General questions

 

Is my information secure with Enhancify?

We take your privacy seriously and all of your information is safe and secure through a variety of different ways. One way is by using a SSL (Secure Sockets Layer) to establish an encrypted link so everything you provide to us remains private.

 

Does Enhancify offer services outside of the U.S.?

No, unfortunately, at this time, we are only able to assist consumers who are residents of the United States.

 

What Is Form W-9 and How Is It Used?

Form W-9 is an IRS form that is used for providing the correct Tax Identification number (TIN) – which is the Employer Identification Number (EIN) or Social Security number (SSN) – to a person or company that will be paying you.

 

What are ACH payments?

An ACH payment is a type of electronic bank-to-bank payment processed by the Automated Clearing House Network (ACH). The ACH payment system is a way to move money between bank accounts, rather than going through card networks or using wire transfers, paper checks, or cash.

Some of the most common ACH transactions are direct deposits, direct payments, business-to-business (B2B) transactions, payroll, tax refunds, tax payments, consumer bills, and many other bill payments.

 

My client got the money two (or more) months ago, why haven’t I been paid?

We pay commissions only when we receive the official verification of funding directly from the lender, even if the funding has already occurred. Every lender has their own reporting cycles that are independent of Enhancify and we cannot change or affect when these reports come.

 

How do you suggest the application be filled out for the best results?

Enhancify suggests that applicants use the any computer, tablet, or smartphone and the browser Chrome in order to complete the application.

 

I am having technical issues, what should I do?

In the case of technical issues, please ensure that you are using the latest version of the Chrome browser. Please clear your browser cache, cookies, and restart your device and try again.

Nothing seems to be helping, now what?

If the above does not help, please make a note or take a screenshot of any error messages or codes, write down the browser version, and a summary of the issue and reach out to support@enhancify.com or 813-212-3073. Technical support will take your information and get back to you within two business days.

 

How will I know if my customer approved?

As soon as Enhancify receives verified notification of your customer’s funding, you will receive an email notification and your Account will be updated with all the relevant information. Above and beyond this, Enhancify always suggests that you stay in close communication with your client as the lender will always release this information to the applicant first.

 

Can I see the finance offers that were extended to my client?

The list of offers received by your client are legally considered confidential and private financial information and cannot be shared with you without their express permission. Your client automatically receives an email with a link connecting them back with all their offers at the end of the applications. We are happy to re-send the link to the offers directly to your client and then they can choose to share that information with you or anyone else they may want involved in the process.

 

How can I get an update on the status of my clients finance deal?

Until official funding and verification is received, the process is all part of the personal, private, and legally confidential financial information and cannot be released to anyone except the applicant – including the account owner or even Enhancify. Enhancify always suggests that you stay in close contact with your applicant and encourage them to communicate directly with the lender in the case of questions or concerns.

 

Does my customer’s information get sold?

Enhancify never sells your client’s information for any reason. As part of the application process, your client does consent to their contact information being distributed to our network of lenders and they can generally expect to receive some calls and emails directly from these lenders. These calls and emails generally will stop in 30 days or less from the time of the latest application.

 

How can my client stop getting contacted by a lender or lenders?

Your client does agree to be contacted by the lenders in our system as part of the application process. If your client no longer wishes to be contacted they have the option to either ask the caller or emailer to unsubscribe them or simply wait 30 days for the application to expire.

 

Offering financing

Is there a guide to help me offer financing to my customers?

Enhancify offers a full range of support and personalized training to help you reach out to your existing and prosper customers and let them know you now offer financing. We will teach you how to sell and market financing to win more jobs. You will get all the marketing and advertising materials that are developed to fit your business. We’ve also developed an e-book where you will learn about how to offer financing to your customers and will find some email and text templates to begin with. All this will help you drive awareness and engagement, which will lead to more customers who chose financing over paying out of pocket.

 

How can I share a co-branded page with a client?

Use your flyer with a QR code. Your client can scan the QR code with a smartphone to get to your financing page. Or simply send them a link to your co-branded page via sms or a message.

 

I prefer to be paid in cash, is that possible?

Enhancify helps you create cash paying customers. Enhancify does not put a bank between you and your customers. We arm you with a one-stop shop to make it convenient for your customers to borrow money from the top lenders in the country. You can treat every customer that get financed through Enhancify the same as you do every other customer that pays you with cash, check, or credit card – because when they finance through the Enhancify platform, that’s exactly how they’re going to pay you.

 

I work only with deposit, do lenders have such an opportunity?

We understand you want some % up front to start a job and get a customer scheduled. Therefore, we partner with lenders that provide your customers cash to pay for their project within a couple of business days after approval. This allows you to collect a deposit and maintain your normal payment schedule.

 

Am I responsible for my clients’ loans?

No. You do not bear any responsibility for loans your customers take. You are not a bank, so why should you take risks? When you offer Enhancify to your customers, you do not take any additional risk. You are not responsible for the repayment of the loan either. Your customers apply for a loan on the lender’s website providing their personal information. That means you carry no financial burden to the loan.

What do I do if my customer gets funded and doesn’t use my services?

