Frequently asked questions
Accounting
Is looch real accounting software?
Yes, it is. We've streamlined accounting, made it smarter, more reliable, and fully mobile. looch is easy to use.
The built-in chart of accounts has over 160 categories structured in Smartgroups and tailored to your entity type and tax treatment.
looch creates professional, detailed reports that will impress your business partners, lenders, investors, and CPA. Profit & loss, accounts receivable, accounts payable, balance sheet, statement of cash flow, general ledger, and trial balance are all included.
The built-in chart of accounts has over 160 categories structured in Smartgroups and tailored to your entity type and tax treatment.
looch creates professional, detailed reports that will impress your business partners, lenders, investors, and CPA. Profit & loss, accounts receivable, accounts payable, balance sheet, statement of cash flow, general ledger, and trial balance are all included.
How is looch different from traditional accounting software?
looch is intelligent and optimized for today's modern business.
Traditional accounting software works on the premise of "entries first, transaction reconciliation later." That's a recipe for countless unreconciled transactions and discrepancies.
In looch, payments are only entered once they appear as transactions in the activity feed.
The transparency of your financial reports will impress your investors, lenders, and IRS auditor (although we hope that never happens!).
Traditional accounting software works on the premise of "entries first, transaction reconciliation later." That's a recipe for countless unreconciled transactions and discrepancies.
In looch, payments are only entered once they appear as transactions in the activity feed.
The transparency of your financial reports will impress your investors, lenders, and IRS auditor (although we hope that never happens!).
How is looch different from spend management platforms?
Spend management platforms only cover expenses. You need to reconcile those expenses in your accounting software, which you need for income, assets, general ledger, and financial reports including profit & loss.
Save the hassle. looch is a complete accounting suite that seamlessly meshes expense, income, and asset management. looch puts the "all" in "all-in-one".
Because looch is mobile-first, spend management takes place on the go. Virtual and physical Smartcards provide daily and monthly spending limits, along with many other customizable controls.
Save the hassle. looch is a complete accounting suite that seamlessly meshes expense, income, and asset management. looch puts the "all" in "all-in-one".
Because looch is mobile-first, spend management takes place on the go. Virtual and physical Smartcards provide daily and monthly spending limits, along with many other customizable controls.
I keep seeing ads for different freelancer apps. Is that what looch is?
Freelancer apps are great for separating business from personal expenses, and some offer financial accounts and debit cards or connect to your existing accounts. However, freelancer apps are not accounting software. As your business grows, you'll realize there's no substitute for proper accounting.
True accounting software, like looch, uses a double entry system. This means every dollar amount creates a debit and a credit entry within a structure known as a chart of accounts. These entries, called journal entries, are saved in a general ledger.
The IRS requires you to file Schedule L with your tax return if your business meets one of the following criteria:
1. You’re taxed as a corporation or partnership and your total income is $250K or more.
2. You’re taxed as a corporation and your assets are $250K or more.
3. You’re taxed as a partnership and your assets are $1M or more.
Schedule L is your business’s balance sheet.
In summary, if your business is successful, a freelancer app won’t be sufficient. To generate a balance sheet and other accounting reports quickly and easily, you'll need real accounting software like looch.
True accounting software, like looch, uses a double entry system. This means every dollar amount creates a debit and a credit entry within a structure known as a chart of accounts. These entries, called journal entries, are saved in a general ledger.
The IRS requires you to file Schedule L with your tax return if your business meets one of the following criteria:
1. You’re taxed as a corporation or partnership and your total income is $250K or more.
2. You’re taxed as a corporation and your assets are $250K or more.
3. You’re taxed as a partnership and your assets are $1M or more.
Schedule L is your business’s balance sheet.
In summary, if your business is successful, a freelancer app won’t be sufficient. To generate a balance sheet and other accounting reports quickly and easily, you'll need real accounting software like looch.
Is looch suitable for a SaaS startup?
Absolutely! looch is ideal for SaaS startups, featuring built-in metrics for tracking your burn rate, runway, and monthly recurring revenue, all in real-time on your dashboard. You can invite investors to use the 'Observer' role, allowing them to monitor your progress instantly, or share detailed financial reports by email.
If you're pressed for time and haven't entered all your transactions, simply activate the auto-suggest feature at the bottom of the report, and looch will fill in the missing data from suggested categories.
If you're pressed for time and haven't entered all your transactions, simply activate the auto-suggest feature at the bottom of the report, and looch will fill in the missing data from suggested categories.
