We are proud to partner with Fortiva to provide financing options that are available to offer to your customers. Fortiva has a slightly different process in that the borrower does not apply for a specific loan with specific terms. Fortiva will give the borrower an offer based on their credit. The homeowner can apply for either a standard installment loan or a deferred interest loan. A standard installment loan will have an interest rate between 9.9%-24.9%, and the term will be revealed upon application. The deferred interest loan has a term of either 6 or 12 months, and the balance must be paid in full during that period, otherwise, an interest rate of 26.9%-29.9% will be assessed on the original full balance of the loan. The borrower will have to sign and accept terms to acknowledge that they understand and agree to the offer presented to them.
Enrollment
Begin the enrollment process by going to Settings > Subscriptions > Payment Options. To apply, click the red plus icon next to Fortiva, then fill in the appropriate business and banking information.
Once approved, this is also where you will see your dealer ID will show. Your dealer ID is your unique identifier with Fortiva. There is also an option to download your rate sheet.
Managing/Selecting Loans
After you've applied and been approved for Fortiva, your next step is to select the loans you'd like to offer in the Loan Options section. There are dozens of loans to choose from. We recommend selecting no more than 4-6 loans, so your team and customers are not overwhelmed with options.
Three actions can be taken in this section:
Offer This Loan?
Check this box to make the loan available to your customer. The Dealer Fee is shown in the last column so you can review fees before deciding.
Offer to Self-Service
Check this box if you want customers to apply for this loan on their own via a website link or proposal. Loans enabled for self-service appear in the Offer to Self Service column. Note: Only users with permission to manage financing can facilitate applications for self-service loans.
Include Message?
For self-service loans, you can display a custom message to help customers understand the loan when selecting it from a financing button. Examples: "90 Days Same as Cash" or "General HVAC’s Special Offer."
The dealer fee shows your cost to offer the loan to your customer. The dealer fee will be taken from the top of the loan once funded. The total amount financed – less the dealer fee = the amount you will receive.
Application Process
You can offer loans from the mobile app or the office.
Mobile: Add the loan directly to the proposal you present to the customer, or have the customer apply via an individual application from the mobile app.
Office: Add the loan directly to the proposal. You can email the proposal to the customer for them to apply from the comfort of their own home. You can also access the Consumer Loan Application online (Payment Options > Financing > Consumer Loan Application) if the customer would like to apply over the phone with you.
Online
Select the loan and amount to finance
Customer's personal & income information
Note: You can include a co-applicant if needed.
3. Once this screen is complete, click Generate Loan Application to finish the application. An approval decision will be presented within a few minutes.
Mobile
Select the loan + amount to finance
Enter the customer's personal + income information
Review application + sign
Financing Dashboard
The Financing Dashboard allows you to review everyone in your system who has applied for a loan, with the most recent applications first. Remember to refresh this page regularly to ensure you are always viewing the most up-to-date status on all applications.
The board will show you:
The "app." (application) date
The last name of the loan applicant
The name of the lender
The loan amount requested (or the final approved amount)
The sum of payments received from the loan applicant (your customer)
The status of the loan (can be an application or funding status)
The next available step to take (in order to secure a lender, complete an application, or get paid)
The last updated date (if old, click the red "Refresh Page" button above the search bar).
Need to see additional details about the loan? Click the red plus sign button to the left of the application date to uncollapse that section.
Mobile View
Loan Decision
Approved- If the customer is approved, they will be sent an email to accept the terms of the loan.
Denied- In the event of a denial, you can try to apply with another lender if desired. If the customer wants more detail or information on the decision, they will need to contact Fortiva directly.
Taking Payment
Once the work is complete, you are ready to take payment!
Fortiva Stored Payment Method - You will process the payment via the stored payment method in your system by clicking Process Payment from the invoice, customer profile, or on mobile. Select the stored card. It generally takes 48 hours for the funds to settle once payment is accepted.
Remember that you will receive the amount financed, less the dealer fee.