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.
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.
To set the allowance this can be done in a few clicks.
Account owners should login to their Multis account:
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.
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⚡️