Do I need to subscribe to accounting to use looch’s invoicing feature?
You can send an unlimited number of invoices for free. Invoice payments are deposited into your Primary Business account, whether they were paid by card, wallet, Klarna, or by bank. looch will auto-enter your payments to your invoices.
Can I use looch for in-person payments?
Yes! looch invoices can be created in POS (Point of Sale) mode. Ditch the card terminal and turn your mobile device into a POS system, allowing your contacts to tap to pay using a card or wallet.
If you want to keep your existing POS system, make sure your sales are deposited into your accounting-ready looch account or an accounting-enrolled external account. looch will recognize your income..
Your POS system can send journal entries to looch. Then, use looch to generate professional accounting reports for your expenses, assets, and payroll.
If you want to keep your existing POS system, make sure your sales are deposited into your accounting-ready looch account or an accounting-enrolled external account. looch will recognize your income..
Your POS system can send journal entries to looch. Then, use looch to generate professional accounting reports for your expenses, assets, and payroll.
What are looch’s fees for invoice payments?
looch invoices have 2 modes.
Link mode: A link to the secure payment portal will be emailed to your contact. You decide whether to absorb the card fee or pass it on to them. Either way, looch will auto-enter the fee with the payment.
· Cards & wallets: 3.3% + 30¢
· Pay by bank from a non-looch account: $2
· Pay by bank from a looch account: Free & instant
· Klarna: 6.25% + 30¢
POS mode: Your contact is there and will tap to pay.
· Cards & wallets: 3% + 15¢
Link mode: A link to the secure payment portal will be emailed to your contact. You decide whether to absorb the card fee or pass it on to them. Either way, looch will auto-enter the fee with the payment.
· Cards & wallets: 3.3% + 30¢
· Pay by bank from a non-looch account: $2
· Pay by bank from a looch account: Free & instant
· Klarna: 6.25% + 30¢
POS mode: Your contact is there and will tap to pay.
· Cards & wallets: 3% + 15¢
How can looch help my business with 1099 compliance?
The penalties for failing to file 1099s can add up quickly. They vary from $50 to $110 per contact. In some cases, the minimum penalty is $550 per contact, with no limit!
1099 rules are complex. Some types of payments are exempt. For example, if you buy inventory for your business. It gets messy if you pay your contacts using peer-to-peer wallets: Business payments covered by a 1099-K are exempt, however, contacts paid as "friends & family" are reportable.
looch AI makes filing 1099s a breeze. If your contact isn't already a looch business, you only need their email address to invite them to self-onboard. looch gathers their info, generates their W-9, and makes an accurate 1099 determination (1099-NEC, 1099-Misc, or exempt).
Payments in your looch accounts and accounting-enrolled external accounts are analyzed to identify which are reportable and which to leave out.
At tax season, instantly file 1099s with the IRS for $2 each.
1099 rules are complex. Some types of payments are exempt. For example, if you buy inventory for your business. It gets messy if you pay your contacts using peer-to-peer wallets: Business payments covered by a 1099-K are exempt, however, contacts paid as "friends & family" are reportable.
looch AI makes filing 1099s a breeze. If your contact isn't already a looch business, you only need their email address to invite them to self-onboard. looch gathers their info, generates their W-9, and makes an accurate 1099 determination (1099-NEC, 1099-Misc, or exempt).
Payments in your looch accounts and accounting-enrolled external accounts are analyzed to identify which are reportable and which to leave out.
At tax season, instantly file 1099s with the IRS for $2 each.
My business is growing. What happens if my entity type changes?
looch is designed for businesses who want to expand while remaining nimble. If your LLC becomes a corporation, or if your tax treatment changes, simply update your profile. Here are some of the ways looch will adapt:
· Your chart of accounts will include the appropriate categories for your entity type and tax treatment.
· Auto-suggested categories will be updated for transfers to and from your personal accounts.
· Your 1099 status is updated, allowing payments from other looch businesses to be seamlessly tracked using the right classification.
· Your chart of accounts will include the appropriate categories for your entity type and tax treatment.
· Auto-suggested categories will be updated for transfers to and from your personal accounts.
· Your 1099 status is updated, allowing payments from other looch businesses to be seamlessly tracked using the right classification.
My banking app automatically transfers a portion of all deposits to a separate financial account for tax purposes. Can looch pull this off?
