LoomPay

LoomPay is a transformative tool designed for businesses venturing into the Web3 space, facilitating open and self-custodial payment processing while maintaining a good user experience. Users can establish Safe Wallets with the option to use existing wallets or set them up through social logins like Google. This flexibility enhances the user experience and aligns with the principles of Web3.

When it comes to payment options, LoomPay offers versatility. Users can pay invoices using their preferred cryptocurrencies. If a user's chosen coin isn't accepted by the merchant, CowSwap is used under the hood to seamlessly swap tokens. This feature improves buyer conversion rates by eliminating the need to worry about gas fees, network constraints, or specific tokens. For those less familiar with cryptocurrencies, credit card payments are facilitated through the Unlimit onramp. This range of payment options caters to both crypto-savvy users and those new to digital currencies.

A notable feature of LoomPay is its automatic conversion of received cryptocurrencies into stablecoins once a payment is processed. This serves two main purposes: it protects merchants from the volatility of various cryptocurrencies, ensuring transaction values remain stable, and it simplifies the offboarding process for both parties involved. By accepting any ERC20 token and converting them to stablecoins, LoomPay reduces transactional complexity and creates a more secure and accessible transaction environment for a wide range of users.

Additionally, LoomPay enhances post-payment engagement by enabling wallet-to-wallet communication via Web3Inbox, ensuring continued connectivity between buyers and sellers.

In conclusion, LoomPay integrates traditional and cryptocurrency payment methods into a comprehensive, secure, and user-friendly platform. This integration positions it as an attractive solution for businesses exploring the Web3 domain, fostering accessibility and simplicity in financial transactions.

• This project uses Safe SDK, for onboarding merchants into the system. The merchant can use their own existing wallet or use social login and at end they receive a SAFE wallet which is used for receving and settling invoices. This is powerful because, many different usecases can be adopted on top of it (multiple store owners, royalties etc...)

• For settling invoices in case where buyer pays using unsupported token COWSWAP is used to convert tokens

• CowSwap also allows us to use Gasless transactions, improving conversion rates even further

• Web3Modal is used for buyers to connect to website using their wallet

• Web3Inbox is used to notify buyers when their invoices has been handled (e.g. item has been shipped to their address)

• Unlimit protocol is used, for buyers which are not web3 native, They simply pay using credit card (or apple pay, or google pay) and then funds are automatically sent to the merchant and invoice is settled that way

• Frontend is built using React, Typescript and Tailwind

• There is a little backned component for tracking invoices statuses and sending notifications to wallets. Even if backend is hacked or goes offline, the merchant has complete control over thier funds