Why Offer Financing to Your Customers Through ThryvPay?

Offering financing gives your customers a flexible way to pay for your services, which means fewer lost jobs due to budget constraints and faster decisions on larger projects. ThryvPay partners with Wisetack, a fully accredited financial institution, to offer consumer financing directly through your invoices. Your customers can apply for financing in minutes, and you get paid once the loan is confirmed.

What Does This Article Cover?

This article covers ThryvPay financing through Wisetack, including business eligibility, customer loan approvals, payment statuses, prequalification timelines, disputes, and refunds. It does not cover general ThryvPay setup or payment processing. For general ThryvPay questions, see ThryvPay FAQs.

Does ThryvPay Partner With Anyone to Offer Financing?

Yes. ThryvPay partners with Wisetack, a fully accredited financial institution, to offer consumer financing. All financing decisions, approvals, denials, and prequalifications are reviewed and decided strictly by Wisetack and their lending partners. ThryvPay facilitates the connection between your business and Wisetack but does not make or influence any financing decisions. For more information about Wisetack, visit www.wisetack.com.

Does My Business Qualify to Offer Financing?

ThryvPay financing through Wisetack is currently available to businesses in the following industries: Home Services, Auto, Veterinarian, Dental, and Medical. If you are unsure whether your specific business qualifies, submit the application and Wisetack will confirm approval or denial. Wisetack and their lending partners set the eligibility guidelines for all industries. If your industry is not currently eligible, there is a chance it will be added in the future.

Why Does My Business Have to Get Approved to Offer Financing?

Wisetack requires business approval to ensure your business is in good standing and does not have a history of disputes or credit risk. Applying for business approval does not affect your personal or business credit score. Wisetack does not pull your credit report as part of the business approval process.

Why Wasn't My Business Approved to Offer Financing?

While the majority of businesses in eligible industries are approved, there is a small chance your application may be denied. Typical reasons for denial include:

• Excessive disputes or chargebacks
• High refund rate
• Excessive negative ratings and reviews

If you want to appeal the decision, contact Wisetack directly using the contact information in the How to Contact Wisetack section below. Due to regulatory restrictions, ThryvPay is unable to make or change any decisions made by Wisetack or their lending partners.

Is My ThryvPay Application the Same as Applying for ThryvPay Financing?

No. ThryvPay and ThryvPay financing are two separate applications. Because ThryvPay financing is powered by Wisetack, applying for financing requires a separate application process from your ThryvPay account setup.

My Customer Was Not Approved for Financing, Now What?

While 90% of loan applications are approved within minutes, there are cases where a customer's credit score or debt-to-income ratio does not meet Wisetack's lending requirements. Wisetack can approve customers with a credit score as low as 540, but credit score is not the only deciding factor. All approval decisions are made entirely by Wisetack and their lending partners. ThryvPay is unable to influence or appeal financing decisions on behalf of your customer. If your customer wants to appeal the denial, they can contact Wisetack directly using the contact information in the How to Contact Wisetack section below. If your customer is not approved, ask them to pay using another payment method.

My Customer Was Only Approved for a Partial Amount, Now What?

If your customer does not qualify for the full transaction amount, they can pay the difference using another payment method such as a credit card, and use financing only for the remaining balance. Follow these steps to complete a partial financing payment:

1. Send the customer a prequalification link.
2. Finalize and confirm the total service or contract amount. If the total is more than the qualified amount, continue with the steps below.
3. Send the customer an invoice for the full amount.
4. Have the customer make a partial payment for the difference between the qualified financing amount and the total invoice amount.
5. Resend the invoice to the customer. The invoice will show as partially paid at this point. Ask the customer to click Finalize your loan on the checkout screen.
6. The customer completes their loan details and accepts the loan terms.
7. The customer completes the loan by clicking Job is Done, Release Funds on their loan application.

My Customer Got Prequalified but Did Not Pay With Financing, Now What?

If a customer prequalified but chose to pay using a different payment method, no action is required on your part. The customer's choice of payment method is entirely their own. Prequalification does not obligate the customer to use financing.

My Customer Has Not Clicked "Job is Done, Release Funds," What Can I Do?

