Home services businesses can win jobs 4.5 times bigger by offering financing, new Wisetack report shows

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San Francisco, CA, March 2, 2023 — Offering “pay over time” options is fueling growth service-based businesses, revealed a new report from Wisetack, a consumer financing company enabling home services and home improvement companies to provide monthly payment options for customers.

The Wisetack report, The Impact of Financing, revealed that by offering “pay over time” options, service-based businesses can win more jobs, increase the ticket size of jobs, and boost their business’s reputation.

Specifically, businesses see these benefits:

  • A small business can expect to gain 1 more job per week by offering financing. 
  • Jobs paid for through financing were 4.5 times the size of other jobs (the average job size is $1,000, the average job size for a job financed to Wisetack is $4,500).
  • 88% of customers who used financing were happy and relieved it was offered to them. 
  • 87% of merchants have won at least one job thanks to financing. 
  • Home services customers finance 1 out of every 5.8 jobs. 
  • For businesses using Wisetack, this number jumped to 1 out of 4 for businesses who had issued at least 11 loans — meaning it was a good experience for them and their customers.

“One of the big things customers often ask us is if we offer financing because it’s the only way they can get a project done,” said Caitlin Norris, office manager for Landworks, a Massachusetts-based fence company.

This was true for Mark, a Wisetack borrower, who shared his story for the report. “A storm damaged our roof which needed immediate attention,” Mark said. “Another storm was due within days. This was extremely unexpected both personally and financially. Financing with Wisetack made it available for us to have those repairs done.”

The report was created using primary and secondary research, including a survey of Wisetack merchants who offer pay over time options to their customers.

About Wisetack

Wisetack is the leading Pay Over Time platform for in-person services. Wisetack partners with top SaaS service companies to embed payment options directly into their software through a simple API integration. Small service businesses rely on Wisetack to offer their customers flexible, point of sale loans, enabling them to quickly and easily pay over time for essential services.

Founded in 2018 in San Francisco by an experienced team of leaders in the financial services industry, Wisetack is backed by investors including Insight Partners, Greylock, and Bain Capital Ventures. All Wisetack loans are issued by Hatch Bank, a California-chartered industrial bank. Visit wisetack.com to learn more.