Confirming Payments

Q: How do we schedule a payment for the correct date?

A: Loop calculates the scheduled date from your payment terms and the anchor date configured for your account. Payment runs may group payments for a configured schedule. Depending on your setup, Loop may generate payment instructions for your team or execute the payment through a connected provider. Review the date in Loop before confirming.

Q: What is the anchor date in the billing profile?

A: The anchor date is the date used to calculate when payment terms begin. For example, Net 30 with an invoice-received anchor date means the payment is due 30 days after Loop receives the invoice.

Q: How do I confirm a payment?

A: Go to Payables → Payments and open the Unconfirmed tab. Review the payment, then select Confirm. You can also bulk-confirm from the payment table or review the payment from a payable invoice.

Q: What happens if we don’t confirm a payment?

A: The payment will not be released.

Q: What if I confirm a release date in the past, will it error or release?

A: Loop uses the next available processing opportunity based on the payment method and account schedule. The payment details show the resulting scheduled or initiation date. QuickPay treatment may change if the payment no longer meets the applicable terms.

Q: How do I change the payment date if needed?

A: Open the payment details and select Edit or Schedule. Choose a custom date or Schedule right now, then confirm the payment.

Q: If there are multiple invoices on the payment and I only need to change the payment date for one, how do I?

A: Open the payment details, select the individual invoice, and open its payment section. Use the three-dot menu to confirm or edit that invoice’s payment date.

Q: How do I cancel a confirmed payment?

A: If the payment has not been initiated, open the payment details, select Reopen review, and follow the prompts. This cancels the upcoming payment and returns the invoice to review. Once a payment has been initiated, contact Loop immediately; stopping it is not guaranteed.

Payment Timing

Q: If I mistakenly confirmed the payment date, how much time do I have to correct it?

A: The available time depends on the payment method, account schedule, and payment status. Future-dated payments can generally be edited before initiation. Once a payment is initiated, contact Loop immediately and do not assume it can be stopped.

Q: What is the cutoff time to have a payment released the same day for ACH?

A: There is no single cutoff that applies to every account. Same-day timing depends on the payment method, provider, account schedule, and processing calendar. Check the scheduled date in Loop or contact Loop for the cutoff that applies to your account.

Q: What is the cutoff time to have a payment released for QuickPay the same day?

A: QuickPay timing is account- and provider-specific. Check the scheduled date in Loop or contact Loop for the applicable cutoff.

Factors

Q: How do I see if a carrier uses a factor?

A: In Network → Organizations, review the Assigned factor column. Open the organization and go to Billing & payments to see additional payment details.

Q: How do I see all carriers using a factor?

A: In Network → Organizations, apply the Has assigned factor filter.

Q: How do I remove a factoring relationship?

A: Open the carrier’s organization, go to Billing & payments → Manage, and select Release factor. Upload the required letter of release and provide the replacement factor or payment terms, anchor date, and effective date.

Q: How do I update the factoring relationship?

A: Open the organization’s Billing & payments page, select Manage → Assign factor, choose the factoring company, upload the notice of assignment, and set the effective date.

Q: How do I update invoices to the new factor if needed?

A: Updating existing invoices to a new factor is not self-service. Contact Loop for assistance. If the payment is not confirmed, do not confirm it. If it is confirmed but not initiated, use Reopen review when available; if it has been initiated, contact Loop immediately.

Payment Onboarding

Q: How do I view a carrier’s onboarding status to payments?

A: In Network → Organizations, review the Bank account status column. Common statuses include:

MISSING DATA: Required payment information is not available and an invitation has not been completed.

INVITE SENT: An onboarding invitation was sent but has not been completed.

INVITE EXPIRED: The invitation is no longer valid and needs to be sent again.

INVITE ERROR: The invitation could not be delivered successfully.

ONBOARDED: Bank details are connected and the payee is ready for payment execution.

