Skip to content
logo-primary
logo-primary

Progress Payments with Wisetack

Kick off the job and protect your cash flow by collecting up to 50% of the payment upfront

Progress Payments is now available for qualified businesses

How it works: for you

You can request up to 50% of the job's total upfront to cover things like your materials and labor or securing a spot on your calendar.
Row 1-Step 1-1
Create a new loan like normal
Row 1-Step 2-1
You will now see an 'Add payouts' option under the loan amount field
Row 1-Step 3-1
After entering the loan amount, click 'Add payouts.' You can edit what % of the total you require upfront (up to 50%)

The customer flow

prequal-plus-beta-2

The new flow is simple: your customer will prequalify as normal. Once they prequalify and select an offer, they’ll be prompted to enter the amount they would like to finance and select “Continue to next step” to continue on to their financing application.  

How it works: for your customer

Depending on your customer’s eligibility, they can make two payments to you. One upfront payment and the balance when the job is done.
Row 2-Step 1-1
Your customer, depending on their eligibility, will see offers for the total purchase amount
Row 2-Step 2-3
After locking in their offer, your customer will see a breakdown of when you’ve requested each payment
For illustrative purposes only*
Row 2-Step 3-4
If your customer is not approved to release multiple payments to you, they will receive this warning after they view their options in step 1
Make a payment-1

Progress Payments is now available for qualified businesses

Frequently Asked Questions

How many payments can I request from my customer?

You can request up to 2 payments from your customer. The first payment can not be more than 50% of the total.  Each of payments must be larger than $500, with the total of two payments less than $25,000.

When can my customer release the first payment to me?

Your customer can release the first payment upfront, and the second payment when the job is done.

When can my customer release the second payment to me?

Your customer can release the second payment as soon as the job is done.

How much can I request from my customer upfront as part of the first payment?

You can request up to 50% upfront, as long as the first and second payments are each larger than $500. The total of the two payments must be less than $25,000. 

Do I pay fees on each payout?

Yes, you pay a fee on each payout. Below is an example:

 

Job total: $1,000
Payout 1:  $500 at 3.9% = $19.50

Payout 2:  $500 at 3.9% = $19.50

 

Total of payouts = $961 

Total fees = $39

What does my customer's repayment schedule look like?

Your customer's repayment schedule will be clearly communicated to them during the application process as well as by email. They will start repaying the first portion of their purchase 30 days after they release the payment to you. Once they release the second payment to you, they will also start repaying that portion of the purchase.


Borrowers payment schedule

What if my customer is not approved to pay me in multiple payments?

If a customer is not approved to pay you in multiple payments, they will receive a notification before they can ‘lock in’ an offer. The notification will let them know their eligibility status (e.g., only able to release one payment or declined)

You will also receive a notification in the Merchant portal when you view the customer's details. Additionally, you see the number of payouts under the customer's transaction details.

I have more questions who can I contact?

Our customer support team is standing by and ready to help. You can reach them at:

1 (833) 927-0333
Mon-Fri 9am-8pm ET

*All financing is subject to credit approval. Terms may vary. Payment options through Wisetack are provided by our lending partners. For example, a $1,200 purchase could cost $104.89 a month for 12 months, based on an 8.9% APR, or $400 a month for 3 months, based on a 0% APR. Offers range from 0-35.9% APR based on creditworthiness. State interest rate caps may apply. No other financing charges or participation fees. See additional terms at http://wisetack.com/faqs.