This can be one of the most frustrating things in business, we get it! You did all the work to help your client get funded and they walked away with the money. What can be done? Well, Enhancify Financing always suggests that you get your personal contract signed with that customer as soon as you can – that contract between you and them will be the strongest thing you have to contend with this. That said, we do have every applicant who fills out an application through your portal sign and agree to use these funds with you. While we do not offer legal services, we are always happy to provide you with a copy of this agreement so that you can handle the situation as you see best.

 

 

Financing 101

What is a soft-pull exactly?

A soft pull on credit is when we take the aggregate information of the credit profile or your customer in order to get a basic view of their financial situation and credit history without a hard pull. A soft pull can be slightly less accurate and will not always have the most recent updates or changes.

 

So, what is a hard-pull then?

A hard pull on credit is when lenders take an up-to-the-day, super accurate look at your clients credit profile that will include their full credit history. A hard pull is what we think of when we talk about a “credit check” that can change the credit score and leave a mark on their credit history.

 

What kind of credit pull does Enhancify do?

Enhancify uses a soft pull as well as the information provided by the applicant to get a general idea of creditworthiness and income in order to help lenders determine what offers to make to your clients. This allows Enhancify to assist your client in finding loan options without long term harm to their credit.

 

Do you ever do a hard pull on the credit?

While Enhancify never does a hard pull on the applicant’s credit so it is very safe for your client to apply with us, the lender that they then choose will run a hard credit check in order to finalize the loan process and verify the information given. It is not possible to fully complete the loan funding without a hard pull at some point in the process.

 

Can you guarantee approvals or certain rates/terms?

Enhancify takes pride in working with as many lenders as possible in order to give your clients the best possible approval chances. That said, Enhancify is not the lender and does not have any direct influence over approval or denial decisions. We cannot guarantee that a certain credit score, income, or financial profile will be approved or at what rates/terms.

 

Why did my customers rate change after they applied with the lender?

The initial application through Enhancify uses a soft pull on the credit and the information that your client provided to help lenders determine likely creditworthiness and make loan offers. Sometimes, when the applicant selects a loan offer and completes the final steps directly with the lender it will turn out that either the information provided was not accurate or could not be proven – this can lead to an adjustment in terms. Interest rates can also change if the applicant waits too long after pre-approval and the market has adjusted before final approval.

 

How can I change the loan term for my client?

The offers made to applicants are independent of Enhancify and are made directly by the lenders based on their income, creditworthiness, financial profile and other factors. Every lender has their own policies and algorithms to decide these offers and they cannot be directly influenced by us. We suggest that you ensure that your client has always listed their highest provable income and, in the case of co-signers, the person with the strongest credit and financial profile is always listed first in order to receive the best offers.

 

How can I get my client a better interest rate?

The offers made to applicants are independent of Enhancify and are made directly by the lenders based on their income, creditworthiness, financial profile and other factors. Every lender has their own policies and algorithms to decide these offers and they cannot be directly influenced by us. We suggest that you ensure that your client has always listed their highest provable income and, in the case of co-signers, the person with the strongest credit and financial profile is always listed first in order to receive the best offers.

 

What’s an origination fee?

An origination fee is a charge added by the lender in order to provide some protection when the applicant perhaps has a poor credit score or income levels that do not match the desired levels for the amount of the loan requested. This fee gives the lenders some protection against the possibility of not getting repaid. In many cases this fee is removed from the total amount of the loan disbursed and is not paid separately, but this can change from lender to lender and would need to be discussed with that company directly by the applicant.

I was told you had 0% financing options, where can my customer find those?

At this time, all 0% financing options through Enhancify are available as introductory rate credit cards. These cards come in options that range from 12-21 months.

 

I thought you had options up to 21 months, why did my customer get less?

Offers made are based on the financial profile and creditworthiness. We have lenders that can offer 0% credit cards for up to 21 months, but that does not mean that every person will be able to receive that offer. 

 

My client needed more money than the approved credit line – why and what can we do?

0% Credit Card offers are best for those looking for less than $10,000 in financing, with approvals generally seen between $1,000 – $7,000. They are not a good solution for larger projects unless combined with traditional loans or savings to supplement. While the applicant is welcome to reach out to the credit card provider to ask for a raise in limit, Enhancify is not able to guarantee that it will be honored.

 

How long will it take to receive the card?

0% Credit Cards are mailed via USPS and can arrive as quickly as two business days, though 7-10 business days is much more common. Please ensure your client provides a good mailing address to the credit card company to avoid any mistakes.

 

Can they use the card virtually before it physically arrives?

Enhancify does not guarantee the possibility of the use of credit cards before their physical arrival in the mail. Applicants may reach out to the credit card company in order to inquire about their individual possibilities and options.

 

Who will process the credit card and what about the fees?

Enhancify is currently developing credit card processing services, but at this time merchant services will need to be found through another company. In the meantime, we can turn off the option of offering 0% Credit Cards if you do not have a processing option.

 

If funding is approved and the amount is more than the project price, can the remaining funds be used for additional work within the project?