ACTIVE: A payment has been completed successfully using the account on file.

ERROR: Payment or account verification needs attention.

OFFLINE: Payments are handled outside Loop.

Q: How do I update a carrier’s bank account details?

A: Open the organization’s Billing & payments page and use Manage to remove the existing bank account and add the new details. Access may be limited to administrators.

Q: Can I send a payee onboarding email directly from Loop’s application?

A: Yes. For an individual organization, open Billing & payments → Manage → Send bank account invite. Bulk outreach may be coordinated by Loop outside the application.

QuickPay

Q: How do I know if a carrier is enrolled in QuickPay?

A: QuickPay terms appear in the organization’s payment settings when the carrier is enrolled.

Q: How do I remove a carrier from QuickPay enrollment?

A: Contact Loop through your account email. QuickPay enrollment and terms are account-specific.

Q: How do I see all carriers enrolled in QuickPay?

A: In Network → Organizations, review the QuickPay column or apply the QuickPay enrollment filter.

Remittance

Q: How do I see what invoices or shipments are being paid?

A: Open the payment details and select the payee. You can review all invoices included in the payment and open an individual invoice to see its related shipments and line items.

Q: Will the carrier receive remittance details?

A: Remittance details are sent when the payment is initiated, based on your account setup.

Q: Where are the remittance emails stored in Loop?

A: Open Network → Organizations, select the organization, and go to Billing & payments or Payment settings.

Q: How do I tell a carrier what invoices were paid on a payment?

A: Open the payment details to review the invoices included. You can also use the payment transaction or reference number to locate the payment and share the available remittance information.

Q: How do I see details on where the payment was sent?

A: Open the payment details. Loop shows the sending and receiving accounts with limited identifying information, such as the last four digits. Full bank account details are not displayed.

Q: Can we download the remittance details in a file to send over to a carrier?

A: Payment details are available in Loop, but a separate remittance download is not available in every setup. Contact Loop if you need a file for a carrier.

Payment Failures

Q: How do I see failed payments?

A: Open Payables → Payments and select the Failed tab. Open a payment to see the failure reason and description.

Q: Will I receive alerts for payment failures?

A: Notification availability depends on your account setup. Do not rely on an email or text alert for every failure; monitor the Payments area for current status and contact Loop if an issue is urgent.

Q: How do I resolve a failed payment?

A: Review the failure reason and resolve the underlying issue, such as updating payment account information. Contact Loop if the reason is unclear or the issue cannot be resolved in the application.

Q: How do I reinitiate a failed payment after resolving the failure reason?

A: Open the payment from the Failed tab, select Retry payment, and choose Schedule or Schedule right now. The most recent eligible bank account details will be used.

Incorrect Payments

Q: How do I retrieve funds that were sent to the wrong payee?

A: Contact Loop immediately. Once funds have settled, Loop cannot debit the payee’s bank account, so recovery may need to be handled directly with the payee.

Q: Can I stop a payment from completing once it has been released?

A: Contact Loop immediately. Whether a payment can be stopped depends on its status and payment method, and stopping an initiated payment is not guaranteed.

Q: Can I resend payment on invoices after an incorrect payment was completed?

A: Contact Loop so we can review the payment and advise on next steps. Do not assume the original payment can be reversed or automatically resent.

General

Q: What is the Unconfirmed tab?

A: It shows payments with upcoming scheduled dates that still require confirmation before release.

Q: What is the Confirmed tab?

A: It shows payments with a confirmed release date that are awaiting or moving through processing.

Q: What is the In Progress/Paid status?

A: In Progress means the payment has been initiated and is still processing. Paid means the payment completed successfully.

Q: What is the Failed tab?

A: It shows payments that did not complete. Open a payment to review its failure reason and available next steps.

Q: How can I obtain all the banking details I’ve stored in Loop for my carriers and factors?

A: Bank account information is encrypted and cannot be downloaded or exported from Loop.