Local Loop Merseyside will be the UK’s first Clearing Club, where local businesses improve their finances through sharing trading data.
This ‘validation’ version of the app is for B2Bs that buy and sell in Merseyside to discover whether they might benefit from becoming Founding Members.
All you need to do is share invoices that you’ve issued. To make this as easy as possible, we’re building integrations with common accounting software platforms, starting with Xero. This means that once you’ve connected the app to your accounting platform, you don’t need to do anything else.
If you don’t use one of the supported platforms, you can upload your invoices as files. We may prompt you to upload any new ones from time to time.
We will only use this data for your benefit, and to develop the service (see Terms and Conditions below for more details).
The first thing we’ll send you is some preliminary analysis of your data, including a visualisation of your customer network, and a breakdown of your sales according to whether or not they’re in Merseyside.
As the app develops and we collect more data, we’ll share more insights about your business and its place in the Merseyside trading network.
As soon as we can, we’ll tell you whether your business might benefit from Loop Clearing, which reduces your debts and those of your trading partners without any cash changing hands.
This also resolves ‘payment gridlocks’ - having to explain to a supplier “I can’t pay because I haven’t been paid”, only to find that the customers who owe you are in exactly the same situation!
In short, we’re here to help you to pay and get paid quickly, even when cash is tight. The more trade you do locally, the better this will work for you and your trading partners.
Finally, Local Loop Merseyside will be a Member-owned mutual, giving you influence over the roadmap for future services. Together, we can build the most collaborative economy in the UK.
If you want to read the full terms and conditions, they are available here.