Payzer is 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.
Applying for Fortiva
If you did not apply for Fortiva during registration, you will need to apply from the Payments Option tab, located on the My Subscriptions page.
To apply, click the red plus icon next to Fortiva, then fill in the appropriate business and banking information.
If you have already been approved, your dealer ID will show.
Your dealer ID is your unique identifier with Fortiva. You will also see the 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.
Tip: Check out the article “Offering Financing in Payzerware” to learn more about the different types of loans.
Three actions can be taken in this section:
Offer This Loan? Check if you want to make this loan available to your customer. The Dealer fee is listed in the last column of the list, so you can evaluate the fees before making a decision.
Offer to Self-Service: Check if you want customers to be able to apply for this loan independently via a website link or proposal. This allows you to enable some choice loans in the "Offer This Loan" setting that not just any customer can apply for. If a loan is set to self-service, only a Payzerware user with permission to manage financing will be able to facilitate a loan application for that loan.
Include Message? If you have a self-service loan, you can choose to display a message with loans to help the customer understand the loan when they make a selection from a financing website button. For example, you might add a catchphrase like "90 days same as cash" or "General HVAC's Special Offer," etc.
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.
Offering Fortiva loans to customers
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 if the customer would like to apply over the phone with you.
The Application
Online-
Select the loan and amount to finance
Customer's personal & income information
Note: You can include a co-applicant if needed.
Once the application is complete, click to generate the loan 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 "+" button to the left of the App. Date. This will uncollapse a section.
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 Payzer. Simply click “process payment” from the invoice, customer profile, or on mobile, and 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.
Have questions? We are here to help!
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