Wisetack FAQ

  • Updated

The ability to offer Wisetack consumer financing is currently only available to users who are part of the beta program.

To request access to the beta, please contact workizpay.beta@workiz.com.

In this article, you will learn about some of the most frequently asked questions when using Wisetack with Workiz.

  • Wisetack is a consumer financing company that helps in-person businesses give their customers the option to pay over time. It integrates directly with Workiz, giving you the consumer financing options you need to secure larger jobs.

  • Most customers expect flexible payment options that allow them to budget for larger purchases. Signing up for Wisetack means you get paid when the work is complete, while your customer pays over time in manageable monthly installments. No more tracking down customers for payments or assuming the risk if the customer is late or fails to pay.

    According to Wisetack:

    • Jobs financed through Wisetack were 4.5 times bigger than other jobs
    • Nearly 90% of businesses won a job because they offered monthly payments through Wisetack
    • Nearly 90% of clients who financed through Wisetack said they were happy and relieved they were offered consumer financing options

    This is an ideal solution for budget-conscious clients who need the flexibility to pay over time for services needed.

  • After enabling Wisetack, a consumer financing option will automatically be presented to your clients in the Workiz client portal when viewing estimates and invoices totaling $500–$25,000.

    In order for your client to take advantage of this consumer financing option, they must first submit an application through Wisetack (which can be accessed from the Workiz client portal).

    After your client confirms the service on Wisetack and releases the funds, Wisetack will initiate a payout that will be deposited into your bank account in 1–3 business days.

  • With Wisetack, you will have the ability to offer clients a variety of different repayment options designed to meet their needs and help you close larger jobs.

    There are no setup or subscription fees associated with using Wisetack. Transaction fees that your business will pay for using Wisetack start at 3.9%, but can vary depending on the sort of repayment options you want to offer to your clients. All Wisetack plans include a 3-month 0% APR option for qualifying customers. When a customer chooses this option, you will pay your normal fixed transaction fee.

    You also have the option to enroll in one of Wisetack’s 0% APR add-ons, which allows you to offer customers interest-free options for up to 6 months, 12 months, or 24 months. When you decide to enroll in one of these add-ons, your transaction fee will vary depending on the financing option your customer chooses.

  • You can apply for a Wisetack account from the Workiz Marketplace/Feature Center. To learn more about applying, please see this article.

  • To be eligible to offer Wisetack consumer financing options to your clients, your business will need to be based in the US and typically need to:

    • Have annual revenue of at least $150,000 or monthly revenue of at least $15,000 for the last three months
    • Have an EIN
    • Have held a valid business license for at least one year
  • The rate your clients may be offered with Wisetack may be lower than the rate their credit card companies charge for maintaining a balance. Wisetack’s financing options have simple interest, while credit cards charge compound interest.

    With Wisetack, your clients will know exactly how much they need to pay each month.

  • Applying for Wisetack financing involves a soft credit check that does not affect your client's credit score. However, accepting a financing offer and subsequent repayment behavior may impact their credit score.

  • Your clients can apply for Wisetack financing when viewing estimates and invoices from the Workiz client portal, or from a direct application link sent from the Workiz mobile app.

    Here’s what you clients can expect to see:

    1. A request for some basic information (like their name and address).
    2. If approved, they’ll see the amount they were approved for and up to six options to choose from. Each option clearly outlines the monthly payment amount and total cost.
    3. After choosing their financing option, the last step requires your client to confirm completion of the service so that the funds can be released to your business.

    Applying takes less than a minute, and approximately 80% of applicants are approved through Wisetack.

  • You will receive an email and a Message Center notificaiton when your client has been approved for financing.

  • Workiz will send you a notification once your client has submitted payment using a Wisetack financing option. The payment will be deposited into your bank account 1–3 business days after they submit payment.

  • Once your client confirms the completed service and releases the funds, it will be 1–3 business days before the funds are deposited into your bank account.

  • To log in to your Wisetack merchant portal, please click here.

  • Wisetack sends reminders to your customers via email and text message to return to the application to confirm the purchase.

    You can also contact your client directly using the Workiz Message Center.

  • Once you have enabled Wisetack in Workiz, consumer financing options will be presented to your clients on all estimates and invoices totaling $500–$25,000. You will not have the option of limiting it to specific jobs or customers.

  • Your clients must have a mobile phone number in order to apply for Wisetack financing. For security purposes, Wisetack sends your clients a verification code via text message in order to access the application.

  • Yes, the prequalification status expires after 14 days. The loan itself expires after 90 days. Your client has the option of applying again to access a new set of financing options.

  • Yes, the following disclaimer is made available in the Workiz client portal whenever clients are paying for an estimate or invoice using Wisetack:

    All financing is subject to credit approval. Your terms may vary. Payment options through Wisetack are provided by our lending partners. For example, a $1,200 purchase could cost $104.89 a month for 12 months, based on an 8.9% APR, or $400 a month for 3 months, based on a 0% APR. Offers range from 0-35.9% APR based on creditworthiness. No other financing charges or participation fees. See additional terms at http://wisetack.com/faqs.

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