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Pay your suppliers and save without bringing money into Loop.
Loop is thrilled to announce you can now pay your payees directly from your external bank accounts, all within your Loop dashboard. This feature provides you access to all of your connected bank accounts during the payment process, offering convenience and flexibility.
Direct Payments Made Easy:
Previously, funds were required to be added to your Loop account, either through e-commerce payouts or by transferring money from your external bank accounts. Once the funds were added, you could proceed to make payments to payees. We have now eliminated the need for that intermediary step.
To make a direct payment to your payees using your external bank account:
- Link Your External Bank Account: Ensure your external bank account is linked to your Loop dashboard. Go to the Settings section, and under "Bank Accounts," to connect your external bank account.
- Select or Add a Payee: Go to Send Payments within your Loop dashboard and select or add a new payee.
- Create a Payment: You will be prompted to select a From Account for the payment. Your external bank account is now listed as an available option alongside your other Loop accounts.
- Select Your External Bank Account: Select your external bank account to send payment directly from your bank account to the payee. Payments from your external account to different currencies will display a future exchange rate as it takes up to 4 business days to process the funds.
With just a few simple steps, you can now seamlessly send money to your payees from any of your bank accounts. So, dive into your Loop dashboard today, link your external bank account, and enjoy the streamlined payment experience that Loop offers!
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