Your customer will automatically receive email and text message reminders from Wisetack to complete their loan. You will also receive email notifications when reminders are sent. The most effective approach is to ask your customer to click the Job is Done, Release Funds button before you leave their location. You can also send your customer additional reminders directly from within ThryvPay.

I Have Not Received My Payment Yet, Where Is It?

To check the status of a financing payment, open ThryvPay and click the Financing tab. All financing transactions are displayed there with their current status. The following statuses are used:

• Initiated — The loan application has been started and sent to Wisetack for review.
• Authorized — The loan application has been authorized by Wisetack.
• Accepted — The customer has accepted the loan terms.
• Confirmed — The customer has approved and confirmed the loan for payment. Funds will be deposited to your bank within 1 to 3 business days from the confirmed date.
• Settled — Funds minus the 3.9% processing fee have been released and will appear in your bank within 3 business days.

Payments with any status other than Confirmed or Settled are still pending. Payment will not be released until the customer confirms the loan.

How Do I Know Who Has Prequalified or Been Approved for a Loan?

Open ThryvPay and click the Financing tab. All financing application attempts are displayed there, including the application type (loan or prequalification), current status, qualified amount, and expiration date. You will also receive email notifications throughout the application process, and a weekly financing transaction report that includes all customers currently in the loan process along with their status for that week.

How Long Does Prequalification Remain Active?

A prequalification is valid for 14 days. If the customer does not complete a loan application within 14 days, the customer will need to submit a new prequalification request.

How Long Does a Loan Application Remain Active?

Once a customer is approved for a loan, the customer must confirm the loan within 60 days. If the loan is not confirmed within 60 days, the customer will need to reapply.

Is There a Limit to How Many Loans a Customer Can Apply For?

No. Customers can apply for financing on multiple transactions. However, a customer can only apply for one loan per transaction. Each loan application is evaluated independently based on the customer's credit history at the time of application.

Does Applying for Financing Affect My Customer's Credit Score?

It depends on the stage of the application. A prequalification uses a soft credit pull, which does not affect your customer's credit report or credit score. Once the customer accepts the loan terms and confirms the loan for payment, a hard credit pull is completed and the loan will appear on the customer's credit report, which may affect their credit score. For more information about soft and hard credit checks, see Wisetack's guide to hard and soft credit checks.

My Customer Wants to Dispute a Charge After the Loan Was Approved and I Have Been Paid, What Happens?

While disputes are rare with financing, they are possible. If your customer is disputing a payment or service, contact Wisetack directly using the contact information in the How to Contact Wisetack section below. Prepare as much documentation as possible about the transaction, including the project details, service records, estimate, invoice, communication history with the customer, and before and after photos. Send this documentation to Wisetack so they can make a final decision on the dispute. For more information about the dispute process, see Wisetack's loan dispute process.

My Customer Is Requesting a Refund on a Completed Loan, What Is the Process?

Loan refunds are allowed and are initiated through Wisetack. Contact Wisetack directly using the contact information in the How to Contact Wisetack section below to begin the refund process. If your customer initiated a refund request directly with Wisetack, you will receive a notification from Wisetack asking you to respond with the transaction history and details. Wisetack will use that information to determine whether a refund is warranted and for what amount.

How to Contact Wisetack

For all financing decisions, appeals, disputes, and refunds, contact Wisetack directly. ThryvPay is unable to make or change any decisions made by Wisetack or their lending partners.

Website: www.wisetack.com
Phone: 833-927-0333
Email: support@wisetack.com

Frequently Asked Questions

Does ThryvPay make any financing decisions?
No. All financing decisions including approvals, denials, and prequalifications are made entirely by Wisetack and their lending partners. ThryvPay facilitates the connection between your business and Wisetack but has no role in financing decisions.

What is the processing fee for ThryvPay financing?
The processing fee for ThryvPay financing is 3.9%. This fee is deducted from your settled payment before funds are deposited to your bank account.

Can a customer apply for financing on more than one transaction?
Yes. Customers can apply for financing on multiple separate transactions. However, only one loan application is allowed per transaction.

What does this article cover?
This article covers ThryvPay financing through Wisetack, including business eligibility, customer loan approvals, payment statuses, prequalification timelines, disputes, and refunds. It does not cover general ThryvPay setup or payment processing. For general ThryvPay questions, see ThryvPay FAQs.