Payments
Streamline your onchain payments
Squads Payments is the next step in streamlining onchain payments.
The first iteration of Squads Payments introduces a “Recipients” feature to create, track, and manage recurring payments—eliminating manual entry and saving teams valuable time. Users only need to input recipient details, amounts, and payout schedules once. The system generates reminders and pre-filled payments at scheduled intervals, reducing administrative overhead and manual errors.
The “Send” feature on the “Dashboard” tab remains ideal for one-time transfers, while the “Recipients” feature is optimized for recurring transactions like payroll
Squads Payments is available to all Squads App subscribers, including Business and Enterprise plans.
Accessing the Payments tab requires sign-in authentication for public and private Squads, ensuring that sensitive payment data stays private.
How to create a recurring payment:
Head to the Payments tab, select “Add Recipient” and enter their details (name, address, email, position, tags).
Specify details about the payment schedule by entering:
Token and amount;
Date of first payment
End (specific date or after a particular number of payments)
Frequency (weekly, biweekly, or monthly on a specific date)
The account you choose to make the payment from can be changed later.
Review the details and click “Add” to create the payment.
Tracking Recurring Payments
Everything you need to manage your recurring payments is available in the Payments tab. A new recipient is added to the “Recipients” overview five days before the first recurring payment. Each Recipient entry can have one of three statuses related to the recurring payment:
Due: the status updates to Due five days before payment is due.
Overdue: the status updates from Due to Overdue if a transaction has not been initiated, approved, and executed for a scheduled payment.
Paid: the status updates from Due or Overdue to Paid once the payment transaction has been initiated, approved, and executed.
Each recipient entry has all the important details like name, position, amount, periodicity, payment status, and tags for filtering with ease. Users can click on any Recipient entry to view more or edit that Recipient’s details and view the related payment history.
Managing recurring payments
Initiate and approve payments by selecting recipients with a “Due” status from the “Recipients” overview. After initiation, the related transaction will appear in the “Transactions” tab for final approval and execution based on your Squad's threshold.
Use the “Skip” function to bypass specific payments while maintaining the Recipient's regular payment schedule, and view finalized payments (meaning the recurring payment period is over) in the “Archive” folder for future reference.
How to pay an invoice:
Select all the Recipients you want to pay in the Payments tab.
You can only select recipients (up to 15 at once) who are paid from the same subaccount.
Click “Review” to continue and review the payments before executing.
Once reviewed, click the “Approve” button to initiate the transaction. After initiation, the transaction can be approved and executed from the Transactions tab once the minimum confirmation threshold is met.
Last updated
