Offer Financing for Home Improvement Customers

Any equipment, service, installation costs or other project related to home improvement qualifies for financing. The following is a partial list of what PowerPay finances:  HVAC equipment & installation, attic insulation, stone veneer, windows, siding, roofing, kitchen remodels, bathroom remodels, custom cabinets & installation, carpet, deck & patio, doors, fireplaces, garage doors, smart home equipment & installation, hardwood flooring, paint & wall coverings, hardscaping, landscaping, siding & exteriors, tile, stone & countertops, air conditioning & heating, gutters, driveways, spas & swimming pools, home additions, deck building, tile installation, basement remodeling, fence installation, lighting installation, garage building, backsplash installation, electrical and plumbing and appliances.

Here’s a more complete list.

EXTERIOR:
Additions, Attic Insulations, Renovations and Structural Changes, Air Conditioners, Artificial Turf, Awnings, Bathroom Remodels, Car Ports, Chimney Repair & New Chimney Builds, Decks & Patios, Docks, Doors, Energy Saving, Retractable Pool Covers, Fencing, Fireplaces, Foundation Repair, Garages, Pole Barns, Garage Doors, Garage Storage Systems and Floor Sealer, Gazebos, Generators, Gutters and Gutter Systems, Hardscaping, Irrigation, Kitchen Remodels, Landscape Installation, Masonry/Asphalt: Driveways, Concrete, Pavers, Retaining Walls, Oil/Propane Tank, Outdoor Kitchens/BBQ, Outdoor Lighting, Painting, Patios, Ponds, Pool Remodeling and Repairs, Roofing, Salt Chlorinators, Siding, Solar Photovoltaic, Solar Thermal: Domestic Hot Water Heating, Stone Veneer, Pool Heating, Pools, Spas, Sport Courts, Storage Units & Sheds, Sun Rooms, Windows & Doors, Wind Turbines, Wood Playsets

INTERIOR:
Air Conditioning and Heating systems, HVAC equipment, Basement Systems, Basement Waterproofing, Basement Remodeling, Boilers, Cabinets and Cabinet Refacing, Closet Finishing Systems, Countertops (quartz, granite, marble, etc) & Backsplash, Dampers, Duct Cleaning, Electrical, Fans: Whole House, Gable, Ceiling, Fireplaces, Flooring, Furnaces, Gaming Tables, Garage Heaters, Geo-Thermal Systems, Heat Pumps, Home Safety Solutions, Stair Lifts, Wheelchair Ramps, Home Theater, Indoor Air Quality: Filtration, Hardwood and Vinyl Flooring, Humidification, Thermostats, Insulation, Lighting: Installed, Painting, Plumbing, Shower Refacing, Liners, Shower Replacements, Walk-In Tubs, Remodels: Room Additions, Renovations, Smart Home Equipment, Security Systems, Stoves: Gas, Wood, Pellet, Tile, UV Lights, Water Heaters, Water Softeners, Window Treatments and Window Coverings.

50% of all home improvement investments over $5,000 are financed.  Additionally, over 30% of all homeowners research financing options before making a home improvement purchase.  Offering financing enables you to close more sales and earn more money on every job. By translating a large, expensive home improvement into a low monthly payment, you’re less likely to lose sales because of pricing, and you’re less likely to see customers haggling with you over costs. Quite simply, offering financing can help you to grow your business.

Here are some of our most current programs for Dealers and Contractors.  Please see your sales rep for more details.

• No Merchant Fee Options
• Rates start as low as 4.99% (buydown)
• FICO 600 or greater
• Advanced funding available*
• Terms:  5, 10 or 15 year – lowest monthly payment (20 & 25 years for special programs – new)
• no prepayment penalties
• no credit cards
• soft pull

• Up to 24 Months NO payments NO accrued interest (12, 18, and 24-month options)
• Deferral Period begins at the completion of construction
• 15 Year Product
• NO Balloon Payment: at the end of the deferral period your customer just begins making their low monthly payment with rates as low as 8.99%
• NO Credit Card
• Discounts from 5%

• 2, 3, 5 Year NO Interest “Equal Pay” Product with an ultra-low default 8.99% APR

With supply chain issues home improvement projects can take a longer time to get started.  An approved application will expire in 180 days from the date of approval.  This means that if your project has not been complete

Yes.  We offer advance funding which gives contractors money in advance to start their projects.  Our current base program is 40/60 with 40% paid on job commencement or material purchase, with the remaining 60% paid at the completion. of the project. First, all contractors must apply, and be approved before they get access to staged funding.  Approval can take a few days or more depending upon the level of review that’s required.  For active merchants with a Merchant ID you can use this link to request access to advanced funding

Yes, we offer every merchant the option of buying down the rate.  You will see this option when you log in PowerPay and start working on the loan.  Buydowns can be very effective tools to help close a transaction.  Some contractors use them on every sale and build the pricing into their entire selling program.  Others use the buydown selectively to help close a customer that is interest-rate sensitive.  In most cases we allow you to buydown the rate to 4.99% and may have other options for volume  merchants.  There are fees for the premium service which you can discuss with your territory representative.

