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Loop Payments Overview

Send business payments locally or internationally with no transaction fees, all from your Loop Dashboard. See how it works, supported networks, and timing.

Loop Payments lets you send business payments quickly, securely, and with no transaction fees. You can pay vendors or partners locally or internationally — all from your Loop Dashboard, without ever visiting a bank.

How it works

  1. Add a payee. Add your vendor, contractor, or partner's details once — then reuse them for future payments.

  2. Set up the payment. Choose the funding source and amount. You can send payments from your Loop Operating Accounts or connected external bank accounts.

  3. Review and confirm. Check your payment details before submission. You can also add an internal note or reference for tracking.

  4. Track it. After sending, monitor the status of your payments from the Payment History tab, including trace IDs and downloadable confirmations.

You can also use approval workflows to ensure payments are reviewed before being sent.

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. Some payments will arrive same day.

  • 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:

  • SWIFT (international wire transfers)

  • EFT (Canadian local network)

  • ACH (US local network)

  • SEPA (European local network)

  • UK Faster Payments (UK local network)

  • IMPS & NEFT (Indian local network)

  • PESONet (Phillipine local network)

  • SPEI (Mexican local network)

  • Direct Entry (Australian 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 set up approval workflows for team-based payment reviews.

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