Loop

Connecting you with Loop...

Why Loop?

Loop is a business banking service that provides financial products to support Canadian e-commerce. They offer services like long-term capital, multi-currency accounts, cards, and payment methods. With a focus on small businesses and e-commerce, they have lent more than $100M to make global operations easier.

FAQs about
Loop

What is Loop?

Loop is a business banking service that provides financial products to support Canadian e-commerce. They offer services like long-term capital, multi-currency accounts, cards, and payment methods. With a focus on small businesses and e-commerce, they have lent more than $100M to make global operations easier.

Why should I use Loop?

There are many reasons why you should use Loop. Some examples include:

  1. Access to its multi-currency corporate card, which allows your business to spend in four currencies: CAD, USD, GBP and EUR.
  2. Access to its long-term credit in CAD or USD with APRS from 8 - 12% to allow your business to grow faster.
  3. Access to its multi-currency accounts which allow you to get payouts from brands like Amazon, Shopify, Paypal, Etsy, Stripe and other USD payments without needing to convert your money.
  4. Access to its global payment methods. You can pay suppliers, vendors and payees in 37+ currencies worldwide in one click.

How much does Loop cost?

The following fees for Loop include: Multi-Currency Accounts

  • No account opening fee
  • No monthly or annual fees
  • Free incoming transfers
Multi-Currency Corporate Card
  • No monthly or yearly fees
  • No FX fees on USD, CAD, EUR and GBP purchases
  • 55-days interest-free spending
International Payments
  • Free local and international transfers
  • Add an unlimited number of suppliers for free
  • 50bpd of FX markup when you pay in 37+ other currencies
  • No FX fees when you pay in your current money.
Capital funding
  • The interest range vary from 0.8% - 2% monthly
  • The monthly access fee starts from $79 to $499
  • No up-front fees or setup costs
 

How do I get started with Loop?

To get started with Loop, you can register for an account free. The only requirements for the Loop Corporate Card are details about your business, the channels/payment processors you use, your monthly revenue and other relevant information for the approval of your account.

Is Loop safe?

Loop is committed to ensuring your money is safe and secure. Your money is safeguarded by keeping your money in accounts that are separated from the funds used to run the business. ‍Deposits created in the Loop US Dollar Account are insured under FDIC. The CAD, EUR and GBP accounts also have security measures to protect your funds by depositing your funds in an isolated account at banking institutions in Canada, the US, the UK and Europe.

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