Automate Payments – Create Payment Stream on Ethereum
Ethereum payment stream FAQ
What is a payment stream in Token Tool?
What can I use the payment stream function for?
Can I create a payment stream for both tokens and crypto on Ethereum?
How do I set up a payment stream on Ethereum using Token Tool?
Setting up a payment stream is hassle-free with Token Tool. You can easily configure the payment stream by first creating a recurring payment collection. Go to the “Automated Payments” function in Token Tool, connect your wallet, and fill in the stream name, symbol, and insert the contract address of the token to be streamed. You can also choose any token available in your wallet from the drop down menu.
Once done, click on “Create stream collection” and confirm the transaction in your wallet to pay the fees. After the payment stream collection has been created, you will find an overview of existing collections that you created in the Automated Payments page. Click on “Manage” to manage payment streams.
You can then configure your automated payment parameters by clicking on “Create payment stream”, where you can specify the duration, payment rate per average month, and payment start time. Make sure to top up the payment stream contract accordingly with the designated tokens for payouts to be successful. To initiate payments, you must manually click “Transfer tokens to recipients” and confirm transactions in your wallet. This will execute the payouts based on the parameters you set for the payment stream collection.
How can I transfer and/or claim funds in an existing payment stream?
Funds within an existing payment stream are automatically disbursed according to the predefined schedule. However, you must manually initiate the payout by clicking on “transfer tokens to recipients” every time you need the payments to be executed.
Additionally, as a payment recipient, you can find existing collections of payments you’re eligible for. For this you need to be connected to Token Tool with your recipient wallet address under the “Automate Payments” function. As the recipient you can initiate the transfer of funds to your wallet and the payments will be executed based on the parameters configured by the payment stream creator.
What happens if I want to cancel or modify a payment stream?
Is it possible to track the status of my payment streams?
Can I create multiple payment streams on Ethereum?
How can I ensure the recipient of the payment stream receives their funds as scheduled?
What happens if there's insufficient balance in my wallet for a payment stream?
To prevent payment failures, it's essential to maintain a sufficient balance in the payment stream contract to cover the scheduled payments within the payment stream. This ensures the uninterrupted execution of your payment stream. You can do that by topping up the contract balance in the Manage stream page.