Frequently asked questions

How does Wisetack financing work?

Wisetack is an easy way to finance a purchase. Your business gets paid when you provide the product or service, and customers pay over time.

Checking loan options does not impact a customer's credit score. And there are no prepayment fees, late fees, or compounding interest.

Wisetack sends a financing application directly to your customer. They check their financing options and confirm their loan in under a minute.

All loans subject to credit approval. Rates, terms, and conditions subject to change without notice. Some restrictions apply. Your rate may be higher based on your credit history and other qualifying criteria. Interest rates and monthly payment information are only estimates. Actual rates and monthly payment amounts are based on your personal credit history and will be provided upon receipt of a completed loan application that has been approved.

Example: 7.9% APR is based on approximately 24 monthly payments of $90.36 per $2,000 or 0% APR based on approximately three monthly payments of $666.66.

How will I know if my customer has been approved for a loan?

We understand that especially for bigger purchases and projects, customers apply for loans hours, days, or even weeks in advance, and you need to know whether or not they've been approved for a loan.

Once a customer submits their application, they get an instant decision from Wisetack. Your customer management software will immediately show a notification whether the customer has been approved. Approvals are valid for 60 days.
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When in doubt, feel free to contact us with any questions.

Email us: support@wisetack.com
Call or text us: 1-833-927-0333

How will I know if I got paid?

Depending on the software you use, your notifications will show up differently. If "processing payment" or "payment pending" shows up, you'll know that the customer has confirmed that the work is done, and that the funds will be on their way to you the next business day. If you're with the customer in person, they can also show you the confirmation screen on their phone.

You'll also get emails from Wisetack:
1) When your customer is approved for a loan.
2) When your customer confirms the loan.
3) When the funds are en route to your bank account.

How long does it take to get paid?

Wisetack sends your funds that same day after your service or product is received by the customer. We send it straight to your bank account, so there are no extra costs. Depending on your bank, it can take 1-3 business days to receive.

How do I ensure the customer confirms the loan?

Your customer needs to confirm they received the product or service before we start their loan and send the funds to you. You may have to remind them to click "job is done - release payment" on the final screen in the loan application, especially if they started that application earlier in the day or week.

Wisetack also sends reminders to your customer by email and/or text.

Think of it like taking a credit card - you may know they're going to pay with a card, but you still need to swipe that card at the end before you leave.

How do I log in as a business?

Wisetack reporting, notifications, and transactions reside in the order management software you already use. You can also find that information by logging in to our merchant portal with the same mobile number you used to sign up.

Wisetack also sends you emails with transaction information.

How does Wisetack work?

Wisetack is a simple way to finance a purchase by paying in monthly installments. There are no prepayment fees, late fees, or compounding interest. Checking your loan options does not impact your credit score.
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The application is initiated by a business and completed by you. Seeing your financing options takes less than a minute. We’ll usually give you several options to choose from, with various loan lengths and sizes of monthly payments.
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When you take out a loan, we pay the business directly and you pay us over time.

Can I use Wisetack without a mobile phone number?

Unfortunately, no. You need a mobile phone number in order to use Wisetack.

Why would I use Wisetack instead of using a credit card?

The rate you get with Wisetack may be lower than the rate your credit card company charges for maintaining a balance. Wisetack loans are simple interest, while credit cards charge compound interest. We don’t charge late fees, prepayment fees or origination fees.
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With Wisetack, you know exactly how much you will pay. Many people like knowing exactly what they will pay every month and find that taking out a loan with a fixed term for a specific purpose may be more affordable than a credit card.

Will viewing my financing options impact my credit score?

No.

Will taking out a loan impact my credit score?

It might. We report payment history to the credit bureaus. Paying back on time can have a positive effect on a credit score while paying late will have a negative effect. It’s easy to set up automatic payments to ensure on time payments and help build a positive credit history.
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Checking your eligibility for a loan does not impact your credit score.

Why is the credit score you report different from what I know my score to be?

There is no "one" credit score, as it turns out. The article below explains all the major factors that can account for variability in credit scores:

https://www.creditkarma.com/advice/i/why-credit-scores-differ-between-credit-reporting-agencies/
(note: Wisetack has no affiliation with Credit Karma)

How do I make a payment?

You have the option to set up automatic debits from your bank account when you take out the loan. Additionally, you will receive an email shortly after taking out the loan with instructions on how to set up your online account and payments. You can set up automatic debits from your bank account, you can choose to log in every month to make a payment from your bank account, or you can mail a check. We do not accept credit cards as a form of payment.

Do I have to link my bank account?

Sometimes linking your bank may be required as part of your application.
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Even if it's optional, we do recommend setting up automatic ACH (bank-based) payments, either during the application or after the loan is finalized, as it helps to ensure on time payments. Building a history of on time loan payments can be a good way to improve your credit score.

Can I pay off my loan early?

Absolutely! Simply log into your account and pay off your balance. We’ll never charge you a prepayment penalty.

Can I choose a different payment date?

Sure thing! We want to make this work for your schedule. You will get an email shortly after taking out a loan from us, which will provide information on how to log into your account where you can set up payments, or change your payment date.

I still have questions: How do I contact Wisetack?

Feel free to email, call, or text us anytime! We’d be happy to answer your questions. Also, don't hesitate to contact us with concerns.
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Email: support@wisetack.com
Call or text: +1-833-927-0333