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.
Having trouble finding what you need?
If you run into any issues, please reach out to our Chat Support team
via the Blue Chat Bubble in your Housecall Pro account, or
contact our Phone Support team at (858) 842-5746.