Yes. Every looch business gets a Tax Stash account. Our mission is to be the best at accounting. You can specify a percentage of your deposits to be transferred automatically from your financial accounts to your Tax Stash.
If you choose to use auto-transfer to looch Tax Stash, only deposits you enter using an income category will qualify. Transfers, loans receivable, and refunds are examples of deposits that aren't taxable income and will be left out.
looch will auto-suggest the correct personal, equity, or tax category when you pay taxes from Tax Stash, based on your entity type and tax treatment.
Auto-transfers to Tax Stash also work with accounting-enrolled external accounts, so you can stay with your current bank.
If you choose to use auto-transfer to looch Tax Stash, only deposits you enter using an income category will qualify. Transfers, loans receivable, and refunds are examples of deposits that aren't taxable income and will be left out.
looch will auto-suggest the correct personal, equity, or tax category when you pay taxes from Tax Stash, based on your entity type and tax treatment.
Auto-transfers to Tax Stash also work with accounting-enrolled external accounts, so you can stay with your current bank.
I sometimes use a business account to pay for personal expenses. What should I do?
Commingling occurs when a business financial account or credit card is used for personal expenses. When this happens, simply use the 'Personal' tag in the transaction screen and let looch sort it all out!
Can I give my CPA access to my books?
Yes, you can give your CPA read-only access using the 'Observer' role. Additionally, you can grant them the 'Manage journal entries' permission to create year-end entries.
For those who prefer to be hands-on and manage daily transactions, the 'Manager' role is ideal.
For those who prefer to be hands-on and manage daily transactions, the 'Manager' role is ideal.
Cash management
Is there a credit check?
No, we don't run a credit check on you or your business.
What financial accounts are included with my looch profile?
Every looch profile comes with a suite of financial accounts designed to streamline your business operations:
• Primary Business: Your main business operating account.
• Tax Stash: Helps you set aside funds for taxes throughout the year.
• Contact Facing: Share this account with your contacts instead of the one where you keep your main balance. To help keep your funds secure, the balance in this account is auto-transferred to your Primary Business account every night at 11:59 pm ET, and ACH pulls are blocked from your Contact Facing account.
• Payments: An accounts payable clearing account for handling all outbound payments.
• Payroll: A payroll clearing account dedicated to managing payroll and employee reimbursements.
Additionally, your profile includes a Card Payments Wallet, which stores funds from invoices and money requests paid on the payment portal with cards and wallets, or in person with tap-to-pay. These funds transfer daily to your Primary Business account, with the option to instantly transfer pending sales to a looch or external account for a 1.5% fee (minimum 50¢).
• Primary Business: Your main business operating account.
• Tax Stash: Helps you set aside funds for taxes throughout the year.
• Contact Facing: Share this account with your contacts instead of the one where you keep your main balance. To help keep your funds secure, the balance in this account is auto-transferred to your Primary Business account every night at 11:59 pm ET, and ACH pulls are blocked from your Contact Facing account.
• Payments: An accounts payable clearing account for handling all outbound payments.
• Payroll: A payroll clearing account dedicated to managing payroll and employee reimbursements.
Additionally, your profile includes a Card Payments Wallet, which stores funds from invoices and money requests paid on the payment portal with cards and wallets, or in person with tap-to-pay. These funds transfer daily to your Primary Business account, with the option to instantly transfer pending sales to a looch or external account for a 1.5% fee (minimum 50¢).
What type of cards are Smartcards?
Smartcards are commercial Visa cards that offer customizable spend management controls, tailored exclusively for business spending. They are not intended for personal use.
I like my current business account. Do I need to switch to looch if I sign up?
No, you don't. While we encourage businesses to use no-fee, accounting-ready looch accounts, we fully support businesses who prefer to continue with their current financial partners.
You can enroll as many external accounts as you want, and they will be added to your dashboard. Use your external accounts for transfers, sending payments, and paying bills, including using a credit card.
You can enroll as many external accounts as you want, and they will be added to your dashboard. Use your external accounts for transfers, sending payments, and paying bills, including using a credit card.
Can I use my credit card to send payments and pay my bills?
Yes! If you have a credit card that is mainly used for business expenses, you can subscribe it as an external account and it will become accounting-enrolled.
You can also use a credit card that is mainly for personal expenses to send payments and pay bills. In this scenario, you won't need an accounting subscription.
looch understands how to manage business payments made through personal accounts, ensuring your financial records remain organized regardless of your entity type.
