Loom's business is dependent on the 10% fee we deduct from payments made to freelancers and the $500 fee we charge employers to hire a freelancer for an equity-only project.
Going around Loom's payment system a serious violation of our Terms of Service and could result in additional fees, legal action and removal from the Loom platform. The fee for circumventing the Loom payment system is $3,000 plus 10% the amount of all fees owed to the contractor.
In extreme cases, you can pay an opt-out fee of $3,000 to make payments outside of the Loom platform. You can request to pay the opt-out fee by emailing email@example.com with details about why you cannot use Loom for payments to your contractor.
If a contractor asks you to send them payments outside of the Loom platform, contact firstname.lastname@example.org immediately.