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Today we’re excited to announce that Loop Card is now live! Loop Card is a multi-currency corporate card for Canadian ecommerce businesses that offers the ability to spend in multiple currencies, including USD, and repay interest free up to 55 days later without ever needing to exchange currencies.
Ecommerce businesses in Canada face a number of challenges when working with the financial system. At a fundamental level, banks do not understand ecommerce businesses, resulting in inadequate credit limits (or none!), offerings that aren’t suited for ecommerce and hours of wasted time explaining how ecommerce businesses work to branch employees and branch managers.
At Loop, we understand ecommerce. We’ve issued millions of dollars of credit to ecommerce businesses across Canada through our line of credit and term loan products. After countless conversations with ecommerce business owners, we learned how needed a corporate card was that focused on their needs.
The Loop Card is laser focused on solving the unique challenges of Canadian ecommerce businesses. The card currently offers four major benefits with many more planned to help you grow your business.
- One card, multiple currencies. Pay for business expenses in CAD, USD, EUR and GBP anywhere Mastercard is accepted. Keep track of how much you owe in each currency on your Loop dashboard. Repay using any Canadian based bank account in any currency. If you need to convert money, you get the best FX rate with Loop.
- 55 Days Interest-Free Purchasing. From the moment you make the transaction, you won’t have to pay back for up to 55 days. That’s 20 days more than your traditional credit card offers you. Use the card to seamlessly pay suppliers, make advertising purchases or use it for any other business expense domestically or internationally. Loop won’t tell you what you can and can’t spend on.
- Credit That Scales as Your Business Scales. Loop connects to your sales channels so that we can analyze your growth in real-time to give you the right amount of purchasing power. This allows us to ensure that your credit limits are automatically scaling as your business’s spending needs increase.
- Earn points on everything. Earn points on purchases in every currency, including on ads, software tools and other purchases.
All of the features of Loop Card listed here are live and available for all of our clients! Oh, and one more thing.. Loop Card has no annual or monthly fee.
Our goal is to build technology and financial services that make it easy for ecommerce businesses to do business globally.
We look forward to growing with you.
The Loop Team
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