Loom charges a posting fee on projects, depending on which features the project poster wants to utilize to help them find and hire freelancers.
Loom also requires that employers pay their freelancer through the Loom payment system, where a small fee is collected on each transaction.
For projects offering cash compensation or cash/equity mixed compensation, Loom charges a 8% service fee on the cash payments made to freelancers through the secure payment system.
When an employer makes a payment on Loom, the 8% service fee is automatically deducted from the total amount and the remainder is sent to the freelancer's Stripe account.
For a more detailed description of all potential fees, please review the Loom Terms of Service.
Loom fees go directly to paying our employees and operational expenses so we can build valuable features and continue to help employers find freelancers to bring their ideas to life.