Once you enroll your credit card as an external account, it will appear on your dashboard.
If you pay your bills using a credit card where you don’t carry a balance, you'll benefit from the remainder of your billing cycle and grace period interest-free.
You can also use a credit card that is mainly for personal expenses to send payments and pay bills. In this scenario, you won't need an accounting subscription.
looch understands how to manage business payments made through personal accounts, ensuring your financial records remain organized regardless of your entity type.
Once you enroll your credit card as an external account, it will appear on your dashboard.
If you pay your bills using a credit card where you don’t carry a balance, you'll benefit from the remainder of your billing cycle and grace period interest-free.
Do I need to enroll my credit card to send payments and pay my bills?
Nope! You can add your credit card as a personal account and only pay the 3.3% + 30¢ processing fee when you use it to send payments and pay your bills.
looch understands how to manage business payments made through personal accounts, ensuring your financial records remain organized regardless of your entity type.
looch understands how to manage business payments made through personal accounts, ensuring your financial records remain organized regardless of your entity type.
Can I continue to use PayPal for my business?
Yes, both looch and PayPal offer peer-to-peer (P2P) instant payments. Unlike typical peer-to-peer platforms, looch uses FDIC insurance-eligible accounts¹. You can link any P2P wallet to your looch account.
If you keep a balance in your P2P wallet, you can subscribe it as an external account and it will become accounting-enrolled.
looch is an automated end-to-end accounting app that only charges a subscription fee per external account.
If you keep a balance in your P2P wallet, you can subscribe it as an external account and it will become accounting-enrolled.
looch is an automated end-to-end accounting app that only charges a subscription fee per external account.
Can I use my Smartcard to withdraw cash at an ATM?
No. Here's why: A well-run business is paperless and plastic-free (although we do support physical Smartcards). looch will get you there quicker than any other solution.
Cash is typically for personal expenses. Using business cash for personal expenses leads to messy accounting. We recommend transferring funds to your personal external account and withdrawing cash using that account's debit card. looch will properly categorize the transfer based on your entity type and tax treatment. This way, you can spend your cash while keeping your books clean.
Cash is typically for personal expenses. Using business cash for personal expenses leads to messy accounting. We recommend transferring funds to your personal external account and withdrawing cash using that account's debit card. looch will properly categorize the transfer based on your entity type and tax treatment. This way, you can spend your cash while keeping your books clean.
Can I use my Smartcard to deposit cash?
No. One of the ways looch keeps your books tidy is by helping you go paperless and cashless.
If you must accept cash as a payment method, deposit it into an accounting-enrolled external account.
If you must accept cash as a payment method, deposit it into an accounting-enrolled external account.
Does looch support multiple businesses?
Yes. Create a profile for each of your businesses and link them in the profile menu.
Each profile is tied to a tax ID. You can create a sole proprietor using your SSN or ITIN. You can also create LLC and corporation profiles using EINs.
Each profile is tied to a tax ID. You can create a sole proprietor using your SSN or ITIN. You can also create LLC and corporation profiles using EINs.
Who can create a looch profile?
looch profiles include FDIC insurance-eligible¹ USD accounts and are available to US corporations, LLCs, general partnerships, sole proprietors, and foreign companies registered in the US.
To qualify, there must be a representative with significant control and management who resides in the US.
To qualify, there must be a representative with significant control and management who resides in the US.
Instant payments
How do instant payments work?
With looch, you only need your contact's email address. If they're already a looch business, funds are instantly available in their account, even on weekends or holidays. If not, they can easily download the app and self-onboard.
How long does the onboarding process take?
Onboarding is quick and simple, and usually takes just a few minutes. We use advanced identifying technology that often doesn't require ID or documents. Once signed up, funds are immediately available in their new looch account.
How can funds be used once they're in a looch account?
Funds in a looch account can be spent immediately using a virtual Smartcard, either by adding it to a mobile wallet or using it online. Alternatively, funds can be transferred out to an external account with a standard transfer for free, fast transfer for $5 (free for accounting-enrolled external accounts), or instant transfer for 1.5% (minimum 50¢).
How are looch instant payments different from other peer-to-peer wallets?
looch instant payments provide peace of mind by ensuring all your business payments are 1099 compliant. You can rest assured that onboarded contacts are paid with the correct 1099 determination and W-9 on file. looch AI analyzes every payment to determine whether it's 1099 reportable.
