Thryv announces yet another win for small businesses looking to streamline payments. ThryvPay users can now offer a new payment option for services: consumer financing.
This additional payment method has been made possible through ThryvPay‘s new partnership with financing leader, Wisetack.
With this enhancement, if you’re a ThryvPay user, you can invite your customers to pre-qualify for financing early in the buying process. And your customers can use the financing for home services and repairs, auto maintenance or veterinarian, dental or medical services.
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Consumer financing benefits both the business owner and their customer. For instance, service-based businesses can offer more substantial solutions, such as replacing a deck rather than repairing it.
On the consumer’s side, the additional payment option gives them more flexibility and time to pay. With manageable installments, they can say “yes” to the larger services they need.
Plus, the business owner sends the financing invitation through ThryvPay, which provides visibility into whether the customer has been prequalified, and for how much.
“The market has embraced ThryvPay, and this is another opportunity for small businesses to take further control of how and when they get paid,” says Ryan Cantor, Chief Product Officer at Thryv.
“At the same time, Thryv users can provide their customers with more purchasing power while increasing their bottom line. On average, small businesses can expect to see upwards of a 20% increase in per-job revenue when offering convenient financing options.”
Once the job is complete, the business receives a single upfront payment, less a small transaction fee comparable to other payment processing fees.
Because the business receives a single payment, it’s not assuming any non-payment risk. That’s where Wisetack comes in, working directly with the consumer.
How ThryvPay Consumer Financing Helps Your Business
More cash flow: You get paid as soon as the work is done. Meanwhile, Wisetack settles with the customer over time. No more tracking down customers for payment. And no assumption of risk for late or defaulted payments.
Increase profits: Instead of resorting to deep discounts, you as a ThryvPay user can offer financing instead. Your cost is much less, while helping fit purchases into the customer’s budget. Financing helps preserve profit margins, while giving consumers flexibility.
Increase average order value: Financing allows you to turn maintenance calls into upsell opportunities. That shift can lead to a 20%-plus increase in revenue.
ThryvPay financing offers loan options from $500 up to $25,000*. Your customers can pre-qualify when you provide your estimate, or they can apply for the loan when you invoice them.
Your customers receive a decision on monthly financing instantly after filling out an application. Annual percentage rates (APR) range from 0% to 29.9%. No prepayment penalties, origination fees, late fees or compound interest are applied to the consumers’ account.
Also New: Google Pay & Apple Pay
And the good news continues for ThryvPay users! We’ve added Apple Pay and Google Pay to ThryvPay as additional consumer payment options.
These round out our payment options lineup of credit cards, debit cards and ACH/bank draft. It’s all about convenience, choices and transparency with ThryvPay.
ThryvPay users will also notice additional improvements designed to make the payment processor easier to use than ever. These include a new settings dashboard, scheduled payment improvements, new filters and search functions and more.
*Available financing depends on type of loan. Subject to credit approval. Terms may vary.
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