Wisetack Progress Payments let you receive two payouts on a job your customer finances through Wisetack, instead of one payout after the job is complete.
What Are Wisetack Progress Payments?
With standard Wisetack financing, funds are released after the customer confirms the job is complete. With Wisetack Progress Payments, the financed amount is split into two payouts:
First payout: released when the customer signs the contract.
Second payout: released when the job is done.
Each Wisetack Progress Payments payout arrives in your bank account 1–3 business days after it's released.
Wisetack Progress Payments have these limits:
The first payout can be up to 50% of the job amount.
Each payout must be at least $500.
The two payouts together can't exceed $25,000.
For example, a $4,000 job could be split into a $2,000 first payout and a $2,000 second payout. A $900 job can't use Progress Payments, because splitting it would put at least one payout under $500.
Who Qualifies for Wisetack Progress Payments?
Wisetack Progress Payments require a separate approval from Wisetack. To qualify, your business needs:
At least $1M in annual revenue, or 5 or more years in business.
A guarantee, a cancellation policy, and a refund policy.
A low credit card dispute rate.
Good standing with Wisetack.
To apply, complete the Wisetack Progress Payments application.
Wisetack reviews each Progress Payments application, so not every business is approved. Until you're approved, Wisetack financing pays out once, after the job is complete.
How to Collect a Deposit If You're Not Approved for Wisetack Progress Payments
If your business isn't approved for Wisetack Progress Payments, Wisetack can't pay out a deposit. Collect the deposit through another payment method, such as card or check, and let your customer finance the remaining balance — or waive the deposit and let your customer finance the full job. For both options, see How to Collect a Deposit When You're Not Approved for Wisetack Progress Payments.
How to Set Up Wisetack Progress Payments in Floorzap
Once Wisetack approves your business for Progress Payments, an Admin user sets a down payment for each contact type in Floorzap. The down payment determines the first payout. Only Admin users can complete this setup.
Wisetack financing is only available for contacts flagged as residential. Progress Payments apply only to residential contacts, even when their contact type has a down payment set.
Go to Settings > System Lists > Customer Info Lists > Contact Type.
Set a down payment for each contact type you want to use Progress Payments with.
Save your changes.
After setup, Wisetack loan applications for residential contacts with that contact type go out with two payouts automatically.
Wisetack Progress Payments Fees
With Wisetack Progress Payments, the merchant fee is charged on each payout rather than once on the full job. The total fee works out the same as a single payout at the same rate.
For example, a $1,000 job split into two $500 payouts at a 3.9% fee:
First payout: $500 × 3.9% = $19.50
Second payout: $500 × 3.9% = $19.50
Total fee: $39.00
If your customer chooses an extended 0% APR (Annual Percentage Rate) option, a higher fee applies. That fee is split across the two payouts the same way. See Wisetack: How to Add, Remove, or Manage 0% APR Financing Options.
What Your Customer Sees with Wisetack Progress Payments
Your customer starts Wisetack financing from the Floorzap invoice. Before applying, they see a See Options button at the bottom of the invoice, which shows their financing options.
After the loan is set up, your customer releases each payout from the Wisetack customer portal by clicking Release Payout.
What Happens If a Customer Isn't Approved for Two Payouts?
Even when your business is approved for Wisetack Progress Payments, an individual customer's loan may not be approved for two payouts. If a customer isn't approved for two payouts:
Your customer is told before they lock in a financing offer.
You see a notice on the customer's details in Floorzap.
Related Articles
How Am I Paid by Wisetack? — how standard single-payout funding works.