The Problem

Tab quickly needed a US presence to service a large US customer

Tab Commerce had no initial plans to expand into the US market. However, they couldn't ignore the opportunity when a significant US customer showed interest in their services. Nevertheless, Tab faced several challenges, such as quickly establishing a US presence, dealing with cross-border payments, and navigating complexities tied to international transactions. All while avoiding high banking fees and maintaining their revenue.

As a start-up, Tab was bootstrapped and needed to maximize their cash flow. Additionally, they required a solution that would simplify their payment processes and provide a user-friendly interface for efficient financial management.

Banking should be a partner for your business's growth. With Loop, Tab was able to successfully go-to-market in the US while avoiding high annual fees and other banking fees.

The Solution

Tab gets localized American banking and Fortune 500 FX rates with Loop

Loop helped Tab establish a presence in the United States but without the paperwork, just using founder Ty Wilson’s laptop in Toronto.

Within a day of reaching out to Loop, Tab was able to get local ACH account details in the US so they could easily receive and send payments from their US customers. Even better, Loop enables Tab to do this without any bank fees, conversion charges and with same-day processing times.

Tab Commerce also saves money every month by subscribing to Loop Plus - giving them access to FX rates with just a 0.10% markup. This subscription, priced at only $49/month, gave Tab access to foreign exchange rates that historically could only be accessed by Fortune 500 companies.

Now, when Tab needs to convert their USD revenue to CAD in order to pay their Canadian team, they save thousands of dollars on FX.

The Results

Tab begins processing hundreds of international payments every month and saves thousands in cross-border banking fees

Loop's collaboration with Tab Commerce immediately resulted in significant growth opportunities and business expansion. Tab Commerce used Loop's cross-border payment capabilities to onboard their new US customer.

With the capability to convert and transfer funds between their US and Canadian accounts, Tab simplified their financial management, allowing Ty to concentrate on growing the company. Using Loop, Tab is now able to process hundreds of payments every month at a fraction of the cost of traditional banks.

Moreover, Loop's competitive foreign exchange rates and subscription-based pricing model allowed Tab Commerce to optimize their costs and conserve money to further invest in growth.