Can I transfer money out to a personal account or only between my business accounts?
Both. You can subscribe to as many external accounts as you want. These will be accounting-enrolled and added to your dashboard. Personal accounts are added without an accounting subscription. Business owners can transfer funds between their personal and business accounts. Managers with move money permission can only transfer funds between the business's accounts.
You use the term ‘contacts’. My accounting software has ‘customers’ and ‘vendors’. What’s the difference?
In looch, the term 'contacts' encompasses both 'customers' and 'vendors'. Customers are those who pay you, while vendors are people you pay. looch recognizes that a customer can also be a vendor and vice versa. You can create invoices, invoice credit notes, enter bills, and bill credit notes for the same contact, and any of these entries can be used to offset one another.
Payroll
Why do I need payroll?
Payroll ensures compliance for your business by properly handling payments to workers who meet the criteria for W-2 employees.
With looch, payroll transactions are accurately categorized based on the W-2 employee's department, ensuring precise financial reports without the complexity of integrations or confusing account mappings.
With looch, payroll transactions are accurately categorized based on the W-2 employee's department, ensuring precise financial reports without the complexity of integrations or confusing account mappings.
Do I need payroll to pay 1099 contractors?
No, you don't. 1099 contractors are onboarded as contacts and paid with instant payments. looch AI makes a 1099 determination and tracks reportable amounts from all payments.
Even though 1099 contractors get their own profile, you can still invite them to join your profile as teammates and issue them virtual Smartcards.
Even though 1099 contractors get their own profile, you can still invite them to join your profile as teammates and issue them virtual Smartcards.
How does payroll work?
You run payroll, and your W-2 employees get paid two days early, regardless of where they bank.³ It’s as simple as that.
Can I run a one-off payroll?
Yes, you can run one-off payrolls as often as you need, in addition to scheduled payrolls, at no extra cost.
Can I use payroll to reimburse W-2 employees for out-of-pocket expenses?
The best way to handle employee expenses is by issuing a Smartcard, which offers a wide range of controls to enforce your expense policy.
If your W-2 employee didn't use a Smartcard, you can use payroll to reimburse out-of-pocket expenses. These reimbursements are not subject to tax withholding.
If your W-2 employee didn't use a Smartcard, you can use payroll to reimburse out-of-pocket expenses. These reimbursements are not subject to tax withholding.
Can I run payroll with an external account?
Yes, you can run payroll using an accounting-enrolled external account. You can also use a personal external account without an accounting subscription. looch will consider the type of account used, along with your entity type and tax treatment, to properly enter the debit and keep your books tidy.
Can I run payroll with a credit card?
Yes, you can. The 3.3% + 30¢ credit card fee applies.
Alternatively, you can run payroll from your Primary Business account or an external account at no additional charge.
Alternatively, you can run payroll from your Primary Business account or an external account at no additional charge.
Does it matter where my W-2 employees bank?
No, it doesn't. When your W-2 employees self-onboard, they can provide any financial account number with a US routing number. In most cases, they'll get paid two days early.
What benefits can I offer my W-2 employees with payroll?
· Group health insurance including medical, dental, and vision coverage.
· Workers' compensation insurance.
· 401(k) retirement savings with up to $16,500 in tax credits for your business.
· Workers' compensation insurance.
· 401(k) retirement savings with up to $16,500 in tax credits for your business.
What’s the cost?
Payroll costs $35/month, plus $5/month per W-2 employee.
There's no additional charge if you run payroll using Primary Business or an external account.
Premiums for benefits are based off payroll.
Instant payments to 1099 contractors are free, with or without payroll.
There's no additional charge if you run payroll using Primary Business or an external account.
Premiums for benefits are based off payroll.
Instant payments to 1099 contractors are free, with or without payroll.
Security
How secure is looch?
Security is our top priority. We've designed our platform with cutting-edge, industry-leading security features to protect every part of your experience. You can trust that your data and transactions are safeguarded with the highest standards of protection.
Additionally, there's no sharing of financial information within looch.
Additionally, there's no sharing of financial information within looch.
Are funds in looch accounts safe?
Yes. Funds in looch accounts are held at Fifth Third Bank, one of the largest and most established banks in the United States.
As of March 31, 2025, Fifth Third Bank reported approximately $213 billion in total assets, ranking among the top 15 banks in the United States, according to the Federal Reserve.
looch accounts are eligible for FDIC insurance up to $250,000¹.
