What is MoneyLion?
MoneyLion is a finance marketplace platform that provides real-time, personalized financial product recommendations to consumers in the United States from a portfolio of top providers.
Am I eligible for MoneyLion?
Yes. There are no merchant eligibility or application requirements.
Does MoneyLion charge me a fee?
No. MoneyLion does not charge merchant fees. However, all other payment processing fees associated to other payment methods still apply. For example, if your customer chooses to pay you using ACH after they receive their financed funds, then ACH fees still apply.
Does MoneyLion pay me directly?
No. MoneyLion is a direct-to-consumer platform, and they payout funds directly to the borrower, who then must pay you.
How does MoneyLion work?
MoneyLion hosts a webpage where your customers can fill out a form to be matched with financing offers. To be matched, your customer must provide information regarding their financing requirements and some required personal information to determine financing eligibility. MoneyLion then sources offers from its portfolio of partner providers and presents multiple offers to your customer. Your customer can then select the offer of their choice from the provided list. Once an offer is selected, MoneyLion redirects your customer to the selected provider's site, where they will complete their request for financing on the provider's page directly. If your customer is approved for financing, funds payout directly to your customer.
Will MoneyLion affect my customer's credit score?
MoneyLion uses a soft credit check to match your customer with initial offers from lenders. This initial matching will not affect your customers' credit score.
Once your customer selects an offer, the selected provider will perform a hard credit check during the provider’s review of your customer’s creditworthiness. Hard credit checks can temporarily impact your customer's credit score.
How do I send financing forms to my customers?
To send your customer a form, simply click the "Send form" button on the banner that appears at the top of the Estimate and Job Details pages.
Your customer will receive an email containing a link that will direct them to MoneyLion's hosted Partner Page, where they can fill out the form to be matched with initial offers. Below is a copy of the email that your customers will receive.
MoneyLion Financing Options on Estimates
When you have MoneyLion enabled, your estimates will automatically include the option for your customers to finance the job.
Your customers can click on Explore on the estimate, which will redirect them to a form to qualify for financing options.
📌 Note: Financing options on estimates will only appear for jobs that fall within $500 - $100,000.
MoneyLion Financing Options on the Sales Proposal Tool
Presenting estimates with the Sales Proposal Tool integration gives you an even easier way to sell by giving your customers the option to explore financing options. Let customers pay over time and turn estimates into wins while clearly laying out options for your customers.
📌 Note: This integration requires Sales Proposals to be enabled on your account.
Offering financing on Sales Proposals
When presenting your estimates, your customers will be able to explore financing for each option by clicking See details.
After clicking See details, your customers can click Explore, which will redirect them to a form to qualify for financing options.
MoneyLion Financing Options on Invoices
When you have MoneyLion enabled, your customers will be able to explore financing options directly on their invoices.
When your customer clicks into their invoice and selects 'Flexible payment plans' as their payment method, the Explore options button will appear, which will redirect them to a form to qualify for financing options.
📌 Note: Financing options on invoices will only appear for jobs that fall within $500 - $100,000.
How do my customers get approved for financing?
There are two stages for your customer to secure financing using MoneyLion. The first is requesting to be matched with offers. The second is completing a form provided by the selected lender after selecting an offer.
To begin using one of the banners on either the Estimate or Job Details pages, you must send your customer an email containing a link to the form that requests to be matched with offers. (See "How do I send financing forms to my customers?").
Once a customer receives an email containing a link, the link will direct them to a page where they can complete their form to be matched with offers.
Once the form to be matched with offers is complete, multiple offers will be presented to your customer. Your customer can then select the offer of their choice. Upon selecting an offer, your customer will be redirected to the offer provider's flow, where they can complete their request for financing directly with the provider.
How do I disable or re-enable MoneyLion?
If you'd like to disable or re-enable MoneyLion, there are two ways to manage the feature. Follow the directions below:
If you haven't signed up for Wisetack:
Click My money in your Housecall Pro navigation bar.
Select the Consumer Financing tab from the menu on the left.
Toggle MoneyLion off.
To re-enable MoneyLion, simply turn the toggle back on.
If Wisetack is active on your account and you wish to re-enable MoneyLion, follow the directions below:
Go to My money in the top navigation bar of your Housecall Pro account.
Select Payouts > Consumer financing from the menu on the left.
Click Manage options in the top right corner of the page.
Toggle MoneyLion on.
Click Save (the new toggle settings won't be saved if the save button is not clicked).
📌 Note: Only one financing option can be active at a time. Wisetack will automatically be enabled once your Wisetack application is approved, thereby disabling MoneyLion. Simply follow the instructions above if you'd like to re-enable MoneyLion.
Need help or have questions?
We're here for you! Chat with Support using the Blue Chat Bubble in your Housecall Pro account, or give us a call at (858) 842-5746.