Carriers and factors paid through Loop can now view and request changes to their payment information through Loop Connect. We also support adding new bank accounts, viewing bank account statuses, updating the account details required to process payments, and adding or changing remittance emails.
These changes are automatically applied by default, but they can be configured to require approval from your team. Please reach out to your customer success manager if you'd like to change your current configuration.
How do my carriers and factors view their payment details?
The Loop Connect home page displays all connected bank accounts at the top. The account cards show the last four digits of the account and routing numbers, the bank account's status, and any connected payors.
Payment connection statuses include:
ONBOARDED - the organization is ready for payment execution on Loop!
ACTIVE - the organization has been paid successfully using the bank account on file.
ERROR - the organization's bank account failed verification or the most recent payment failure indicating an issue with the bank account information.
How do carriers and factors add a new bank account?
Also shown here is the ability to add a new bank account. After clicking the + Add a new bank button, visitors can enter the routing number and account number for the account they would like to add.
Payment connections are not substitutes for factoring relationships. Any account created by a Loop Connect user should belong to their organization.
After adding the account, users can choose whether they would like to connect any customers who currently pay them through Loop to this account. Because this is unique to each connection, carriers and factors who are paid by multiple Loop clients can use different bank accounts for each connection.
Before confirming the changes, visitors are alerted that these changes are not immediate and must be processed and approved before we begin sending payments to the new account. If your configuration requires it, this is where your team will need to intervene and approve.
How do carriers and factors edit an existing connection?
Loop Connect users from your network can also edit their current connection with any Loop payors. After choosing to edit, they will be given the option to edit or add remittance email addresses, change where payment should be sent, or add a new bank account from within this flow. At the end of each flow, users are alerted that these changes will need to be processed and approved.
