Q: My customer was not approved, now what?
A: While we try to approve everyone, sometimes there are extenuating circumstances that deem it impossible to approve a loan application. Please let the customer know they will need to pay via another method.
Q: My customer was only approved for a partial amount, now what?
A: Financially your customer only qualified for a specific dollar amount, if they did not qualify for the full payment amount, they can pay the remainder of the balance via a different payment method.
Q: My customer got prequalified but then didn’t pay with financing, is there anything I can do?
A: Unfortunately no, if they decided to pay via a different payment method that is their choice.
Q: My customer hasn’t clicked the “Job is Done, Release Funds” button, what can I do?
A: The customer will automatically receive email and text reminders to finalize their loan. You will also receive email notifications as well. The best approach is to ensure the customer clicks that box before you leave their premises. You you may also email or text them additional reminders from within Thryv.
Q: I haven’t received my payment yet, where is it?
A: You can always check the status of your payment on the ThryvPay Financing tab. All payments with the status of “settled” have been dispersed to your bank. All payments with the status of “confirmed” will be dispersed within 1 - 3 business days from the confirmed date. All other statuses are pending, and payment will not be dispersed until the loan is confirmed by the customer.
Q: How do I know who has prequalified, or been approved for a loan?
A: You can always check the status of your payment on the ThryvPay Financing tab. All application attempts will be displayed there along with the application type (loan or prequalification), current status, amount of qualification, and the expiration date. You will also receive email notifications throughout the process.
Q: How long does prequalification remain active?
A: Prequalification is good for 14 days, after that the customer will have to qualify again.
Q: How long does the loan application remain active?
A: Once a customer is approved for the final loan, the confirmation must take place within 60 days, or the customer will have to reapply.
Q: Does ThryvPay partner with anyone to offer Financing?
A: Yes, ThryvPay partners with Wisetack, which is a fully accredited financial institution. For more information on Wisetack you may visit their website at www.wisetack.com.
Q: Does ThryvPay make any financing decisions or approvals?
A: No, all decisions, denials, approvals, and prequalifications are reviewed and decided strictly by Wisetack and their partners. ThryvPay simply helps initiate the connection.
Q: Why does my business have to get approved to offer financing to customers?
A: Just like any financial application, Wisetack needs to ensure your business is in good standing, and doesn’t have a history of disputes or credit risk.
Q: Does my business qualify?
A: Financing is available in the following industries. Home Services, Auto, Veterinarian, Dental, and Medical. If you are unsure if your specific industry is eligible, you may fill out the application and await confirmation and approval/denial.
Q: Why doesn’t my industry qualify for financing?
A: Wisetack and their lenders set the guidelines for eligibility. There is a chance your industry will be added in the future.
Q: Is there a limit to how many loans a customer can apply for?
A: No, customers can apply for as many loans as they want but their approval will be based on their credit history. However customers can only apply for a single loan on a single transaction.
Q: Does applying to offer financing affect my credit?
A: No, we do not pull your credit score, so you will have no impact to your credit report or score.
Q: Do you pull my customers credit score and does that impact their credit?
A: Yes and No, for a prequalification a soft credit pull is completed, this will not impact your customers credit report or score. Once the customer accepts and approves and releases the loan for payment, the loan will appear on the customers credit report, and it may impact their credit score. (learn more here) https://www.wisetack.com/blog/hard-and-soft-credit-checks
Q: What is the difference between an “authorized” loan and an “accepted” loan on the ThryvPay financing tab?
A: Once a loan application has started you will see the following timeline of events
- Initiated – the date loan application as been started and sent for review
- Authorized – the date the loan application has been authorized by Wisetack
- Accepted – the date the loan terms have been accepted by the customer
- Confirmed – the date the customer has approved and confirmed the loan for payment, this triggers your funds being deposited
- Settled – the date your funds minus processing fees of 3.9% have been released and you should see them in your bank within 3 business days
Q: Why wasn’t I approved to offer financing to my customers?
A: While the vast majority of businesses who are in the qualified headings will be approved, there is a small chance that your application may be denied.
- Typical reasons for denial:
- Excessive disputes or chargebacks (lost)
- High refund rate
- Excessive negative ratings and reviews
If you choose to appeal the decision, please reach out to Wisetack directly to discussion your application status.
Due to regulatory restrictions, Wisetack is solely responsible for all decisions. ThryvPay is unable to make, or change any decisions made by Wisetack or their lending partners.
Q: My Customers Loan Application - Why Wasn’t It Approved?
A: 90% of all loan applications are approved within minutes. There is however a small chance that your customer's credit is too low and or their debt to income ratio is too high to be considered for a loan.
We can approve customers with as low as a 540 credit score, but that is not the sole deciding factor. Just like any lending institution, certain parameters need to be met in order for the lending institution to provide loan assistance.
These decisions are 100% based on Wisetack and their lending partners restrictions. Due to regulatory restrictions, ThryvPay is unable to sway or make any financial decisions. If you customer would like to appeal the decision they may contact Wisetack directly at:
Q: My customer was not approved for the full amount of the transaction, now what?
A: Depending on the size of the loan being requested, there could be times when your customer does not qualify for the total amount of the transaction.
If this is the case, your customer would need to pay for the remainder of the contracted value using another payment method.
The easiest way to accomplish this, is to have your customer make a partial down payment, using their credit card and then finalize the loan using only the remaining balance of the transaction.
This will ensure your loan is paid in full and that there are no delays in getting your funds.
Step 1: Send the customer a prequalification link
Step 2: Finalize and get approval on the final service/contract amount. If this is more than the qualified amount complete the following steps
Step 3: Send the customer an invoice for the full amount
Step 4: Have the customer make a partial payment for the difference in what they qualify for and the total amount
Step 5: Resend the invoice to the customer (which will show partially paid at this point) and have them click on the “finalize your loan” box on the checkout screen
Step 6: The customer will complete their loan details, and accept the terms
Step 7: The customer will complete the loan by clicking on the “Job is done - Release funds” button on their application.
Q: Whats the process if my customer wants to dispute a charge, after they approved the loan, and I’ve already been paid?
A: While disputes are rare with financing, they are possible. If your customer is disputing a payment or service please contact Wisetack directly. Just like any dispute, please prepare as much information on the transaction (project, service, estimate, invoice, communication with the customer, before and after pictures etc) and send to Wisetack, so they can make a final decision on the dispute. For more information regarding loan disputes please click here https://www.wisetack.com/disputes
Q: My customer is requesting a refund or partial refund on a completed loan, whats the process?
A: Loan refunds are allowed, and can be initiated by Wisetack. Please contact Wisetack directly to begin the refund process. If your customer initiated a refund directly with Wisetack, you will receive a notification that you will need to respond directly in order to provide history and details so that Wisetack can determine if a refund is warranted and for how much.
Q: How do I know my customer's loan or prequalification application status?
A: In addition to the status being displayed on the finance tab in ThryvPay, you will also receive email notifications continually throughout the process. You will also receive a weekly finance transaction report which will include all your customers in the loan process along with their stats that week.