It’s not something you hear ecommerce business owners openly complain about necessarily because it has become such a normal procedure.
First you withdraw the money from your line of credit and transfer it to your bank, then you deal with heavy currency exchange fees cutting into your margins, and finally you send a wire transfer to your inventory supplier for this quarter’s inventory purchase order.
Run-of-the-mill type stuff.
Necessary-because-I-need-inventory type stuff.
This month at Loop, we wanted to change that by giving you the alternative you’ve been hoping for. The banks certainly won’t be the ones implementing an easy process like this so we took it upon ourselves focusing on making it as smooth, and as affordable as possible to pay your suppliers.
Paying your suppliers is now not only easy, but it’s offered at cost. No more banks taking their cut.
1. Log into your dashboard and click “Pay a Supplier”
2. Click “Send Funds” to pay your regular supplier or click “Add new supplier” to add a new destination for your funds.
3. Click again to send funds when you’re ready
This feature will help you avoid heavy exchange fees as it is offered at cost. No more banks cutting into every payment you send through.
Additionally, it’s simple and easy - and who doesn’t like that?
We hope you enjoy our new feature.