Simple, secure, Canadian

How payments work.

Loot uses Stripe to process payments securely. Here's exactly what happens to your money.

For everyone

Clear for buyers.
Simple for sellers.

For buyers

  • Pay in-app at checkout. Enter your card once. Loot uses Stripe, the same payment infrastructure as Amazon, Shopify, and Uber.
  • Funds are held until you confirm. Stripe authorizes your payment at checkout and holds it while you complete the meetup. The seller is not paid until you confirm the item is as described.
  • Buyer protection included. Every in-app payment is covered. The seller's payout is reduced by 8%; you pay exactly the listed price. Cash and e-transfer are never covered.

For sellers

  • Get paid directly to your bank. Loot uses Stripe Connect to send payouts to your Canadian bank account. One-time setup, under 5 minutes.
  • You receive the listing price minus an 8% platform fee. Free accounts: 8% deducted from your payout. Loot Pro (coming soon): 4%. Stripe Connect sends your earnings after the buyer confirms.
  • Payout timing. Funds are released to your bank within 2–7 business days after the buyer confirms the transaction. Standard Stripe payout schedule.
Security

Your money is safe.

Loot never stores your card details. Payments are handled entirely by Stripe, one of the most trusted payment processors in the world.

PCI DSS compliant

All payments processed by Stripe, which is certified to the highest standard in payment security.

Zero card storage

Loot never stores your card details. They go straight to Stripe's encrypted vault, not our servers.

Bank-level encryption

Every transaction uses TLS encryption end-to-end. Your data moves in a locked box.

Held until you confirm

Stripe authorizes your payment at checkout and holds it until you confirm the meetup. Opening a dispute on an in-app payment cancels or refunds the charge immediately; seller payout does not go through.

Common questions

Quick answers.

Visa, Mastercard, and prepaid cards. Apple Pay and Google Pay coming soon.
Yes. Cash and e-transfer deals are allowed, but they don't include buyer protection. Your call. For anything above $50, we strongly recommend paying through the app.
Loot deducts 8% from the seller's payout on every in-app payment (buyer protection included). You pay the listed price. The seller receives the rest. On a $40 textbook, the seller receives $36.80. Loot Pro subscribers pay 4% instead, coming soon. No fee on trades or cash deals.
You'll see an error in the app and your card won't be charged. Try a different card or contact support@lootapp.ca.

Launching McMaster. Fall 2026.

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