Provide details about the types of payments you will be receiving (e.g., recurring or non-recurring)

  • Note: At this time, the Loop integration does not cover Stripe Connect or marketplace accounts

• Add any additional Stripe services that you would like (you can skip this)

• Click Go to sandbox

At this point, you have a sandbox, or Stripe test account set up. This account can be connected to Loop’s own sandbox to allow you to do testing in a demo environment. To keep going in the setup of a production-ready live account, continue following these steps below. These steps are required to get a live Stripe account, which you will need to use Loop even if you do not intend to collect fiat payments at all.

• Click Switch to live account in the top right corner of the screen

• Confirm your business location and business type. Depending on your business type, Stripe will require some additional details on your business and prompt you to add a bank account. You will still need to do this even if you intend to only accept crypto payments.

Setting up your Stripe account

Stripe provides a detailed Getting started guide that walks you through all the functionality the platform offers. To get up and running quickly, you can simply use your Stripe dashboard where you have the option to create products and prices. These prices can then be used when you generate payment links on the Loop Crypto side.

Before heading to Loop to generate payment links, we recommend you configure your Stripe account, setting up the pricing logic that best suits your business.

Creating a Loop account

You can create a Loop account by going through our onboarding flow. This flow will prompt you to enter a Stripe API key, which will then connect your Stripe account to Loop allowing you to generate crypto payment links tied to Stripe. Loop enables settlement in either crypto or fiat.

Accepting your first payment

You are now ready to accept your first payment! For additional details on our Stripe integration, please check out our documentation.