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0% APR Add-ons with Wisetack

Enhance your consumer financing offerings with 0% APR add-ons! Give well-qualified customers interest-free financing for up to 24 months.

Charlie H avatar
Written by Charlie H
Updated over a month ago

Wisetack Consumer Financing 0% APR Add-Ons

With Wisetack Consumer Financing, you can offer your customers 0% APR financing for up to 24 months!

0% APR add-ons allow your customer to make smaller, interest-free payments over longer periods of time, while you get paid in full as soon as the job is finished.

While a 3-month 0% APR financing option is automatically included in Wisetack’s offering, you can now offer three additional options at 0% APR by enrolling in an add-on:

  • Up to 6 months: 0% APR for 3 and 6 months

  • Up to 12 months: 0% APR for 3, 6, and 12 months

  • Up to 24 months: 0% APR for 3, 6, 12, and 24 months


How to Enroll in 0% APR Add-Ons

  • While on the 'Consumer financing' tab in My money, click on the 'Manage Options' button in the top right corner of your screen.

  • The "Manage options" window will appear where you can select the tier of add-ons that you'd like to offer.

  • After selecting an option, click the 'Save' button in the bottom right corner of the window. (If 'Save' is not clicked, the add-on tier won't be changed).


What Happens After Signing Up for 0% APR

When you're enrolled in a 0% APR add-on, nothing will change in your day-to-day.

  • A 0% APR financing option from your selected add-on tier will simply appear among the financing options your customer sees in an application.

  • Your merchant fee will change based on the 0% option your customer picks.


How to Unenroll from 0% APR Add-Ons

You may trial a 0% APR add-on and unenroll anytime.

To unenroll from 0% APR add-ons:

  • Navigate to the 'Consumer financing' tab on the My money page and click on the 'Manage Options' button in the top right corner of your screen.

  • In the "Manage Options" window, select the "0% APR 3 months" tile and click the blue 'Save' button in the bottom right corner.

  • This will remove the extended term 0% APR add-ons while still allowing you to present 0% APR offers with term lengths of 3 months at the standard merchant fee rate of 3.9%.


Customer Qualifications for 0% APR Options

Qualifying for longer-term 0% options requires a customer to be 'well qualified,' meaning they'll need a credit score in the low 700’s. (For reference, a homeowner can qualify for interest-bearing options with a credit score in the low 500’s).

  • If a homeowner is qualified for 0% APR options, they will see options up to the longest term that you have chosen to offer.

  • If a homeowner is not qualified for 0% APR options but is approved for consumer financing, they will continue to only see interest-bearing options.


0% APR Example Scenarios

  • Example 1: Your business has selected to offer the Up to 24 Months 0% APR add-on tier.

    • Customers may be presented with 0% APR offers with term lengths of 3, 6, 12, or 24 months, in addition to other interest-bearing offers.

      • If a customer selects the 0% APR offer with the 6-month term, then a 4.9% merchant fee will be charged.

      • If a customer selects the 0% APR option with the 24-month term, then a 9.9% merchant fee will be charged.

  • Example 2: A homeowner is approved for a 0% offer.

    • If you have chosen to offer up to 24 months at 0% APR, the homeowner will see 3-, 6-, 12-, and 24-month 0% APR options. All term lengths above the 24-month option will be interest-bearing options.

    • If you have chosen to offer up to 12 months at 0% APR, your customer will see 3-, 6-, and 12-month 0% options. All term lengths above the 12-month option will be interest-bearing options.

  • Example 3: A homeowner is not approved for a 0% offer but is approved for interest-bearing.

    • They will see all options (3-, 6-, 12-, and 24-month), along with the rates they qualify for.

  • Example 4: A homeowner is not approved for 0% or interest-bearing options.

    • They will not be able to utilize Wisetack to pay for the job.


Wisetack 0% APR Terms

*All financing is subject to credit approval. Your terms may vary. Payment options

through Wisetack are provided by Wisetack's lending partners. For example, a $1,000 purchase could cost $45.18 a month for 24 months, based on a 7.9% APR, or $333.33 a month for 3 months, based on a 0% APR. Offers range from 0-35.9% APR based on creditworthiness. No other financing charges or participation fees. See additional terms at http://wisetack.com/faqs.


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