PowerPay FAQ: Answers to Top Asked Questions about Offering Financing
FAQs for Businesses
Why should I offer financing?
Offering financing can help you close more sales in order to allow your customers, clients, or patients to afford the items, projects or procedures they need done. Financing gives them the option to buy what they want or need now and pay for it over time. It also allows you to earn more money on every job.
By translating a large, expensive item, project or procedure into a low monthly payment, you’re less likely to see haggling over cost. Plus, financing is a great way to grow your business and increase profits by building customer and patient loyalty as well as reach a wider client base. Once someone has financed a purchase through your business already, they are likely to come back to do business with you again in the future.
How does PowerPay work?
PowerPay is a financial lender that offers customers the option to pay for their projects and procedures with low monthly payments. Borrowers will apply online using our application form and a decision is generated in seconds.
Once approved, you can complete the transaction with the customer or patient online with our easy-to-use loan portal. Electronic documents will be sent via email for esignature- we are fully paperless. Your customer or patient will begin payments approximately one month after work is completed.
Who is the lender?
PowerPay is an independent, digital lending platform that promises no merchant fees, no prepayment penalties, and no more unwanted credit cards and the expenses that come with them. Every borrower is approved through our system and we process all loans. That means that we control the rate and loan term, and service every loan.
How do my customers pay me and what's my risk?
Customers, clients, and patients never pay you directly- PowerPay handles that. All you need to do is provide us with your bank account info and we’ll deposit the funds from each loan into your account via ACH. You keep 100% of the funds and your payment is guaranteed in a timely matter. No more collection calls and chasing your customers or patients for payments – PowerPay makes this process simple, fast and easy.
How complicated and time consuming is set up?
Enrolling with PowerPay is easy – just fill out a short form that takes 2 minutes. Once you’re enrolled, 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.
My customer was approved, but isn't ready to start. How long until the application expires?
Borrower applications expire after six months. This means that if your customer, client, or patient does not start the project or procedure within this timeframe, they will have to reapply and go through the approval process again.
How do I offer the PowerPay program?
There are a number of ways to offer PowerPay to your customers, clients and patients:
1) Borrowers can apply at Getpowerpay.com.
2) We can supply you with a link or button that you can add to your website. When your customer or patient clicks on the link or button, they will be taken to a page where they can fill out the application form.
3) Customers and patients can contact our call center with your merchant ID, which will be needed in order to start processing payments.
4) Your salespeople or office manager can provide an online application link or use a tablet with our application form during in-person visits.
How do I get help?
There are a few different ways to get help from our team. You can reach us by telephone hotline, text, or email. We also have an online ticketing system where you can submit a request for help. We also offer multiple training sessions – from orientation to advanced training with Q&A and customized team training. And, if our FAQ doesn’t have the answer you’re looking for, we also offer video training to help you resolve your issue.
FAQs for Health Care Providers
What type of elective healthcare procedures does PowerPay finance?
Any procedures related to cosmetic, dentistry, fertility, medspa, vision/ lasik, and veterinary qualify for financing.
Why should I offer PowerPay financing to my patients?
Through PowerPay, large treatment costs can be translated into affordable monthly payments, helping to eliminate the financial burdens that might otherwise deter patients from receiving your services. We offer the most efficient beginning to end experience possible for both provider and patient.
How do I enroll?
There is no fee to apply, simply click here to get started.
How do I explain PowerPay financing options to my patients?
We offer installment loans from 12 to 72 months with 9.99% APR. Maximum $60,000 loans and true 0% interest accounts available for 6-24 months. No prepayment penalties or accrued interest charges.
Will it cost me to offer financing through PowerPay?
No! We offer installment loans with $0 discount fee.
What are the approval rates with PowerPay compared to competitors?
PowerPay has extremely competitive approval rates. We use a manual review process to capture what other lender’s automated systems would have declined.
When and how will my practice get paid?
We ensure you will receive 100% of the agreed-upon treatment plan 2-4 weeks prior to the scheduled procedure. We offer instant electronic payment via ACH.
If a patient misses a payment is there any risk for my practice?
No! Your practice is never responsible for consumer loan payments. There are no penalties or fees if a patient pays us late.
How will my patients know I offer healthcare financing through PowerPay?
We offer free marketing materials, including training and customized links for your website, to help you make your patients aware of our healthcare financing programs. Additionally, our customer service team is available from 8AM to 12AM to assist your patients.
How fast is the approval and payment process?
Our application process offers instant approvals, which allows for funding to be sent as early as the day of consultation.
Can my patients use auto withdrawal?
Yes. PowerPay offers a tutorial video for setting up automated payments, as well as an easy to navigate patient portal to manage the payment process online.
Will applying for healthcare financing through PowerPay affect my patient’s credit?
While some loan applications and credit checks can affect a patient’s credit, PowerPay performs soft credit pulls so that your patients never have to worry about their credit score.
What if a procedure is delayed, canceled, upgraded, or downgraded?
If a patient delays you can simply keep the funds and reschedule as you normally would; if a patient cancels, we will require funds to be returned. Any general changes to the procedure plan will need to be updated and approved by PowerPay. If a patient decides they want an additional service on the day of surgery, simply update the patient’s profile on your personal PowerPay login page and funds for the new procedure will be sent over as soon as they are approved.