Recurring crypto payments allow users to set up automated transfers of digital assets on a regular schedule. This provides convenience and consistency for activities like making loan payments, paying for subscriptions, or dollar cost averaging into an investment. Setting up recurring crypto payments through subscription services can make the process smooth and reliable.
How Recurring Crypto Payments Work
Recurring crypto payments are powered by smart contracts on the blockchain. Users authorize a smart contract to withdraw funds from their wallet on a set schedule.
When it’s time for a payment, the smart contract automatically transfers the funds to the receiving address. This allows crypto payments to be made 24/7 without requiring manual action from the sender each time.
Recurring crypto payments can be set up for fixed amounts on regular intervals, like $100 every 1st of the month. Or they can follow dynamic payment schemes, like taking 1% of portfolio value every week.
Benefits of Recurring Crypto Payments
Setting up recurring crypto payments through a subscription service provides several advantages:
Reliability
Users don’t have to remember to make manual payments. The smart contract will automatically transfer funds on time every period.
Lower Fees
Subscription services can optimize fees across many users. This results in lower fees compared to setting up recurring payments independently.
Time Savings
There is no need to repeatedly enter payment details. The payment schedule is set once during initial setup.
Flexibility
Subscription services allow users to pause, update, or cancel recurring payments as needed. This is more flexible than setting up direct-debit style withdrawals.
Top Services for Recurring Crypto Payments
Several platforms now make it simple to schedule recurring crypto payments. Here are some top options:
Coinbase Commerce
Coinbase Commerce supports recurring payments through automated smart contracts. Customers can pay on a one-time or recurring basis using crypto or fiat.
BitPay
BitPay facilitates recurring billing for business invoices and subscriptions. Customers can set up recurring crypto payments on a daily, weekly, or monthly basis.
Coindirect
Coindirect offers automated crypto payments via smart contracts. Users can schedule one-time future payments or recurring payments.
Veem
Veem allows business users to receive subscription payments in crypto or fiat from customers and clients. Recurring schedules can be set up from the Veem dashboard.
Revolut
Revolut customers can make recurring cryptocurrency payments to other Revolut users. Scheduled payments can be set up daily, weekly, monthly or annually.
Get Started with Automated Crypto Payments
Setting up automated recurring crypto payments through subscription services can make transactions more reliable and convenient. Look for a provider that offers customizable schedule options, solid uptime, and low fees. With the right subscription service, you can eliminate payment worries and let smart contracts handle your crypto transfers.