FAQs
BuyFin Consumer Financing FAQs
Is signing up easy?
Yes, it's an easy paperless, online application with the potential for instant approval, followed by simple onboarding. We will train your whole team to be successful. There is no cost to sign up.
Why should I offer BuyFin to customers?
If you don’t already offer consumer financing, adopting BuyFin will get you more jobs and a higher average ticket size. If you already offer financing, switching to BuyFin will lower your cost of financing, get you paid faster (same day ACH), give you the ability to take deposits from the loan and not the customer, and empower your employees to be more successful in the home.
Is it easy to offer my customer a loan?
Yes, it’s a fast and simple process that begins with a text message or email to kick off the loan application. Preapproval does not require a hard credit check and your customers will be presented multiple options with clearly defined monthly payment amounts.
After a loan is given, do I need to worry about customer repayment?
After a loan is approved, how do I get paid?
You will receive payment via ACH directly to your bank account the same day (if submitted by 2:30 PM Eastern) or next day if after 2:30 PM Eastern.
What products do you offer?
With BuyFin, you can offer a mix of loan options. You can customize plans from our menu of options. We offer more than 40 loan products. These products are all unsecured, closed-end, installment loans and subject to credit approval. Loans are made by participating lenders.
Do you offer stage funding?
Yes, we offer stage funding without caps. You can take an upfront deposit or multiple deposits over the course of the job. This is especially handy for industries with long job completion timelines, like pool and turf.
If I have multiple locations, can I see all loans in one dashboard?
Yes, we have many clients actively using a single login and dashboard to manage multiple locations.
Why would I use BuyFin over other financing options?
Here are just a few reasons why you should consider BuyFin Consumer Financing:
- Fully digital process (no paperwork at all)
- Provides a great user experience for your customer and techs
- Allows you will get funded faster and take deposits
- Loan approvals can only be used at your location
- Max approvals up to $55K
- No minimum on loan amounts
- And many more!
What is consumer financing?
Consumer financing is when your customer applies for a loan or credit to purchase things they need. Financing allows people to pay back the total cost of a purchase overtime with affordable monthly payments. BuyFin offers consumer financing options for contractors in the home service industry.
How does consumer financing work?
Consumer financing allows your customers (the borrower) to borrow money from a lender to make purchases or cover upfront expenses. The borrower then repays the loan over a set period, typically through monthly payments.
BuyFin Payment Processing FAQs
Why is BuyFin Payment Processing different from my current vendor?
How do I know what extra fees my current payment processing partner is charging me?
There are a few different ways to determine what fees your current payment processing company is charging you:
- Review your statements to get a detailed breakdown of fees
- Review your contact to see an outline of their fee structure
- Contact their customer support and request a breakdown of monthly fees
What is the process to change from my current payment processor to BuyFin?
How do I get started with BuyFin Payments?
What payments do you process?
How competitive are the rates offered by BuyFin?
How does payment processing work?
Payment processing involves a series of steps between when a customer purchases a product or service and the business receiving payment. The steps include initiation, authorization, authentication, clearing, settlement, reconciliation, and funding. Learn more here.
How long do credit card payments take to process?
Settlement is almost immediately. The entire process from authorization to funding takes 1-3 business days, depending on funding selection.
How long do ACH payments take to process?
The exact timing can vary based on the banks involved and the timing of the transaction. In general, typical processing takes 3-5 business days. While funding can vary based on merchant agreement.