Yes! The homeowner can receive more than the project amount which can be used to increase the project size, quality of materials, upgrades, etc.
This is common with financing and shows how offering payment options can help the customer get more value while increasing job sizes for a homeowner.

 

 

Application process

Who can apply using Enhancify Financing?

Enhancify can take the applications of up to two private citizens of the United States of America with proper social security numbers, Driver’s License/State ID, and a US-based bank account.

 

Can a business/church/club apply?

At this time, Enhancify can only offer loans to private citizens and not to any commercial, church, club, or school ventures, including those with EINs or any groups larger than two.

 

What kind of information and documentation will the applicant need to provide?

For the initial application through your Enhancify portal, your client will only need to provide some basic information about themselves – things like identity (including a driver’s license or state ID number and a social security number), address, and income. Once offers are made and a lender is selected, your client will need to provide proof of those claims made directly to that lender. Usually tax records, pay stubs, and copies of the appropriate ID will suffice, but every lender has their own policies and specific questions will need to be directed to them.

 

Can my customer apply over the phone?

At this time Enhancify is an online-only application process and no applications can be taken over the phone.

 

What if my customer doesn’t have a computer?

Enhancify applications can be filled out on any computer, tablet, or smartphone. If your customer does not have access to any of these at home, we often suggest that a family member or friend might be able to help – or perhaps you or your staff can assist with a company tablet or computer. The local public library is also a fantastic resource for free access to computers and the internet.

 

Why was my customer not given offers?

If your client comes to you and says that they completed the application and got no offers, the first best practice is to ask: “Did you receive a notification saying that Enhancify could not match you with any offers?”. If they received that notification, unfortunately that means that they were declined by all of our lenders and we are not able to assist them with finding financing. If they say they did not receive this notification, have them reach out to Enhancify support and make sure that the application was actually fully completed. Every fully completed application will either end in a decline notice or offers, and if they saw neither then it is likely that the application wasn’t completed or a technical error was encountered.

 

Why was my customer declined?

Enhancify is the technology that connects to multiple lenders, not the deciding lenders themselves. The lenders make this decision, not Enhancify. They also do not report to us the specific reason for denials as that is your client’s private, legally protected financial information. At the end of the day, lenders base this decision 100% on the person’s income and financial history (credit score, but also things like debt-to-income ratio, previous bankruptcies and repayment history, etc.). All decisions are based on historical data and financial algorithms of the lenders which we are not privy to.

 

I thought you said you could approve everyone down to a 550 credit score?

Enhancify works with dozens of lenders, each of which has their own processes, requirements, and algorithms for lending offers.

 

My customer insists they have great credit history, but they were declined – why?

While we cannot give the specific reasons for declines for the reasons given above, there are a few common occurrences. Your client may have requested financing from a number of lenders in a short amount of time, which can look suspicious to lenders. They could have an error on their credit report that needs fixing. They may have taken out a mortgage or purchased a car in the last 30-90 days. Or they simply may not have a good understanding of their own credit and where they currently stand. Many people only check their credit once a year – and things can change rather drastically in that time.

 

My customer was pre-approved, is their application a guaranteed approval?

We strive to secure your customer the most accurate and complete list of financing offers we can, but unfortunately there are always factors that can change offers. One major factor is the amount of time waited between pre-approval and final approval – if your customer waits too long and the market adjusts the lender may also adjust their approval parameters. Another common factor in rejection after pre-approval is when the financial profile has changed drastically very recently and the hard pull does not match the information gathered by the soft pull. The last major factor is the inability of the applicant to prove the claims made on their application, whether it be their identity or income.

 

How long will it take for the customer to know whether or not they were approved?

Most of the lending partners within our network will give an instant approval or pre-approval once the customer submits their application to the lending partner online. In some instances, the lending partner may require additional information in order to determine whether or not the customer is approved or denied, however the customer will be notified what information is needed in order to determine the outcome of the application

 

How long will the review of my customer’s application take?

Loan reviews can vary by lender and situation. A review by Enhancify is generally completed within two business days. A review made by the chosen lender will be based on their policies and timelines.

 

What does it mean if a lender offers my customer a “secured” loan?

A secured loan is a loan in which the lender uses a piece of property, almost always a vehicle or home, to “secure” the payments on the loan. These are generally offered when credit is low or the amount requested is higher than the income can guarantee. This gives the applicant the option to use their property to prove that they intend to pay what is owed in full. The property in question must be fully paid off and will be surrendered in full to the lender should the loan not be paid off in full.

 

If my customer is approved, how fast will they receive the money?

In order to receive funds, your customer must be fully approved. A pre-approval offer from Enhancify is not a full approval. Once the lender approves the loan, they will communicate directly with the customer in order to deposit funds into their bank account – or mail a credit card in the case of 0% financing. Funding timelines after confirmation of full approval can be as quick as 2 business days and as long as 10 business days, with 5-7 business days being the most common.

 

Can my customer apply again with a different lender from the pre-approval offers?

While your customer is welcome to apply with any lender and as many lenders as they see fit, it is important to understand that each application with a specific lender is a hard pull on their credit and may affect their credit score and financial profile.