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

A: Loop auto ages payment due date based on your terms with the carrier and the client-provided anchor date, which may be the invoice received date or the invoice approved date among others, but you need to confirm the payment for it to be sent.

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

A: This is the date the carrier’s terms are applied to determine the payment due date. So terms of net 30 with an anchor date of received date would mean the payment is due 30 days after Loop receives the invoice.

Q: How do I confirm a payment?

A: On the left-hand navigation click on Payables and then Payments. Under the Unconfirmed Tab, you will see all payees with approved invoices and scheduled payment dates. Click into the payment to see the details and select the “confirm” button to release the payments. Users can also bulk confirm on the main payments table by clicking on the left column boxes.

You can also confirm payments from the Shipment tab on the left-hand panel. Within a shipment, the AP invoice will appear on the right-hand panel. Click into the payable invoice and under the invoice summary is the payment tab with the payment date. Click on the three-dot button to the right to confirm or edit the date.

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

A: It will not be released to the payee.

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

A: It will be released the same day or the next ACH processing day depending on when you confirm the release. We will auto-remove QuickPay discounts if they no longer apply. The scheduled date will reflect the payment initiation date. ACH processing days do not include weekends or holidays.

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

A: By clicking the payment hyperlink, the payment details will appear on the right panel. Select edit to change the payment date. You can then click “Schedule” to customize a date or “Schedule right now” for the payment to be on the next release. Click “confirm” to finish.

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

A: Click the payment hyperlink, and the payment details will appear on the right panel. Under the payment summary are the invoices. Click on the individual invoice which will navigator you to the payable invoice summary. Under the summary is the “payment” section with the payment date. Click the three-dot button to the right to confirm or edit the payment date.

Q: How do I cancel a confirmed payment?

A: Click the payment hyperlink, click view details, click the three dots in the upper right, then click reopen review. You will see a warning that reopening the invoice will cancel any upcoming or confirmed payments. Click reopen invoice to cancel the payment and edit the approved invoice.

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

A: If the date is in the future, Loop will not release the payment until that date. However, if the date is today or you selected Pay Now, you will have 15 minutes or less to change the payment date or put the invoice back into review. Once the payment moves to Initiated it is too late to stop it.

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

A: 4:30pm ET for the same day otherwise it will release the next ACH processing day. Funds will arrive in the carrier’s account the next business day after release date.

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

A: 1pm ET for same day release and funds to arrive in the carrier’s account on ACH processing days.

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

A: You can view the factor on the Organization tab under the column “assigned factor.”. You can also view more details and the factor’s bank account information within “payment settings” by clicking on the Organization’s hyperlink.

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

A: In the Organizations tab, click the filter and select “Has assigned factor”.

Q: How do I remove a factoring relationship?

A: Search for the carrier under the Network then Organizations page or the global Search page. Once located, click on Payment Settings then the Manage drop down in the upper right. Select Release factor, then upload the LOR (letter of release). You’ll need to either assign a new factor or set the payment terms and anchor date for the carrier and effective date of the change.

Q: How do I update the factoring relationship?

A: Search for the carrier under the Network then Organizations page or the global Search page. Once located, click on Payment Settings then the Manage drop down in the upper right. Select Assign factor if a factoring relationship doesn’t yet exist. You then select the factoring company from the drop down list, upload the NOA (notice of assignment) and set the effective date.

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

A: That is not supported in the product currently. Reach out to your CSM and ask for their assistance. If the payment is not confirmed yet, do not confirm it. If the payment is already confirmed you must click the payment hyperlink, click view details, click the three dots in the upper right, then click reopen review. You will see a warning that reopening the invoice will cancel any upcoming or confirmed payments. Click reopen invoice to cancel the payment.

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

A: Within the Organization tab view the “Bank account status” column.

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

A: Search for the carrier under the Network → Organizations page or the global Search page. Once located, click on Payment Settings then the Manage drop-down in the upper right. Select “Remove bank account” to delete the existing account then “Add bank account” to add a new one. It is likely your company has this permission limited to a small group of administrators.

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

A: Loop can trigger mass email campaigns on your behalf outside of the application. On an individual level you can send onboarding invites within the carrier profile, select payment settings, and within the Manage drop down you can send a bank connection invite.

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

A: The carrier payments setting tab will show the QuickPay terms in effect if enrolled.

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

A: Contact us via your Loop account email.

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

A: The organizations page has a QuickPay column and you can also apply a filter to see only QuickPay enrolled carriers.

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

A: Click on the payee name for the details panel to expand. This will show all invoices included in that payment. You can further click on an individual invoice to see if multiple shipments are included.

Q: Will the carrier receive remittance details?

A: Yes, after payment is initiated. This will be in advance of the funds settling into their account and the same day as initiation.

Q: Where are the remittance emails stored in Loop?

A: The remittance email is held under Network → Organization →Billing & payments.

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

A: Ask the carrier for the transaction number on their bank statement, it should begin with LP. Then, go to search on the left navigation and search for that reference number. You will see all invoices that rolled up to that payment transaction.

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

A: Click on the payee name for the details panel to expand. You will see the account the funds were debited from on the top left and the account the funds were sent to on the top right, last 4 digits only.

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

A: Not at this time.

Q: How do I see failed payments?

A: Click on the Failed tab on the payment tab. Click on the payment hyperlink and there will be a red banner at the top with the payment failure code and description.

Q: Will I receive alerts for payment failures?

A: No, Loop does not have email or text alerts. You need to proactively monitor the payments tab for failed payments.

Q: How do I resolve a failed payment?

A: The failure code will indicate why the payment failed. You can then reference our Payment Failure SOP to resolve the underlying reason. go/payment-failure-sop

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

A: Click the payment hyperlink, select retry payment at the bottom, and select “Schedule” to enter a Custom date or “Schedule right now”. The most recent bank account details will be used.

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

A: Loop cannot debit payee’s bank accounts once funds are sent. You will need to work with the payee directly to request they refund the money back to you directly, outside of Loop.

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

A: On QuickPay this is not possible. On a standard payment, it may be possible if the credit to the payee’s account has not happened yet. You should reach out to your Loop account email immediately and we’ll attempt to stop the credit.

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

A:Yes, contact Loop to alert us of the situation. We can change the payment status to failed and then you can retry the payment.

Q: What is the Unconfirmed tab?

A: This tab shows payments with upcoming due dates. The client needs to Confirm the release date of the payment or it will not be sent.

Q: What is the Confirmed tab?

A: This tab shows payments in flight with a confirmed release date.

Q: What is the In Progress/Paid

A: Payments is initiated or successfully paid

Q: What is the Failed tab?

A: Payments that have failed. Users can click on the reb banner to indicate the error code

Q: How do I see the method of payment?

A: The method (ACH, check) is listed in the column just right of the payee name.

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

A: All bank information is encrypted once entered into Loop so we don't have the ability to download or export bank details.