While GreenSky is a great option for homeowners who need credit for home improvement projects, it also helps small businesses increase their customer base. When businesses accept GreenSky credit as a form of payment, they can access a broader range of clients. Currently, over 12,000 businesses have partnered with GreenSky, allowing them access to more customers. Here’s how it works:
How Customers Pay with GreenSky Credit
Customers appreciate GreenSky because it’s fast and simple. They complete a quick, online application (typically in two minutes or less), and know within seconds whether they are approved. Once someone has been approved, they receive a GreenSky buying pass, with an account number, expiration date and code, and a loan agreement in the mail. The GreenSky buying pass can be used just like a credit card. And if you are set up to accept GreenSky credit, then your company would process the buying pass using the same process as a credit card.
Who is GreenSky Inc?
GreenSky is a fintech company, program administrator, and third-party provider that serves as a go-between for federally insured and federal or state-chartered banks and consumers who need a loan. For consumers, it is a simple, easy alternative to bank loans or credit cards.
For businesses, GreenSky provides an opportunity to extend credit to potential customers so they can buy from you. Since they have access to this credit, you may even be able to upsell your services or products easier. Plus, if you’re on GreenSky’s preferred vendor list, your company is exposed to even more potential customers who are specifically looking for a company that accepts GreenSky credit.
Fees and Payments
Similar to a credit card, GreenSky’s credit program does charge a small fee each time you run a transaction. You’ll receive an invoice each month from GreenSky with a total of the charges for that time period. However, by accepting GreenSky, you make it easier for potential customers to say yes to making a purchase from your company.
If you are set up with GreenSky and are working with a potential customer who is unsure about affordability, you can even introduce them to GreenSky. Simply share with them your GreenSky merchant number. Plus, you can accept payment from them the same day that they are approved, provided they have authorized the transaction.
How to Become a Merchant with GreenSky
Becoming a merchant with GreenSky is easy. Simply complete the one-page application form. The form requires some basic information about you and your company. Even sole proprietorships and partnerships can apply. In these cases, the company may need to verify credit history and reports, but if everything checks out, then you are on your way to offering a new payment solution for your customers.
Who Can Become a GreenSky Credit Merchant?
Currently, GreenSky works with businesses in home improvement, medical, retail, and e-commerce. Home improvement covers everything from large stores to small businesses that offer services such as replacement windows, home renovations, flooring, landscaping, etc.
Some of the most common types of home improvement businesses that work with GreenSky include HVAC, pools and spas, roofing, remodeling, home automation, windows and doors, and water filtration. Partnering with GreenSky provides your customers with more buying power, which is a win-win for both you and them.
More Information about GreenSky
As one of the largest fintech companies in the United States, GreenSky Inc. has funded more than $12 billion in loans for over 1.7 million customers. The company was founded in 2006 and is based in Atlanta, GA. Until recently, it was not as well-known as other lenders in the same space, such as Social Finance Inc. and Lending Club Corp.
However, GreenSky’s model has been a huge success. Some of the 14 leading banks that it partners with to lend money include SunTrust Banks and Regions Financial Corp. Sales in 2015 were $173 million and grew to $326 million for 2017. GreenSky recently went public and reported well over $100 million in revenue in the first quarter.
David Zalik is the Chief Executive Officer and co-founder of the company. He built his first company at the age of 14 and has been a serial entrepreneur ever since. Since co-founding GreenSky, he has won multiple awards for his work, including the 2016 National EY Entrepreneur of the Year Award for Financial Services.
Along with Zalik, much of the management team has lengthy business experience. GreenSky’s Chief Administrative Officer and Vice Chairman is Gerry Benjamin. He brings 30 years of corporate finance advisory, principal investing, investment banking, and restructuring experience to the table. Tim Kaliban, GreenSky’s President and Chief Risk Officer has nearly 30 years of experience in product development, management of lending, compliance, and servicing.
With extensive experience and strong values, GreenSky is a solid, steady company to partner with to grow your small business.
What are GreenSky’s Values?
Another great reason to partner with GreenSky is that it’s a company driven by its core values, which is appealing to both its merchant partners and its customers. GreenSky’s core values include:
- the integrity to be honorable and transparent in its actions.
- enthusiasm to use positive energy to create value.
- providing exceptional service to its merchants and customers.
- making a strong impact through efficiency and speed, without compromising quality.
- practicing advocacy for the best interests of those in the community.
What Other Businesses Have Said About GreenSky
To discover more about the positive results other small businesses have experienced after becoming a GreenSky merchant, check out the case studies on the GreenSky website. One Southern California remodeling company reports that accepting GreenSky credit increased the company’s leads by 10 to 20 percent and its revenues by 20 to 25 percent. Contact GreenSky here to see how their services may work for you.
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