In this article, you will learn how to begin offering stress-free flexible payment options to your clients using the Sunbit integration on Workiz.
What is Sunbit?
Sunbit is a buy now, pay later (BNPL) technology company that makes it easier for your customers to say yes to your services by offering flexible installment plans.
Who can use Sunbit?
In order to qualify for Sunbit, your business must:
- Be based in the US
- Not be based in the following states:
- West Virginia
- Have an EIN
Why offer flexible payment options?
Sunbit offers your clients access to flexible payment options that ensure you receive the full payment for your services up front while allowing your clients to pay in installments over time — including the option to make four payments at 0% interest for your clients. It’s fast, easy, and a win-win for both you and your clients.
Flexible payment options also have the potential to increase your revenue. Some businesses have reported a 50% decrease in the number of declined services, with some even reporting a 20% increase in transaction amount, according to Sunbit. Offering access to a flexible installment plan means your clients won’t have to think twice about committing to a necessary service that may otherwise be too expensive for their budget.
How do flexible payment options work?
From the loan application technology to the loan repayment, Sunbit takes care of the entire process so that you only have to worry about providing your top-notch services.
Sunbit payment options will only be available for services with a value between $60–$10,000. In order for your clients to take advantage of flexible payment options, they must first submit an application through Sunbit.
Historically, approximately 90% of applicants are approved through Sunbit, with most applications processed in as little as 30 seconds. Applications are reviewed using a soft credit check, which does not impact your client’s credit score. However, account openings and payment activity are reported to a major credit bureau.
If approved, your clients will need to provide a down payment defined at checkout.
Sunbit technology offers clients the convenience of paying for your services on a flexible payment schedule that works for them, with loan options available ranging from three to 24 months, depending on loan amount, creditworthiness, and other factors.
Once your client agrees to the loan terms and makes the required down payment, the transaction is complete. A payment for the invoiced amount will be processed in 24 hours, and your business will get paid in full shortly thereafter.
Loans are made by TAB Bank, which determines qualifications for and terms of credit.
How much does Sunbit cost?
If your customer chooses to pay using a Sunbit payment plan, Sunbit will charge a 5% transaction fee that will automatically be deducted from your service charge. There is no monthly fee to offer flexible payment options using Sunbit.
Make it easier for your customers to say yes to your services by signing up for a Sunbit account today.
Interested in learning more about how to offer flexible payment plans to your customers? Sunbit offers personalized 1-on-1 training to help you and your techs learn some of the best practices associated with offering flexible payment options. To learn more about Sunbit's training, please click here.