What is the Request Payment feature?

Request Payment (also known as Loop Billing) allows you to request an invoice payment from your customer saving you money (especially compared to credit card acceptance) and time (compared to manual follow-ups for overdue invoices). The payment is typically facilitated by a bank-to-bank transfer such as ACH in the US or EFT in Canada. Loop facilitates this on your behalf and pulls funds from your customers account (with their consent) into your Loop account.

How does it work?

1. You add a customer (i.e. payor) from whom you want to collect payments. 
2. Provide Loop with payment request information such as your customers legal name, contact email address, invoice details and scheduled payment date.
3. Loop sends a request to your customer on your behalf to collect consent to pull funds on the scheduled payment date. 
4. Your customer provides their consent along with their bank account details.
5. On the scheduled payment date, Loop debits your customers bank account and credits your Loop account. This can take a couple of days to process depending on the local payment network used.