Loom’s Billing Policy

We created this resource to explain how the billing policy was designed at Loom. This information applies to Business subscriptions with automatic credit card payments.

Good to know

    • You only get billed for Creator/Admins accounts. Creator Lite accounts are free.
    • Your subscription price is connected to the number of paid members (Creator/Admins) you upgrade. This price is recalculated automatically as you increase or decrease those seats.
    • You can add or remove members at any time.
      • Monthly Subscription: you will receive a consolidated invoice with the workspace member updates at the beginning of the next billing cycle
      • Yearly Subscription: you will receive a consolidated invoice with the workspace member updates in 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:

monthly_2.png

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).

monthly_1.png

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 ($10 per Creator x 6 Creator seats).

role_downgrade.png

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:
annual_2.png

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. 

annual_1.png

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.

 

Frequently Asked Questions

How do I add or upgrade members in my workspace?

As a Workspace Admin, you are able to keep track of your team's subscriptions and permissions and allow easy access to add, remove, and edit team members from the Workspace Settings section. Please note Creators and Creator Lites can invite other Creator Lites to the Workspace in addition to Admins.

What payment methods are available?
Loom accepts credit card payments. accept all the popular credit card types, including Visa, Mastercard, American Express, Discover, and debit cards. At the moment, it is not possible to upgrade your subscription with PayPal.
What currency am I going to be charged in?
Loom’s plans are priced in USD (United States Dollar). Our payment processor will bill you in USD, which your bank may then convert to your local currency.
How do I view my billing history?
From the Plan & Billing section in your Workspace Settings, you can download your invoices, change your billing information and update the credit card on file. Please note you need to be a Workspace Admin to be able to view and manage billing.
How do I change my billing address?
This article walks you through how to update the details on your invoices.
Where can I get a receipt for my previous payments?
When your payment is processed, admins will receive an email confirmation that includes the invoice and receipt of the payment. If the receipt link for a previous payment is expired, please contact support@loom.com for a new link to be generated.
0 out of 0 found this helpful