Greensky - Prime
GreenSky is our Prime Residential lender requires a contractor to have a minimum of $100,000 in Gross Annual Sales and to have been in business for a minimum of 1 year. With this qualifications you can go ahead and sign up for GreenSky here.
Enrollment Process -
Once you've finished your application, you'll begin GreenSky's enrollment. They will request further details from you via email. In addition, you will be required to complete a series of training videos that will be provided by GreenSky. For about GreenSky's enrollment process, please call their Merchant Concierge at 800-357-1558.
Approval -
If this is your first lender, you will be sent your Finance+ login credentials upon approval. Once approved, you'll be able to start offering your customers GreenSky's financing through Finance+. It is crucial that you complete GreenSky's training, however, if you fail to do so within 6 months, GreenSky will Suspend your account.
Getting Set Up -
Once you're approved and have your Finance+ login, you'll want to follow these steps to start offering GreenSky's financing to your customers:
Set Finance Plans: From Finance+'s Home screen, head over to the Integrations Hub. Here you'll find details on each of the lenders you have access to and if you head over to the GreenSky section, you'll be able to pick and choose each plan you're willing to offer your customers.
Prequalification: With GreenSky, you'll be able to offer your customers prequalification, a test application that doesn't hard pull your customer's credit to see whether or not they'd qualify. You can have this feature turned on by speaking with your GreenSky Account Manager.
Cost of Financing: Familiarize yourself with calculating the cost of financing into your transactions. While GreenSky's merchant fees can vary from plan to plan, every transaction has a 2.1% direct deposit fee that you must take into account.
First Transaction -
Once you're set up, you'll be ready to make your first transaction with GreenSky. From the Home screen, head over to Estimate & Apply. Follow these steps:
Determine Loan Amount: Taking the cost of financing into account, enter the loan amount needed to pay for the job.
Discuss Plans: Look over your selected plans with your customer. Find out which one works best for them.
Send Easy Link: This will send the application via text or email to your customer so they can complete it remotely. If you have GreenSky Prequalification enabled, you will be prompted to send a Prequalification application instead.
Application Process: Whether you decided to send a prequal application or an actual application, this step will be handled by your customer. If they're completing a prequal application, their results will determine whether or not they're willing to move forward with a real application.
Leads & History: You can monitor the status of your customers' applications here.
Getting Paid: Once your customer has accepted GreenSky's offer, you'll be paid by GreenSky via direct deposit. Payments will be handled through GreenSky's merchant portal.
Now that you've completed your first transaction, you can comfortably utilize GreenSky's financing. If you ever have any trouble using GreenSky on Finance+, check out our Help Center or reach out to us via Intercom or calling our office at (786) 375-9482.
Choose from fixed rate installment loans with low payments and promotional plans with no interest and no payments during the promotional period.*
*Subject to credit approval. Interest is billed during the promotional period but all interest is waived if the purchase balance is paid in full before the expiration of the promotional period