Overview

Loopit currently supports the following payment providers and methods

Provider
Supported methods
Planned to support

Stripe

Visa, Mastercard, American Express

ACH, Bank transfer, Direct debits

Adyen

Visa, Mastercard, American Express

Off platform

Cash, card, bank transfer

Multiple providers

You can connect multiple providers to your workspace. This allows you to use both off platform and other providers at the same time. Different currencies can be configured to use different providers e.g. USD on Stripe, AUD on Adyen.

Payment holds

Loopit supports the ability to take payment holds for deposits. Holds on a card are typically used for security deposits. You can configure any deposit charge on an invoice to be a payment hold instead of a capture. Holds can be configured to be held up to a maximum of 7 days (*5 days for Visa) which is typically the point a card provider, e.g. Mastercard/American Express, will automatically release the hold and the funds back to the card holder. See here for Stripes hold periods.

Key dates and information

Payment status

Status
Meaning

Initiated

Payment authorisation has started. All payments have this status and quickly transition to another status.

Processing

Payment is being processed. Cards are near real time, some methods like ACH and direct debits can be in this status for a number of days whilst the banks process the payment.

Success

Payment has been captured and the amount successfully taken

Failed

Payment has failed, a failure reason is available

Cancelled

Payment has been cancelled by a user or the bank e.g. direct debit

Held

Payment authorisation has occurred but the amount has not been captured. Funds are typically available for capturing.

Payment success date

Date when the payment was successfully processed.

Payment failed at

Date the payment failed

Payment failure reason

If a payment has failed, the reason why it failed.

Timezone

All payment dates are stored in UTC. Visually within the app the dates are shown relative to the owner of the payment, either the company or person timezone. This ensures when communicating with a customer the dates are relative to the customer.

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