GENERAL

What is business financing and what can it be used for?

Business financing is funding for your business. Through business financing, you can access funds to hire techs, buy materials, and even just to have cash on-hand for slower months.

What is Stripe Capital?

Stripe Capital is a business financing product developed by Stripe. Not only does Housecall Pro use Stripe for payment processing, but now Housecall Pro has partnered with Stripe Capital to offer funding to Pros.

What are the advantages of Stripe Capital?

With Stripe Capital there’s no credit check and no lengthy paperwork. Funds are disbursed to your bank account within 1-2 business days after your application is approved (that’s fast!). Repayment is automatic and flexible - you pay back more when business is good, and less when business is slow.


OFFERS AND APPLICATION

How does Stripe Capital determine who qualifies for an offer?

Loan eligibility is based on a variety of factors related to your business, including volume of payments within HCP and your account history.

How will I know if I’ve qualified for an offer?

Housecall Pro will send an email to the address you provided for business communication/account communication. You can also view your offer in My Money under the Business Financing tab.

Will applying for an offer affect my credit score?

No, there is no credit check. All offers are based solely on your history with Housecall Pro.

After I accept an offer, how quickly will I get my funds?

If your application is approved, you’ll typically see the funds in your bank account within 1-2 business days.

Can I customize my offer?

Yes! You’ll see your maximum offer amount in your offer email and in My Money, but you can request any amount up to that offer. The fee and repayment rate will adjust based on your requested amount.

What information do I need for my application?

You’ll be asked to enter the annual revenue of your business. Then, you’ll need to confirm the accuracy of all other pre-filled application information.

What happens when my offer expires?

If your offer expires, your business will be automatically re-evaluated to see if you’re eligible for an additional offer. Each offer is available for 30 days.


REPAYMENT

How does repayment work?

Repayment is collected automatically through a percentage of the credit card and ACH payments you receive through Housecall Pro, which means you pay down more when business is busy and less if things slow down. As long as you meet your minimum payment requirement every 60 days, what you pay each day adjusts to your sales.

What is the total cost of the financing?

The total amount you owe is your loan amount plus a flat fee. You won’t pay any interest or any other fees such as late fees, early payment fees, or origination fees.

Do I have to pay interest?

No, you’ll pay one flat fee that does not change. You won’t pay any interest on top of this fee.

When do I need to pay the flat fee?

Together with the loan amount, you’ll automatically pay the flat fee via a percentage of your sales until the total amount owed is repaid. The fee is not charged up-front.

Can I repay my loan early?

Yes! Select “VIEW DETAILS” from your Financing overview card. This will direct you to a Stripe dashboard where you can make a manual payment. There are no additional fees for early repayment.

A Pro's Financing overview card, from which the Stripe dashboard can be accessed

Will I become eligible for a new offer while I’m paying down an existing loan?

Your account will be evaluated for additional funds when you’ve repaid at least 75% of your loan through HCP payments. Qualifying for additional funds is not guaranteed.

Will paying down my loan early qualify me for a new offer?

After you fully pay down your loan, you’ll automatically be evaluated for a new offer. Qualifying for additional funds is not guaranteed.

What happens to my financing repayment if a charge gets refunded or disputed?

You can request that the loan repayment associated with the charge be refunded to you by contacting Housecall Pro (Blue Chat Bubble or support@housecallpro.com) or Stripe directly (capital-support@stripe.com).


MINIMUMS

What is a minimum payment?

A minimum payment is the minimum amount that you’re expected to repay every 60 days such that loan repayment does not exceed 18 months. If your automatic repayments do not meet this minimum, you will be required to pay the difference. You can view your minimum payment amount via My Money (click “View Details” on your Financing overview card) or in your loan agreement.

How do I make my minimum payment?

If your payments deducted from sales cover the minimum payment requirement for the 60-day period, no action will be taken. If you have not met the minimum payment amount by the end of the 60-day period, Stripe will automatically debit your bank account the remaining balance needed to meet your minimum payment. There’s no action needed on your part.

Examples

Here are two example scenarios to help you understand how the minimum payment process works.

Example 1: You successfully meet your minimum through daily sales deductions.

  • Your minimum amount is 2,000 USD for the 60-day period ending on March 1st.

  • In that period, you repaid 2,500 USD of your loan balance through Stripe deducting a fixed percentage of your sales volume (the repayment rate).

  • You’ve successfully met your minimum. We will continue to withhold repayments during this payment period to pay down your total loan balance.

  • In the next 60-day period, you still must meet the minimum of 2,000 USD.

Example 2: You don’t meet your minimum through daily sales deductions.

  • Your minimum is 2,000 USD for the 60-day period ending on March 1st.

  • In that period, you repaid 1,500 USD of your loan balance, through Stripe deducting a fixed percentage of your sales volume (the repayment rate).

  • On March 1st, you’ll be required to pay the remaining balance of your minimum, which in this case is 500 USD (2,000 USD - 1,500 USD = 500 USD).

  • On March 1st, Stripe will automatically debit 500 USD from your bank account to meet your minimum.


OTHER

How should I report these funds on my taxes?

Tax reporting is often dependent on your specific situation, so we encourage you to talk with a tax advisor to ensure appropriate accounting. In general, Stripe Capital funds would not be considered taxable income at the time of receipt, and the amounts withheld to satisfy your obligations are not tax deductible.

How is this different from consumer financing?

Consumer financing is for your customers, so you can win bigger jobs (when your customers borrow money, they may be able to afford jobs they couldn’t otherwise). Business financing is money for your business.

What happens if my earnings decline?

If your per-transaction withholdings do not cover your minimum payment requirement, Stripe, our partner, will debit the difference from your linked bank account at the end of your 60-day payment period. If this debit fails, then Stripe will reach out to you to help you meet your payment obligations and determine next steps.

Who can I contact to learn more about the Stripe Capital program?

If you have additional questions about how our financing program through Stripe Capital works, you can contact our partners at capital-support@stripe.com.

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