The Problem

Junip needed a way to accept US revenue without losing thousands in fees

Junip is a Canadian-based company that helps 3,500+ brands on Shopify gather more reviews & display them everywhere that matters. Junip is listed as an app on the Shopify app store, so they earn most of their revenue in US dollars. For software businesses like Junip, the only option to receive their USD revenue is through costly channels like Paypal (who can charge as much as 5%) since bank transfers to Canadian based USD accounts are not an option.

Many businesses like Junip would need to set up a new corporate entity in the US solely to open a US based account for the subsidiary. Setting up another entity is both expensive (requiring ongoing legal, accounting, tax and bank costs) and time consuming to manage- making this an unattractive proposition for startups like Junip.

Banking should be a partner for your business's growth, and that means finding better options than the status quo. With Loop, Junip was able to successfully grow their revenue in the US without setting up a new US entity - helping them avoid high foreign exchange fees and other unnecessary costs.

The Solution

Junip gets access rapid access to US banking and market leading exchange rates

Within 24 hours of creating an account with Loop, Junip was approved for a US based bank account and got complete US account details, including a local routing number and an account number.

Junip connected these account details to their payment processors (like Shopify) and were able to have their USD revenue deposited into their US account. Now with a local account, Junip not only avoided the FX fees they were previously charged, they were now also able to avoid “double-conversion” by paying their US contractors and vendors directly from their account via ACH, with no fees and with rapid transfer times.

To pay their Canadian employees, Junip uses Loop to transfer their US Dollars to Canadian Dollars instantly using Loop’s market leading FX rates.

Junip also started to realize other benefits of using Loop - for example when they raised funds from US investors, instead of the complexity, fees and instability of cross-border wire transfers, Junip could accept US funds directly with their US-based account and get funded on the same day.

By working with a partner that’s empathetic to the issues faced by Canadian businesses who do business abroad, Junip was able to grow their business in the US and accept revenue without being preoccupied with the complexities.

The Results

Junip gets US account details to start collecting revenue from American processors without the foreign exchange penalties - saving thousands in fees annually.

Using one unified platform to streamline their finances, Junip was able to access services like global payments, US banking, no FX corporate credit cards, foreign exchange and more without hiring someone else or spending weeks doing paperwork. Staying lean and getting set up quickly is important to Junip.

Loop's collaboration with Junip immediately resulted in significant growth opportunities and enabled Junip to keep growing in the US while keeping the costs of banking across borders very low.