⚡️Multis Introduces Automated Subscription Payments ⚡️

August 10, 2020
Samantha Fields

At Multis, our goal is to make managing your company's crypto as easy and fluid as possible. That's why as of today, monthly account subscriptions will be automatically renewed. Features like automated direct debits can be a bit of a technical challenge in blockchain, so we're extra proud to bring you frictionless payment! This is thanks in large part to a collaboration with unlock protocol. You can read about the technical details of this integration here.

In order for users to benefit from this, they will need to set an allowance that authorizes our Multis Subscription Smart Contract to deduct their monthly subscription in DAI. Below, we'll outline how to make this happen.

Step 1: Make sure you have DAI

You can swap tokens for DAI or purchase DAI from your Multis account.

At the moment, the subscription will be deducted in DAI-- so it's important for users to have this currency to cover fees. For users who don't have DAI in their accounts, they can purchase DAI with their credit card or via bank transfer in the "Exchange" section of their Multis account. For users who hold DAI but would like to add more, they can either purchase more, or swap it with any tokens they might hold by going to the "Exchange" section of their Multis account.

Step 2: Set an allowance

To set the allowance this can be done in a few clicks.

Account owners should login to their Multis account:

  • Click on your Company profile and go to the "Company" tab
  • There, you'll see a "Subscriptions" notification
  • Click on "Click here to authorize Multis Subscription to deduct 29 DAI for this month"
  • A pop-up window will appear where you should enter at minimum the amount of your monthly subscription fee in DAI.
  • Click on "approve this allowance"
  • Wait until your Portis account pops-up and asks you to approve the action

Below you'll see a video walk-through explaining how to do this:

                                          In this demo, we've programmed 1 year's worth worth of allowances to be deducted monthly.

Pro Tip: Program multiple months in advance for a hassle-free renewal process

Multis deducts monthly subscription fees via a set allowance. If your subscription fees are 29 DAI a month, and you set an allowance for 29 DAI, that will only cover 1 month of fees. At the end of the month, the allowance will be depleted to 0 and you will need to return to your account and re-set a new allowance for minimum 29 DAI. This is why we recommend loading your allowance with many months in advance to avoid having to reset an allowance every month.

⚡️Remember: you retain full control over your funds and can cancel your subscription allowance at any time by setting the amount in DAI to 0⚡️

Get the Guide!
Breaking Legacy: A CFO's Guide to DeFi & Digital Assets
Decentralized Finance (or DeFi) and digital assets aren't just a fad or a bubble. They have the potential to provide value to people typically underserved by traditional banking systems, in particular small and medium sized enterprises. Learn how SMEs can leverage decentralized financial services including:
High interest savings accounts that earn more than traditional bank accounts
Accepting payments in digital assets before incorporation
Receiving instant loans
Invoice financing solutions
Paying salaries instantly in digital assets with no cross-border payment fees
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