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Request and Recurring Payments
Enabling SaaS business models, timely-scheduled payments to DAOs and friends. WIP.
Request and recurring payments is a functionality in development and will not be available immediately at launch.
In addition to facilitating low-code data transportation such as broadcasts and messages, Threely also enables cross-chain, blockchain-agnostic transaction requests to be sent directly to the user's end-point. This allows for frictionless point-of-sale transactions, eliminating the need for end-users to navigate the complexities of receiving payments and setting up recurring payments.
Threely will be one of the first platforms to offer recurring payment infrastructure on the Web3 platform, enabling the creation of SaaS business models on dApps, timely deposits for DAOs, and the ability to send timely crypto payments to friends and family starting in Q3 2023. This represents a major advancement in the usability and utility of blockchain transactions, making it easier and more convenient for users to conduct transactions and manage their Web3 subscriptions.
Request payments and recurring payments notifications
Threely Pay operates in a similar manner to Threely broadcasts and messaging, utilizing the automated computational capabilities of the Threely Networks Layer (TNL) to process transactions on the blockchain. This process involves the use of smart contracts and cron-jobs to ensure the security and reliability of the transactions.
To use Threely Pay, users need only authorize recurring payment requests once, after which the TNL will handle the processing of these requests by verifying that all necessary validation and security parameters are met. Users can authorize recurring payments through Threely Companion or through dApps powered by Threely Build. This authorization can be enforced through a variety of methods, including off-chain contracts such as terms of service agreements (ToS), on-chain smart contracts, or a combination of both.
Overall, Threely Pay provides a convenient and secure way for users to manage recurring payments on the blockchain, streamlining the process and reducing the burden on users to manually initiate each transaction.
To help prevent missed payments, Threely sends off-chain and on-chain broadcast reminders to users in the lead-up to the payment due date. If a wallet does not have sufficient balance to cover the cost of an automated transaction and there is no deposit available, the transaction will not be attempted. However, recipients have the ability to offer a retry period based on their configuration, meaning that if a payment fails, users will have an opportunity to top up their wallet before another payment attempt is made.
The combination of automated transactions and reminders helps to ensure the reliability and success of payments made through Threely Pay, while also offering users the flexibility to manage their balances and avoid missed payments."
There are no refunds on the blockchain; however, the recipient can always decide to send refunds directly from their wallets to users.
Yes, and yes. The business will always get paid in the token they've set up during configuration, and conversions will be handled by Threely.
Tell us about your project, and ask us any technical questions you have.
If you find issues with the documentation or have suggestions on how to improve the documentation or the project in general, please submit a request (Canny) for us on our feature requests board. This allows us to triage issues appropriately, track demand across users, and align requested changes with our roadmap - which is also featured on Canny.