September 7, 2023
3 mins
read time

Manage your cash flow flexibly with Loop

Get access to business credit with flexible repayment options.

Manage your cash flow flexibly with Loop
Get access to business credit with flexible repayment options.

With Loop, grow with credit and customized repayment options.

For Canadian businesses earning revenue in USD, Euro or even GBP, settling your credit card balances can be overly complicated and very costly with forced and unnecessary currency conversions. 

With Loop, you can accumulate credit balances in USD and CAD (without being charged FX fees on your transactions) and also pay your balances in USD or CAD. That means, you can settle your balances using revenue earned in USD or CAD, skipping any currency conversions and saving between 5-7% of your revenue. 

Loop also offers you flexibility in choosing how you'd like to repay your balances, with up to 55 days of interest free spending. Unlike a charge card you have multiple payment options such as:

  • Lower minimum payments (pay 6% of all balances in CAD)
  • Pay in multiple currencies
  • Pay your full balance in either CAD or USD
  • Load funds in specific currencies

Pay Your Minimum Amount Due

Business can be unpredictable, and some months might be tighter on your budget than others. In such cases, the Minimum Amount Due payment option gives you the most flexibility to ensure you meet your payment terms:

  • Selecting in Individual Currencies and then Minimum Amount Due give you the option to select a single CAD account from which you'd like to make a minimum payment
  • When you make a Minimum Payment, all of your outstanding statement balances are converted to CAD
  • A single minimum payment is then made, equivalent to 6% of your total CAD balances post conversion (plus any outstanding interest)

This option allows you to manage your card balances even during slow financial months while keeping your payments on track.

Pay in Multiple Currencies

Sometimes, flexibility is key when it comes to managing your finances. If you prefer more control over your payments, you can opt to pay your Statement Balance in Individual Currencies option:

  • With this choice, you can select which bank account you'd like to use your CAD, USD, EUR, and/or GBP balances payments
  • View real-time conversion amounts if you wish to pay your EUR or GBP balances from one of your CAD accounts

This method gives you the freedom to pay Statement Balances individually from specific accounts, making it perfect for those who want to manage their financial accounts with precision.

If flexibility isn’t what you’re looking for when repaying your card balance, check out the other methods to repay your card balances with speed and precision!

Pay Your Full Balance in CAD or USD 

The most straightforward and quickest way to repay your card balance is by selecting the Pay all in CAD or USD option. Here's how it works:

  • Select Pay all in CAD or USD as the Payment Currency 
  • Your outstanding balances are converted using Loop's best-in-class FX rates.
  • After the conversion, you make a single payment in the currency of your choice, either CAD or USD which will pay your Statement Balance for all four currencies

This method streamlines your repayment process, eliminating the need to juggle multiple currencies and making it easier to manage your card balance.

Load Funds in a Specific Currency

For those who like to have complete control over their payments, take advantage of the Add Funds option:

  • Navigate to the main Cards page and expand the balance you wish to pay.
  • Select the Add Funds option
  • Pay a custom amount against a specific card balance

This method gives you the flexibility to make precise custom payments regardless of your Statement Balance amount, ensuring you have complete control over your repayments.

Make Balance Payments Your Way

Whether you prefer paying all your statement balances in CAD or USD, paying individual balances, making a minimum payment, or adding custom funds, Loop’s Card Payment page offers the flexibility to meet all your repayment needs. 

Take advantage of these options to make managing your Loop card easier and more convenient than ever before. With Loop, you have the power to manage your unique payment preferences and circumstances, making it simpler and more efficient to stay in control of your finances.

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