We were founded by a home improvement professional who knows firsthand the power of financing, as well as the damage fees can do to your bottom line and your customers’ pocketbooks. The average contractor pays 7.5% in fees on every financed home improvement project. That’s why we have no hidden contractors fees, credit cards or prepayment penalties.  There are other important benefits for dealers:

1. Fewer Declines:  We now boast the highest approvals in the industry.
2. Customer Service: We’ve invested millions in our customer service team to give you better service.
3. Sofware: We’ve invested millions into our new loan software – making it faster and easier to use.
4. Fast Funding:  we can fund via ACH in one day.
5. Longest Terms:  PowerPay also offers the longest payment options – up to 15 years (20 and 25 years options on special programs)
6. Lowest Rate: rates start as low as 4.99%.
7. Maximum Loan: we can offer up to $100,000 on our home improvement loans
8. New Programs:  we are adding new programs to help you convert more customers, StipPay, APR Enhancement and more!
9. Support and Customer Service:  our team is standing by from 8 am to 12 midnight (EST) 7 days per week.
10. Promotional Programs: 12, 18, and 24 months No Interest, No Payment options

Customers don’t pay you.  PowerPay will direct deposit funds into your account via ACH within 48-hours after the install.  You keep 100% of the funds, and your payment is guaranteed when you complete the project.  It’s simple, fast and easy.  No more collection calls and chasing clients for payments.

By using PowerPay you are giving your customers options to pay for home improvements with financing.  Your customer will apply online using our online application form and a decision is generated in seconds.  Once approved, you can complete the transaction with your customer from our easy-to-use portal.  Electronic documents will be sent via email and your customer can sign electronically – we are fully paperless.  Your customer won’t get any bills for a month or so after installation.  You will get paid by PowerPay in full after the installation is complete.

While other finance companies serve as “middlemen” and take fees from you for allowing you to offer financing to your customers, PowerPay does not act as a middleman or lead generator. We have funding commitments for $15 billion.  Every borrower is approved through our systems and all loans are processed through our system. That means that we control the rate and loan term, and service every loan.

With PowerPay, enrollment is through a simple form that takes 2 minutes.  After that, our team will train and onboard you or your salespeople at no cost at a time that’s convenient for you.  Our process is so simple that training takes less than 30 minutes.  We can have you up and running and writing loans in one day.

There are several types of promotional loans. PowerPay offers two types.  Same as Cash and 12, 18 and 24 months no interest and no payment promotions.  First, PowerPay promotional loans are not credit cards.  They are unsecured personal installment loans.  The main difference between a credit card loan and PowerPay promotion is the interest rate once the promotion is over.  In most credit card “teaser” promotions that rate, once the promotion ends, will be in excess of 29%.  Our loans, once the promotion ends will be approximately 8.99% for 15 years with no prepayment penalties so customers can pay off whenever they like.  We don’t like the credit card promotions because the fees are excessive and we’ve seen too many people get hit with accelerated payments and massive fees.  It’s just unfair and most contractors don’t seem to care what the customer pays after they’ve completed their job.

With uncertainty in the economy and financial markets we believe that if a customer wants to use the promotion and then pay it over time, it should be at a fair and reasonable rate.  Most contractors and dealers offer “teaser” promotions as a marketing tool but at the end of the day, only consumers will above-average credit qualify.  PowerPay offers promotions for customers at many credit levels.

Our same as cash promotions essentially allows the customer to make a purchase and pay off the loan in equal monthly installments similar to how you purchase an iPhone.  These programs are offered with the lowest fees in the industry.  Ask your sales rep for more information.

This can be done in a few ways.

First, your clients can apply at GetPowerPay.com
The second option is that we can supply you with a link or button for you to add to your website.
Third, customers can apply by contacting our call center with your Merchant ID.
Finally, your salespeople can provide a link or tablet during in-person visits.

We are here for you.  When you are in the home, in the office, and need help with closing a loan with a customer we are here for you.

In the home: we offer a phone hotline, text, and email communication.
In the office: you can call or use our online ticketing system.
Training: we offer multiple training sessions – from orientation to advanced training with Q&A for our clients.  We also offer customized team training.
FAQ’s: we have an expanding list of frequently asked questions
Video Training: we offer video training for every user level from beginner to advanced.