Automate Payments – Create Payment Stream on peaq
Set up payment streams for any token
Manage payroll and salaries in an automated way
Automate interest / coupon payments of fixed income assets
Stream recurring payments
Streams flow until you edit them or choose to stop them
Create payment stream product documentation
You have to Connect Wallet before creating a new payment
peaq payment stream FAQ
What is a payment stream in Token Tool on peaq?
What is a payment stream in Token Tool on peaq?
A payment stream on peaq is a smart contract-based method for automating recurring payments of PEAQ tokens or other native digital assets on the peaq network. Token Tool's payment stream feature allows users to schedule and manage these automated payments seamlessly.
What can I use the payment stream function for?
What can I use the payment stream function for?
The payment stream function can be used for various purposes, such as automating employee salaries, managing interest payouts, subscription services, or any other scenario involving recurring token transfers. It ensures smooth, scheduled payments with minimal manual intervention.
Can I create a payment stream for both tokens and crypto on peaq?
Can I create a payment stream for both tokens and crypto on peaq?
Yes, Token Tool provides the capability to create payment streams on the peaq network. You can create payment streams for any supported tokens on the peaq network, including PEAQ tokens or other assets that are native to the peaq ecosystem.
How do I set up a payment stream on peaq using Token Tool?
How do I set up a payment stream on peaq using Token Tool?
Setting up a payment stream on peaq is simple with Token Tool:
1.Navigate to the Automated Payments section in Token Tool and connect your wallet.
2.Create a payment stream collection by specifying the stream name, token symbol, and contract address of the token you wish to stream.
3.Confirm the transaction in your wallet to pay the fees.
4.You can manage existing payment streams and create new ones by clicking on Manage under your stream collection.
Once the collection is created, you can configure the payment details (such as duration, payment rate, and start time) under Create payment stream. You’ll also need to top up the contract with the required token balance to cover the scheduled payments.
How can I transfer and/or claim funds in an existing payment stream?
How can I transfer and/or claim funds in an existing payment stream?
Payments are automated based on the predefined schedule. However, to trigger the payouts, the stream creator must manually click on Transfer tokens to recipients in the Manage section. For recipients, they can connect their wallet to Token Tool and claim funds for the streams they are part of by accessing the relevant collection.
What happens if I want to cancel or modify a payment stream?
What happens if I want to cancel or modify a payment stream?
You can cancel or modify an active payment stream at any time through the Automated Payments function. Simply connect your wallet and go to the Manage section to adjust or stop the stream as necessary.
Is it possible to track the status of my payment streams?
Is it possible to track the status of my payment streams?
Yes, Token Tool allows you to track the progress of all active payment streams. You can view transaction history and event logs under the Event history section in the Manage stream area to monitor the flow of payments.
Can I create multiple payment streams on peaq?
Can I create multiple payment streams on peaq?
Yes, Token Tool enables the creation of multiple payment streams. You can manage and track various streams simultaneously, making it ideal for users with multiple recurring payment obligations.
How can I ensure the recipient of the payment stream receives their funds as scheduled?
How can I ensure the recipient of the payment stream receives their funds as scheduled?
Token Tool smart contracts ensure that payments are disbursed according to the scheduled parameters. However, you must manually initiate the payouts by clicking on Transfer tokens to recipients under the Manage section of your payment stream collection.
What happens if there's insufficient balance in my wallet for a payment stream?
What happens if there's insufficient balance in my wallet for a payment stream?
If your payment stream contract lacks sufficient balance, payouts will fail. To prevent this, ensure the contract is adequately funded by topping up the balance through the Manage stream section.
