Overview
Last updated
Last updated
Loopit currently supports the following payment providers and methods
Stripe
Visa, Mastercard, American Express
ACH, Bank transfer, Direct debits
Adyen
Visa, Mastercard, American Express
Off platform
Cash, card, bank transfer
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.
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 for Stripes hold periods.
Keep in mind holds are not guaranteed to be able to be captured - a card owner or issuer can reverse a hold at any point in time meaning you cannot capture the funds.
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.
Date when the payment was successfully processed.
Date the payment failed
If a payment has failed, the reason why it failed.
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.