Today's market has become more and more competitive and that's why builders and contractors are using innovative ways to attract customers. Builders and contractors are accessing every day different mobile solutions to help them find ways to boost their businesses. One of this mobile solution is offered by GreenSky Credit, a solution that can be used to offer customers instant funding for their construction projects.
How GreenSky Credit Works
The mobile solution provides financing for up to $55,000 for businesses of all sizes to offer credit to their customers with a fast and paperless solution in three simple steps. To access the financing alternative you must follow these steps:
- The customer needs to apply by phone, online through the GreenSky Credit website or using the mobile app.
- Once the customer has applied, the lending institutions will review their information and within seconds, the customer will receive their credit decision. If approved the client will receive a GreenSky Account number.
- To receive the funding, the customer will use their account number, just like a regular credit card payment, and within 48 hours the payment is processed.
Benefits of Using the Mobile Payment App
When builders present their customers with this innovative and practical solution, they can also be increasing their opportunities for new clients. The builders will receive the following benefits:
- Builders can offer customers convenient and flexible terms as different payment options including no prepayment penalties.
- Loans can be processed in all 50 states. The company offers unsecured installment loans.
- The builder does not have to wait until the work is completed before getting paid. Down payments can be reimbursed with no money out of the customers' pockets.
- Financing alternatives up to $55,000 are offered and answers provided during the same business day.
- The financing alternatives can be offered for home improvement projects, including remodeling, roofing, HVAC, siding, solar panel installs, electrical, decks and patios.
- Credit plans are available for up to 12 years and as short as six months
- The process is considered a 'green' one as it can be paperless for both you and your customer. Loan documents are available electronically and they normally don’t require you to send in sales contracts or certificates of completion before you get paid.
- Customers can even receive a 0% interest and low APR plans.
How to Get Started
To get started in the program, the builder or contractor needs to become a GreenSky Dealer. Once enrolled, you are given a unique number, the dealer number and you will need to tell your customer about the financing options you want to offer. When they submit an application they will use your Dealer Number.
The program will bill the builder each month for any transactions that occurred the previous month. Every transaction has a cost, but that cost was not provided on the website.
Once you have identified the customer and he has agreed to use the services, then the process will find a financial partner through any of the standing partnerships with some of the largest banks in the United States. Many contractors have already started using the services of GreenSky, so you might want to give it a try.