for Security Companies
Smart Financing for Security Systems,
Smart Homes, & Everything Else
Helping your customers make easier buying decisions.
Finally a finance company that understands the needs of the security, home entertainment and smart home industry. PowerPay will finance any home improvement from $1,500 to $100,000 with NO DEALER FEES! We work closely with companies that
install and monitor security and alarm systems, smart home systems, home theater, light control, window sensors, automated blinds, video cameras, temperature control, water control, smoke, and CO2, doorbells and locks, garage doors and much more.
PowerPay is simple to sign up and easy to use. It’s fully automated and paperless and there are no credit cards, prepayment penalties or hidden dealer costs. By offering PowerPay your customers can purchase what they really want including the upgrades you recommend with low and affordable monthly payments.
Once you sign up your customers can be approved in seconds and you will get paid 100% approximately 48 hours after install via ACH into your bank account.
- No Dealer Fees
- Instant Approvals
- Offer lowest monthly payments
- Bundle maintenance & monitoring
- Instant and Staged Funding options
- Rates starting at 8.99%
- Up to 15-year terms
- $1,500 to $100K loan max.
- No prepayment penalties
- No Credit Card
What’s considered a home improvement?
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, cabinets, 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, spa & pool, home additions, deck building, tile installation, basement remodeling, custom cabinets, fence installation, lighting installation, garage building, cabinet installation, backsplash installation, electrical and plumbing and appliances.
What Loan Products does PowerPay offer?
- No Dealer Fee Options
- Rates start as low as 4.99% (buydown)
- staged funding available*
- terms options are 5, 10 or 15 years (lowest monthly payment)
- no prepayment penalties
- no credit cards
- Up to 24 Months NO payments NO accrued interest (12-month or 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
Why should I offer financing?
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.
Why do dealers and contractors choose PowerPay?
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:
- Longest Terms: PowerPay also offers the longest payment options – up to 15 years.
- Lowest Rate: rates start as low as 6.99%.
- Maximum Loan: we can offer up to $100,000 loans with staged funding for qualified contractors.
- Higher Approval Rates: tired of declines? PowerPay has the highest approval rate in the industry.
- Fast and Direct Payments: we wired funds fast direct to via ACH to your bank account.
- New Programs: we are adding new programs to help you convert more customers, StipPay, APR Enhancement and more!
How do customers pay me and what’s my risk?
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.
How does PowerPay work?
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.
How do I offer PowerPay to my customers?
There are a number of ways to offer PowerPay to your customers:
First, your clients can apply at GetPowerPay.com
Second, we can supply you with a link or button for you to add on your website.
Third, customers can apply by contacting our call center and using your dealer/contractor ID.
Finally, your salespeople can provide a link to apply or use a tablet with our application form during in-person visits.
Who is the lender?
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. That’s why we are able to not charge any fees. 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.
How complicated and time consuming is set up?
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.
Promotional Programs - the difference between PowerPay and other banks
There are several types of promotional loans. PowerPay offers two types. Same as Cash and 12 months and 24 months 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 allow 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.