Loom’s Billing Policy (Paid Plans)

We created this resource to explain how the billing policy was designed at Loom.

Below you can find more information about Loom billing policies for Business plans based on subscription type: 

• Overview of Loom's Billing Policy 

• Monthly subscription: Adding or upgrading Creator seats

• Monthly subscription: Downgrading Creators or deactivating workspace members

• Annual subscription: Adding or upgrading Creator seats

• Annual subscription: Downgrading Creators or deactivating workspace members

• Refund Policy 

• FAQ

Overview of Loom's Billing Policy 

Your subscription price depends on how many paid members (Creators/Admins) you upgrade. This price is recalculated automatically as you increase or decrease those seats. Any members in your workspace that have a Creator-lite role will be free and will not affect the price of your subscription. 

• Only Workspace admins can upgrade and update billing information. 

• Workspace Admins can add or remove members at any time.

• Workspace members added will be charged in your next billing cycle and will be prorated based on when they were added. If you are on a Yearly subscription you will be charged for added members on a monthly cadence.

• Your credit card is automatically charged at the beginning of every billing period (monthly or yearly).

• If there’s an issue with your payment, we will let Workspace Admins know via email.

Business Plan (monthly subscription)

➕ Adding or upgrading Creator seats

We will calculate the prorated cost of new members and bill you when your Business plan renews the following month. 

Example (The price used for examples are for illustration, pricing will vary based on location):

• You are the admin of a workspace in the Business plan with a monthly cost of $15 per Creator.
• 12 days into your billing period that started on November 1st, you add two new Creators (paid seats).
• Loom will only bill you for the 18 days remaining in your billing period. The payment will be processed at the start of the next billing period, on December 1st.

Here's how the cost for the two seats is calculated:

In your next invoice, you will see an additional $18 charge for the two new Creators upgraded in your Business workspace. In the invoices following, each Creator will be charged the full monthly price ($15, as per the example above).

➖Downgrading Creator seats or deactivating workspace members

If a Creator is downgraded in the workspace, they retain Creator access for the remainder of the cycle. If a member of the workspace is deactivated, the seat will be forfeiting all fees and access for the remainder of that billing cycle.

Example (The price used for examples are for illustration, pricing will vary based on location):

• You are the admin of a workspace in the Business plan with a monthly cost of $15 per Creator. There are 8 Creators in your workspace, and your monthly payment is $120.
• You decide to downgrade 2 Creators to Creator Lite seats on February 10th, but your monthly billing cycle renews on March 5th.
• The 2 Creators that were downgraded will retain Creator access until March 5th. On that day, you will receive an invoice of $90 ($15 per Creator x 6 Creator seats).

Keep in mind that, instead of issuing a credit, users retain Creator access for the remainder of the period they paid for (in this case monthly). Any downgrades are processed at the end of that billing period.

Business Plan (annual subscription)

➕ Adding or upgrading Creator seats

With an annual Business subscription, your plan renews every 12 months. In addition to that, if you decide to add new workspace members, Loom will calculate the prorated cost of new members added to your workspace and charge you in the next month’s billing cycle.

Example (The price used for examples are for illustration, pricing will vary based on location):

• You purchased Loom Business on a yearly plan on September 1st, 2022, and paid $150.
• You invited 2 other people to join your workspace as Creators on October 15th. Since the price for each extra seat on your yearly plan is $150, you will be charged a prorated amount for the rest of the billing period, from Oct 15, 2022, to Sep 1, 2023.

Here's how the cost for the two seats is calculated:

The prorated charge for the 2 extra seats ($263.84) will be processed at the start of the next billing period, on November 1st, 2022. 

➖Downgrading Creator seats or deactivating workspace members

If a Creator is downgraded in the workspace, they retain Creator access for the remainder of the cycle. If a member of the workspace is deactivated, the seat will be forfeiting all fees and access for the remainder of that billing cycle.

Examples:

• In the event of a downgrade from Creator to Creator Lite on an annual Business subscription, the user retains Creator access for the remainder of the period they paid for (in this case annual). The downgrade is only processed at the end of the billing period.
• In the event of account deactivation, the user is removed from the workspace and no refund or credit is processed.

Refund Policy 

Cancellations

• If you cancel your subscription (annual or monthly), the cancellation will take effect at your next renewal date. You will continue to have full access to your Loom account for the remainder of your current billing period. While your access is retained throughout the current billing period, we will not issue a prorated refund for this time.

Workspace Member Downgrades

• If you downgrade a workspace member to a free seat, the downgrade will take effect at your next renewal date. All downgraded users will continue to have full access to their Loom accounts for the remainder of your current billing period. While their access is retained throughout the billing period, we will not issue a prorated refund for this time.

Workspace Members Deactivated or Deleted

• If you deactivate a workspace member, the deactivation takes place immediately and the user will no longer have access to their Loom account. All unused time for that user is forfeited and a prorated refund for unused time will not be issued. The same applies to any member permanently deleted from your workspace.

FAQ