Overview
With Loop Payments, you can manage all your outgoing and incoming business transactions in one place. Whether you're paying vendors abroad or receiving domestic payments via Interac e-Transfer, Loop helps you move money quickly, securely, and without the high fees of traditional banks.
In this guide, you’ll learn how to:
Set up your payees and start sending payments.
Receive payments from clients and partners.
Track and manage all payment activity in your Loop Dashboard.
Sending Payments
Step 1: Add a Payee
Go to Send Payments → Add Payee and add your first payee. You can enter their business or banking details manually, or let Loop automatically request them.
Step 2: Configure Your Payment
Choose your funding source (e.g., your Loop Operating Account or a linked external bank account).
Select the currency, amount, and payment method — Loop supports EFT, ACH, SEPA, and SWIFT networks for domestic and international transfers.
Step 3: Review and Approve
Before sending, review your payment details. If your workspace has approval workflows set up, the payment will route automatically for approval based on your custom limits and roles.
Step 4: Confirm and Track
Once approved, you’ll see a confirmation screen with estimated delivery time. For international transfers, you can download a trace confirmation to share with your recipient. Payments typically arrive within 1–3 business days.
Receiving Payments
Step 1: Open a Loop Operating Account
To receive funds from partners or clients, you’ll need a Loop Operating Account. This account acts as your primary business account for incoming payments.
Step 2: Share Your Account Details
Find your account details under Accounts → Operating Account → Bank Details. Share these with your payors so they can send funds directly to your Loop account.
Step 3: Receive Payments
You can receive funds from:
Clients and partners via bank transfer, or
Interac e-Transfer® — simply have your payor send the e-Transfer to your Loop account email address.
Once a payment arrives, you’ll see it appear in your Transactions list and your balance will update automatically. You can tag, reconcile, or export transaction details at any time.
Notes
Avoid high fees: Loop doesn’t charge international wire fees on most payments.
Receive Interac e-Transfers seamlessly: Get paid by Canadian clients through Interac — no manual deposit required.
Stay in control: Use approval workflows to manage who can send payments and set spending limits.
Cross-border visibility: Track global transfers end-to-end with downloadable confirmations.
FAQs
Can I pay vendors outside Canada?
Yes. Loop supports payments to over 200 countries in 37 currencies.
Can I receive Interac e-Transfers in Loop?
Yes. Loop supports receiving Interac e-Transfers into your CAD Operating Account.
How long do international payments take?
Typically 1–3 business days, depending on the currency and recipient bank.
Do I need an Operating Account to receive payments?
Yes. You’ll need a Loop Operating Account to receive incoming payments.
Can I fund payments from another bank account?
Yes. You can send payments directly from connected external bank accounts for flexibility.