Loop cannot offer Accounts, Cards, or certain payment services to every business type or industry. These restrictions help Loop meet regulatory, compliance, payment network, and banking partner requirements.
Overview
Loop can only support businesses that meet Loop's compliance, banking partner, payment network, and product eligibility requirements. Some industries and business models are not permitted. Others are considered restricted or high-risk and may require additional review before Loop can determine whether the business can be supported.
For clarity, "not permitted" means Loop cannot support the business type or activity. "Restricted" means support depends on the product, licensing, partner requirements, payment network rules, and Compliance review. "High-risk" means the business may require enhanced due diligence, additional monitoring, or approval before Loop can determine whether it can be supported.
Eligibility requirements may vary by product, including Accounts, Cards, Interac e-Transfer, and money movement services. Where requirements differ between Loop's banking or payment partners, Loop applies a consolidated eligibility approach based on the stricter applicable requirement.
If your business operates in, supports, processes payments for, or earns meaningful revenue from a restricted, high-risk, or non-permitted industry, Loop may be unable to open or continue supporting your Account, Card, or payment service.
This list is not exhaustive. Loop may request additional information during onboarding or ongoing review to confirm whether your business is eligible.
Not permitted, restricted, and high-risk industries and business types
Loop may be unable to provide services to businesses involved in the categories below. Some categories are not permitted, while others are restricted or high-risk and require additional review before Loop can determine whether they can be supported.
Illegal, harmful, counterfeit, or brand-damaging products and services
Illegal products, services, or related peripherals
De-scramblers, modification chips, jammers, signal-blocking devices, or similar products
Fake IDs, fraudulent government documents, or document fraud
Counterfeit merchandise, piracy, trademark infringement, or other intellectual property violations
Products or services that facilitate illegal goods or services, human trafficking, child labour, prostitution, or similar activity
Products that may be readily misused to harm individuals or property, especially where marketed toward misuse or with unclear intended use
Use of artificial intelligence for illegal activities, fraud, adult content, or activities that may damage Loop, banking partner, or payment network brands
Adult products and services
Adult entertainment
Adult toys and novelties
Pornographic or adults-only products or services
Phone sex, adult live-chat, adult video stores, escort services, strip clubs, or similar services
Massage services involving sexual activity
AI-generated adult content or AI-generated prohibited content
Illegal, exploitative, non-consensual, or otherwise prohibited sexual content
Weapons, firearms, and military-grade security
Weapons or military-grade security businesses
Illegal weapons, whether sold in person or online
Online sales of firearms, weapons, or related parts and accessories
Licensed firearms or weapons sales, including related parts and accessories
Shooting ranges, firearm training, or firearm certification businesses
Drugs, cannabis, tobacco, alcohol, pharmaceuticals, and health-related products
Illegal drugs or controlled substances
Illegal sale of prescription drugs or tobacco products
Drug paraphernalia
CBD and related products
Cannabis or marijuana businesses, including licensed marijuana producers and retailers
Psilocybin mushrooms, spores, synthetic cannabinoids, synthetic stimulants, or similar controlled or psychoactive products
Psychoactive herbal products, including kava, kratom, salvia, fly agaric, K2, or similar substances
Age-restricted products, including tobacco, alcohol, vape products, e-liquids, and related hardware
Online pharmacies, telehealth businesses, cross-border pharmaceutical sales, or pseudo-pharmaceutical sales
Hazardous or unapproved substances marketed with implied health benefits
Gambling, gaming, betting, and lottery
Gambling, betting, or wagering businesses
Online gambling or betting
Lottery tickets, casino gaming chips, racetracks, off-track betting, or casino-related activity
Skill games, including fantasy sports gambling
Online gaming involving charity raffles or fundraising activities
Government-owned lottery merchants
Certain digital goods and services related to gaming or virtual services
Financial services, credit, lending, and money movement
Some regulated financial services businesses may be reviewed as restricted or high-risk rather than automatically prohibited. However, unlicensed activity, nested financial institution relationships, shell-bank activity, cryptoasset-related activity, or activity outside Loop's risk tolerance is not supported.