As of March 31, 2025, Fifth Third Bank reported approximately $213 billion in total assets, ranking among the top 15 banks in the United States, according to the Federal Reserve.
looch accounts are eligible for FDIC insurance up to $250,000¹.
Is my data safe?
Yes. We implement financial-grade encryption.
What happens if my password is compromised?
That won’t happen. looch uses a passwordless authentication system. We leverage passkeys, which use public-key cryptography and are highly resistant to phishing and other common attacks.
Unlike passwords, passkeys aren’t vulnerable to database breaches since servers only store public keys. For added security, passkeys leverage your device’s biometrics (like fingerprint or face recognition) and secure hardware elements.
Unlike 2FA apps, passkeys don’t require a separate device or app to generate codes, so there’s no risk of losing access if you misplace your phone. And unlike SMS-based 2FA, passkeys are immune to SIM-swapping attacks or SMS interception.
Unlike passwords, passkeys aren’t vulnerable to database breaches since servers only store public keys. For added security, passkeys leverage your device’s biometrics (like fingerprint or face recognition) and secure hardware elements.
Unlike 2FA apps, passkeys don’t require a separate device or app to generate codes, so there’s no risk of losing access if you misplace your phone. And unlike SMS-based 2FA, passkeys are immune to SIM-swapping attacks or SMS interception.
How are inbound payments handled?
Payments received through looch are more secure than those made through traditional financial accounts.
When you send an invoice or money request in link mode, your contacts receive a single sign-in link to access a secure payment portal. Here, they can pay any looch business with their saved payment methods. Cards are verified using 3DS, confirming ownership, while bank accounts are verified with a 2FA code sent directly to the bank statement. This ensures that when a contact pays with a bank account, we’ve already confirmed they have access to it.
In POS mode, looch utilizes tap-to-pay technology, which uses dynamic encryption and tokenization, replacing sensitive card data with a secure token. Each transaction transmits a unique, one-time code for added security. Tap-to-pay also incorporates real-time fraud detection algorithms to safeguard every payment and eliminates the need for a physical card terminal.
When you send an invoice or money request in link mode, your contacts receive a single sign-in link to access a secure payment portal. Here, they can pay any looch business with their saved payment methods. Cards are verified using 3DS, confirming ownership, while bank accounts are verified with a 2FA code sent directly to the bank statement. This ensures that when a contact pays with a bank account, we’ve already confirmed they have access to it.
In POS mode, looch utilizes tap-to-pay technology, which uses dynamic encryption and tokenization, replacing sensitive card data with a secure token. Each transaction transmits a unique, one-time code for added security. Tap-to-pay also incorporates real-time fraud detection algorithms to safeguard every payment and eliminates the need for a physical card terminal.
How are outbound payments handled?
Outbound payments can be made from either a looch account or an external account.
To add a business external account, users provide credentials for the external account, followed by a second layer of security to confirm ownership. For personal external accounts, verification is completed with a 2FA code sent directly to the bank statement. Cards used for payments are verified using 3DS for every transaction.
Only owners and managers with "move money" permission can initiate outbound payments, and biometric authentication is required for all transactions, ensuring maximum security.
There’s no sharing of financial information within looch. If your contacts aren’t looch businesses, they’ll receive an email link to onboard. Contacts who pass our verification process become looch businesses. Those who don’t can claim payments with a Smartcard, bank transfer, or same-day wire through the payment portal. Their payment method and banking details remain confidential, with no fees to you.
In both cases, a W-9 form is generated and kept on file without revealing the tax ID, a 1099 status determination is made, and payments are tracked for the 1099 reportable amount.
To add a business external account, users provide credentials for the external account, followed by a second layer of security to confirm ownership. For personal external accounts, verification is completed with a 2FA code sent directly to the bank statement. Cards used for payments are verified using 3DS for every transaction.
Only owners and managers with "move money" permission can initiate outbound payments, and biometric authentication is required for all transactions, ensuring maximum security.
There’s no sharing of financial information within looch. If your contacts aren’t looch businesses, they’ll receive an email link to onboard. Contacts who pass our verification process become looch businesses. Those who don’t can claim payments with a Smartcard, bank transfer, or same-day wire through the payment portal. Their payment method and banking details remain confidential, with no fees to you.
In both cases, a W-9 form is generated and kept on file without revealing the tax ID, a 1099 status determination is made, and payments are tracked for the 1099 reportable amount.
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