Overview
Loop Payments is designed to make managing outgoing payments simple, fast, and cost-effective. Whether you’re paying a supplier in Canada or sending funds overseas, Loop helps you complete transactions digitally and track every payment from start to finish.
You can use Loop to:
Set up new payees for recurring or one-off payments.
Configure and send payments directly from your Loop Operating Account.
Confirm payment details and download receipts.
Use approval workflows to ensure payments are reviewed before being sent.
It’s everything your business needs to move money efficiently — without long processing times or bank fees.
How It Works
Add your vendor, contractor, or partner’s details once — then reuse them for future payments.
Choose the funding source, amount, and currency. You can send payments from your Loop Operating Account or a connected external bank account.
Check your payment details before submission. You can also add an internal note or reference for tracking.
After sending, monitor the status of your payments from the Payment History tab, including trace IDs and downloadable confirmations.
FAQs
How long do payments take to reach their recipient?
From your Loop Operating Account: Typically 1–2 business days, depending on the recipient’s location and the time of day the payment is initiated.
From a connected bank account: Funds must first be cleared into your Loop Operating Account before the payment is sent. End-to-end, these payments take 3–6 business days.
What types of payment methods does Loop support?
Loop supports major global and local payment networks:
International Wire Transfers
EFT (Canadian local network)
ACH (U.S. local network)
SEPA (E.U. local network)
U.K. Faster Payments (U.K. local network)
How much does it cost to send payments?
$0. Loop does not charge transaction fees for payments, regardless of the payment type.
How can I track my payment?
Go to Send Payments → Payment History to view all transactions. From there, you can:
Check overall payment status
Download confirmation details
Access payment trace IDs
Notes
Payments are processed during business hours and may be delayed on weekends or public holidays.
Ensure recipient banking details are accurate to avoid processing delays.
You can add multiple payees and set up approval workflows for team-based payment reviews.