Best for
Merchants in search of a way to process payments that allows mobile ordering and also builds customer loyalty for the merchant’s brand.
Specializes in
LoopWallet specializes in working with the hospitality, sports and fitness, and retail industries to provide them with a new way to process payments on one mobile platform.
Pricing Summary
Setup Fee: Unknown
Monthly Fee: Unknown
Swipe Rate: Unknown
Keyed-in Rate: Unknown
Early Termination Fee : Unknown
Contract Terms:
LoopWallet offers merchants the ability to create an online store in the form of an app that their customers can use when shopping.
When Loop got its beginnings, it was offered in the form of a fob or a cell phone charging case that stored customers’ credit card information.
LoopWallet is located in Melbourne, Australia and Tom Norwood is the company’s CEO.
LoopWallet, or Loop, as its website is branded, is an app platform that allows merchants to create their own online store. Their customers are able to place orders anywhere they are, and they can choose to have their orders delivered, or pick them up in the store.
Loop has been around for several years, and the company is headquartered in Melbourne, Australia. Tom Norwood is listed as the company CEO. When the company first got started, Loop allowed customers to use a fob or a charging case for their cell phones to store credit card information for use as payment when making purchases.
Today, LoopWallet has grown, and now merchants can use this technology to maximize their sales, reward customers and gain new ones in the process.
Head Quarters
Melbourne, Victoria, Australia
Year Founded
Unknown
CEO
Tom Norwood
Employees
2-10
Merchant Provider Risk Tolerance
Helps clients create their online store.
Everything is channeled through the app, including shopping and payment.
Offers a rewards program for customer loyalty.
Accepts all major payment types, including crypto.
Upfront about pricing and costs.
No reviews or ratings from the Better Business Bureau.
No online or phone support found on the website.
Undetermined setup time.
No information as to whether the company requires a contract.
No information about fees beyond the basic transaction costs.
Hardware & Software
LoopWallet uses its own customized software to provide its merchant customers with in-app/mobile stores and payment processing services. This company does partner with Stripe and PayPal to process payments.
LoopWallet does not offer POS systems, credit card terminals or software to merchants. Everything is done right in the app.
Value Added Services
The biggest value added service that LoopWallet offers is the ability for merchants to have their own mobile stores, which are created using Loop.
Merchants are able to upload their store information and set everything up on their own with their store branding. Merchants’ business information will appear on the app alongside other businesses that share the same target audience. This is essentially free advertising for these merchants, which allows them to grow their customer bases.
LoopWallet has a rewards program that can be tailored to merchants’ specific needs as well. Rewards can be redeemed for discounts or other incentives.
Supported Payment Types & Services
Merchants who use LoopWallet will be able to accept payments from all four major credit cards and debit cards.
Additionally, merchants can choose to accept cryptocurrency as payment as well. Users can use the app to buy, store and trade crypto right in the app. Merchants accepting these types of payments can do so without any risk associated with cryptocurrency’s price volatility too.
A cash back program is also available to customers, and they will receive a 1.5% cash back bonus in the form of Loop tokens, which is Loop’s own cryptocurrency.
Discloses All Important Terms
No
Public Pricing Available
No
LoopWallet offers four different pricing plans:
Small businesses (up to 50 transactions per month): $49
Medium businesses (up to 250 transactions per month): $99
Large businesses (up to 1,000 transactions per month): $199
Multi-business network or group: Customized pricing
There is a note on the Loop website that says that merchants will need to pay standard credit card processing fees for all credit card orders through Stripe and PayPal.
PayPal lists its transaction fees for standard credit card and debit card payments as 2.99% + $0.49 at the time of this writing.
Stripe lists its transaction fees for standard payments as 2.9% + $0.30.
Pricing Model
Flat Rate
Swiped Rate
Unknown
Keyed-in Rate
Unknown
Mobile Payment Rate
Unknown
Virtual Terminal Rate
Unknown
Monthly Fee
Unknown
Payment Gateway Fee
Unknown
Batch Fee
Unknown
Early Termination Fee
Unknown
PCI Compliance Fee
Unknown
Equipment Lease Terms
Unknown
Address Verification Service (AVS)
Unknown
Application Fee
Unknown
Account Setup Fee
Unknown
Gateway Setup Fee
Unknown
Annual Fee
Unknown
Monthly Minimum
variable
Statement Fee
Unknown
There is no information on the Loop website about this company’s contracts and terms with its merchant customers.
Contract Length
Unknown
Early Termination Fee
Unknown
There is no indication about how long it might take a merchant to get set up to begin working with LoopWallet. However, because this business uses payment aggregators like PayPal and Stripe to process payments, there is most likely no long approval process or underwriting.
That means that merchants should be able to get started with accepting payments as soon as they have their app set up.
The Loop website has a Contact Us page that contains a form for people to fill out. There is no phone number or email address listed.
BBB Rating
This merchant does not have a profile or a rating on the Better Business Bureau website.
Other Online Reviews
There is only one online review for Loop, and it was written in 2014. The reviewer discusses the company’s fob and charging case, which were the only products it had available at that time. No other current reviews are available.
BBB
N/A
N/A
No Reviews
Yelp
N/A
Total Online Reviews
10+
Total Online Complaints
Unknown
Lawsuits
No
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