PowerPay FAQ: Answers to Top Asked Questions about Offering Financing

Learn More about PowerPay by Reviewing Answers to Top Questions from 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. 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.

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 six months, they will have to reapply and go through the approval process again.

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 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 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.

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 for our merchants 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.