How does Wisetack work?
Wisetack is a simple way for your customer pay over time for a home improvement project or unexpected home repair. Wisetack enables them to break up the cost of a large purchase into easy monthly payments. When financing through Wisetack, customers checking their options it does not impact their credit score. There are no prepayment fees, late fees, or compounding interest.
The application is initiated on the ArcSite proposal and completed by your future customer. On average, the application takes about a minute to complete. If eligible, your customer will receive several options to choose from with various term lengths and monthly payment amounts.
When your customer finances through Wisetack, you are paid directly, after the project is complete.
Are there any fees associated with Wisetack?
Yes, as the recipient of the loan payment, you will be assessed a 3.9% processing fee.
How long does it take to get paid?
Once your customer confirms the work is complete, Wisetack sends the funds to you the next business day via ACH (bank) transfer. Depending on your bank, it can take one to three additional business days to receive funds.
To receive funds, please ensure that your bank information is up to date. If you need to make a change to your bank information, please log in to the Wisetack merchant portal to do so.
Can customers use Wisetack without a mobile phone number?
Unfortunately, no. Your customer will need a mobile phone number in order to use Wisetack. For security purposes, Wisetack will send them a verification code via SMS when accessing the application.
Why would my customer use Wisetack instead of using a credit card?
The rate your customer gets with Wisetack may be lower than the rate their credit card company charges for maintaining a balance. Wisetack's financing options have simple interest, while credit cards charge compound interest. They don’t charge late fees, prepayment fees, or origination fees.
With Wisetack, your customer knows exactly how much they will pay. Many people like knowing the exact monthly payment amount and find that financing with a fixed term for a specific purpose may be more affordable than a credit card.
Will viewing financing options impact your customer's credit score?
No. When checking eligibility, Wisetack and its lending partners perform a soft credit pull, which means that your customer's credit score will not be affected. However, accepting a financing offer can affect credit, and repayment behavior will also affect credit.
Will taking out a loan impact my customer's credit score?
Accepting a financing offer can affect their credit. Repayment behavior will also affect credit — paying back on time can have a positive impact while paying late will have a negative impact. It’s easy for your customer to set up automatic payments to ensure on time payments and help build a positive credit history.