Money service businesses
Money transmitters, remittance businesses, currency exchange services, or similar services
Financial institutions making payments on behalf of other financial institutions, including nested relationships or layering
Shell banks or banks without a physical presence in any country
Wallets, digital wallet operators, staged wallet providers, stored-value models, or similar services
Cryptoassets, cryptocurrency, crypto exchanges, stablecoins, crypto ramps, quasi-cash, or similar products
Securities dealers, trading services, financial instruments, stocks, bonds, or speculative trading
Payday lending, credit lending, debt collection, collection agencies, or debt collection by the seller
Credit repair, credit protection, refinancing, mortgage reduction, or similar services
Bankruptcy legal services
Crowdfunding
Factoring or aggregator models
Buy Now Pay Later, leasing, auto payment plans, or payment plan merchants
Bail bond services
Timeshares
Precious metals, commodities, mining, and resale
Precious metals and stones, including diamond traders
Watches, jewellery, precious stones, and precious metals businesses
Unauthorized resale of luxury goods, including watch traders
Scrap metal traders
Mining and extraction
Carbon credits or carbon credit traders
Energy traders
Travel and travel-related services
Airlines
Cruise lines
Travel agents
Travel tour operators
Travel-related services that create elevated financial, fulfilment, or chargeback risk
Digital, telecom, hosting, and online services
Prepaid phone calling cards or telecom products
Communications infrastructure, including phone systems or internet hosting
Web hosting services
Online cloud data storage, cyberlockers, or similar services
Online delivered software, including auto-renewal models
Peer-to-peer content sharing platforms that allow individuals or businesses to sell, rent, or distribute digital or physical assets directly
Online dating, chat, or matchmaking services
Inbound teleservices where restricted by Loop's banking or payment partner requirements
Deceptive sales practices, marketing models, and unclear business models
Deceptive internet sales
Misleading free trials, negative renewal models, misleading trial periods, deceptive refund policies, or deceptive marketing
Businesses offering poor-value products, questionable quality, unrealistic guarantees, or promises of very high returns
"Get rich quick" businesses
Ponzi schemes, pyramid schemes, or unsustainable business models
Multi-level marketing, including MLMs with products
Businesses with no inventory or models reliant on breakage
Door-to-door sales involving high-pressure tactics or unproven claims
Multiple unrelated business models
Undefined, unclear, or unsustainable business models
Personal concierge services that facilitate illegal activities or offerings
Political, charity, and other restricted client types
Registered charities may be reviewed if they meet Loop's onboarding and enhanced due diligence requirements. Unregistered charities or charities that cannot provide required supporting information may not be supported.
Political organizations
Unregistered charities
Charity organizations that do not meet Loop's registered charity eligibility requirements
Registered charities that cannot provide the required onboarding information or supporting documents
Businesses not incorporated or licensed in Canada, where incorporation or licensing is required for a specific Loop product or payment service
Other restricted or high-risk services
Pawnbrokers or pawn shops
Psychic, astrology, occult, or similar services
HVAC services
Services fulfilled internationally where Loop cannot verify the nature of services, fulfilment, licensing, or delivery
Immigration services
Consulting businesses where the business purpose, source of funds, service delivery, or client base cannot be clearly verified
Rent aggregators
Additional eligibility note
Loop Cards cannot be issued to sole proprietors who are residents of Quebec.
FAQs
Can I still use Loop if I partner with a restricted business?
If your business directly supports, processes payments for, or earns meaningful revenue from a restricted, high-risk, or non-permitted industry, Loop may be unable to offer you an Account, Card, or payment service.
What if only part of my business is related to a restricted industry?
Loop may still need to review your business. If a restricted or non-permitted activity is material to your business, revenue, customers, suppliers, or payment flows, Loop may be unable to support your Account, Card, or payment service.
What if I change my business type later?
If your business moves into a restricted, high-risk, or non-permitted category after opening your Account, Loop may need to review, limit, suspend, or close your Account or Card.
Can I request an exception?
For non-permitted categories, exceptions are generally not available. For some restricted or high-risk categories, Loop may request additional information and conduct enhanced review, but approval is not guaranteed.
Does approval for one Loop product mean I am approved for all Loop products?
No. Eligibility may vary by product or service, including Accounts, Cards, Interac, and money movement services. Loop may be able to support one product or payment service but not another.
How do I know if my business qualifies?
If you're unsure whether your business is eligible, contact Loop support before applying. We can help confirm whether your business type is supported.