💳How can I charge?

Now a days everyone wants to pay in a different way. Good thing we have most covered.

Now that we've covered how to sell access to your Discord community, let's dive into all of the different payment methods we support!

Standard fiat (credit / debit) payments

The most common payment type on Whop today is card-based payments. We use Stripe to power our backend payment processing systems. With fiat payments the two ways of charging users are:

1. Subscriptions (renewals). This allows you to charge your users on a recurring basis each month to retain access to your Discord server, similar to how you pay for your Netflix subscription.

2. One-time payments. This allows you to charge your users one-time for either lifetime access to your Discord server, or a set expiration time period.

The majority of businesses on Whop today use fiat payments as their primary accepted payment method and charge in the form of a monthly renewal.

Here is an example of the above example.

Crypto renewal payments

The fastest up-and-coming payment type on Whop today is crypto renewal-based payments. We built an in-house system that runs off of wrapped Ethereum (wETH) to make this possible.

WTF is wETH?

Short answer: It is tied to the price of Ethereum so they will always have the same price, but wETH is an ERC-20 token, so it reaps the benefits of such.

Long answer: Wrapped Ether (WETH) is a token pegged to Ether (ETH). WETH is used in several platforms and DApps that support ERC-20 tokens. While ETH is used to pay for network transaction fees, it doesn't have the same functionality as ERC-20 tokens. You can easily convert ETH into WETH through a process known as wrapping.

The reason we chose to work with wETH is because in their contract there is a function called allowanceof. This allowance function does what it sounds like and pre-sets an amount that the user is okay having charged to their wallet, you can think of this as a spending limit on a debit card.

Please explain the allowanceof function more...

Say a user has an allowance set to 10 wETH and the monthly renewal is 1wETH, if the user only has .5 wETH in the wallet, the renewal will decline. The easiest way to think of the allowanceof flow is to what a spending limit is on a debit card. The spending limit can be $10,000, but if there is no money in the account nothing will go through regardless.

Users can update their allowance at any time through their given company's hub.

There are two ways you can charge for crypto renewals:

1. You can charge a flat rate amount in ETH. ex: 0.1 ETH/month

2. Or you can peg the monthly renewal price to USD. Say you want to get paid $100 per month regardless of the price of ETH, at the time of each renewal, it will take the current price of ETH and divide $100 by it, ensuring you always get paid in ETH, but that it's also always $100 worth of ETH.

Here is an example of a company on Whop selling access to a crypto renewal subscription.

One-time crypto payments

Lastly, we have one-time crypto payments. For this, we currently utilize Coinbase Commerce (our in-house system is nearly complete). You can use one-time crypto payments to allow users to pay for lifetime access to your Discord server, or they can pay monthly and manually top up their subscription.

Coinbase Commerce currently supports Bitcoin, Ethereum, USDC, USDT, Ape, and a couple other large crypto currencies.

Here is an example of a company on Whop selling access to their subscription via Coinbase Commerce.

FREE!

If none of those sound good to you, you can always give away access to your Discord for free! This can be used for groups in beta or as a better way to gateway access to your group if you plan on staying free forever.

Here is an example of a company on Whop currently giving out free access to their Discord.