As a HVAC Contractor, we are thinking about financing our service to our client who cant affort the Lum some of money up front, can I get some advice for the best way possible to start some kind of financing program from our clients or recommendation of any financing solutions.
We use Acorn Financial and are pleased with them. I only wish Jobber would integrate with them so we could set up the financing directly on our quotes and invoices.
We use Hearth Financing. They provide ‘personal project loans.’ Clients can use these types of loans for numerous home improvement projects. It’s great for clients to meet our payment scale. The client gets 3-6 offers on average, which show the monthly payment amount, APR %, term length etc. for their individual application. They receive a direct debit of the lump sum chosen into their own bank account. They can then get us the 50% deposit, and have the remaining funds waiting in their account when the final invoice arrives. We’ve used Hearth for about 5 years now, and have had no complaints about the application or process as a whole! I would highly recommend!
KQuinn612 I was curious, about two things.
Thanks!
Becca
No- there is not a number of clients you must finance per month of in any timeline. Hearth is a 3rd party personal project loan broker basically, they shop for and offer the client usually 3-6 offers through various servicers and then the client chooses a loan to secure directly with the loan servicer. Yes, their loan is deposited into the client’s bank account to use how they would like. The thought is that many contractors take a deposit and a final payment, so the funds can be disbursed according to your system.
There is no guarantee they will use the financing for a project with you as there is no verbiage saying they are obligated to do so (even though they are using your account to apply). Honestly, I have never seen this happen, where a client takes a loan and doesn’t follow through with our bid- but it’s possible.
Hearth now offers a credit type account vs a standard loan to the client if you choose to offer this new option. We have not personally upgraded our plan to include this as of yet. Any questions the client may have can be directed to Hearth Customer Support. Hearth does notify you via email if the client starts or submits an application and also the highest total they are approved for. They also inform you when a client accepts a loan proposal and the status of their disbursement. Notifying you helps you also contact the client at these times to follow up and make sure they are going to sign :) For the small annual fee, it’s a great option to be able to say Yes, we offer financing!
We use Enhancify. We share a link to the Enhancify portal when we send out our quotes via text or email.
We require down payments on larger projects. We read somewhere that Wisetack doesn't provide funds to customers prior to work starting. They pay the contractor at completion.
We heard good things about Acorn. We hope Jobber integrates with them soon. 🙏 🤞
There is another thread about this too. I have requested Acorns. It's super easy to use. Another CRM "Jobtread" we started with had that integration. It would be really nice if Jobber could get it onboarded ASAP
Jobber has an integration with Wisetack, which offers customer financing. I believe Paypal also offers financing or monthly payment options, too.
