Blockwise adopts Loop to support billing in crypto for its accounting services
TL;DR: Accounting and service firms like Blockwise utilize Loop Crypto to streamline their crypto payment processes and eliminate manual reconciliation.
Introduction
For accounting firms, marketing agencies, and consulting shops, invoicing clients and receiving payment in crypto has historically been a challenging task filled with many manual steps and tedious follow-ups. With global acceptance, instantaneous settlement, and low fees, crypto is an ideal payment rail for these services businesses when compared to bank wires or credit cards, which typically carry high fees and long settlement times. Loop’s automation of crypto payments has finally solved this challenge for firms and agencies making it easy to invoice and get paid in crypto without the extra manual work.
One of our newest clients, Blockwise, is a fantastic example of how Loop streamlines crypto payment for service providers. A leading full-service crypto-native accounting firm based in Canada, Blockwise has a global client base and needs a crypto payment solution that would simplify its operations and keep its bookkeeping in order. This is where Loop came in. BlockWise turned to Loop to quickly generate crypto payment checkout links and track their clients’ on-chain payments.
Empowering teams to master crypto accounting
The Blockwise team members have roots in Big Four accounting, beginning their careers at firms like Deloitte and KPMG. While working at these larger organizations, they noticed a gap emerging as more and more companies and projects began transacting value on-chain. They understood that a growing list of web3 startups and more traditional businesses would need to begin the work of incorporating on-chain crypto transactions into their accounting operations and financial reporting.
Their team (and partners) of seasoned accountants, lawyers, crypto-native nerds, and software developers stay at the forefront of innovation and offer a wealth of experience:
1) They untangle the intricacies of financial accounting and tax rules.
2) They clarify these rules and help you understand how they relate to your organization.
3) Then, build and implement custom solutions most adapted to your needs.
Blockwise's wide range of services makes it a one-stop shop for global crypto companies.
Enabling crypto payments for client billing
With a global client base of Web3 companies, Blockwise needed to enable crypto as a payment option for their clients. They understand the importance of tracking on-chain activity and ensuring that each crypto payment has the requisite context (like an invoice or receipt) to classify the payment type and adequately update the chart of accounts. As a result, Loop’s ability to contextualize on-chain transactions was a deciding factor when assessing crypto payment solutions.
With Loop, Blockwise can generate dedicated crypto payment links for their customers. This allows them to tie on-chain transactions to off-chain data like invoice number, client name, and item purchased. As soon as that link is used for payment, Blockwise receives an immediate notification and a link to the transaction hash. Blockwise has also been trialing the use of Loop Crypto’s QuickBooks integration, which allows them to generate invoices in QuickBooks with an embedded Loop Crypto link. As soon as the client pays via the link, the invoice is automatically marked as paid in QuickBooks and updated with the transaction hash. This eliminates hours of manual work trying to chase down transaction hashes and matching hashes to invoices.
Learn more
You can schedule a call with the Blockwise team to learn more about their crypto accounting services
If you need a crypto payment solution to streamline billing for your firm or agency, let’s talk. Loop Crypto makes it simple to implement crypto payments for any payment model and has saved teams thousands of hours by automating the management of crypto payments.
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About Loop
At Loop Crypto, we build infrastructure to unlock truly programmable money and create an open financial system. We enable crypto payments for 50+ of the top web3 companies, including Pinata, Neynar, Paragraph, Kaito, ETHGlobal, and ENS, supporting millions of dollars transacted and saving thousands of hours.
Whether the payment is one-time or recurring, Loop supports a broad range of payment use cases: subscriptions, one-time charges, recurring bill pay, loan repayments, and donations. Our integrations with Stripe, QuickBooks, and Xero make it easy to implement crypto payments within your existing operations.
If you’re ready to get started, book a call with our team to get started in minutes.
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