Financing
How do I help a customer see payment options through Hearth?
→ Offering Hearth to potential customers is simple: you can either send the link to your customer or they can see options using the mobile app. If you choose to send the link, just open up your web dashboard or mobile app and click “Send the loan form”. Once your client fills it out, you’ll be able to see the options they receive in your Track page. If you choose to offer financing using the mobile app, just choose “Start on this device.” Your customer will walk through the loan form and can see options in minutes.
Does seeing options through Hearth affect my customer’s credit score?
→ No, seeing options through Hearth does not affect their credit score. When your customer submits a loan request through Hearth, our lending partners do a “soft pull” on their credit. This will not affect their credit score. If they choose to move forward and apply directly with one of our lending partners, that lender will conduct a hard pull which typically has a small effect on their credit score, just like applying for any loan would.
How will I know if my customer gets funded?
→ When your customer is approved by our lending partner and takes out a loan, you will receive a notification letting you know that the customer has been funded. You can also check your customer’s status in the “Track” section of your app at any time.
How soon will my customers get the funds?
→ If approved by our lending partner, customers will typically receive the funds in their bank account within 1-3 business days.
How can Hearth help me close more deals?
→ Showing customers an alternate way to pay with digestible, monthly payments can be the difference between a “maybe” and a “yes”. Hearth’s monthly payment calculator lets your customer see potential monthly payments. Instead of saying: “This roof will cost $10,000”, you can say: “This roof will cost $10,000, or you can pay in monthly payments if approved”.* Just open your mobile app and click “Monthly payments calculator” to get started! *[As an example, a $10,000 loan with an APR of 14.50% and a term of 36 months would have a monthly payment of $344.21. ]
What’s the benefit of offering Hearth before other financing companies?
→ If you’ve used other financing partners in the past, you likely have a preferred option to offer as a first choice. There are two main reasons why sales pros like to offer Hearth as a first option to their potential customers. First, seeing options through Hearth doesn’t affect their credit score; so if they don’t see options they like, nothing happens to their credit score. Second, Hearth works with a network of lending partners, so a customer is likely to see more potential options than they would with a single lender.
What rates should my customers expect?
→ Rates on Hearth are determined by several factors, including FICO score, income, outstanding debt, and loan amount requested. It’s tough to know for sure ahead of time what rates your clients will see because there are so many factors considered. We assembled a rate chart to help set expectations:
*For each self-reported credit score range, pre-qualification rate is calculated by dividing the number of pre-qualified Hearth users by the total number of users who submitted a loan request.
**For pre-qualified Hearth users with this credit score range, Hearth’s lending partners returned loan options with this range of minimum APRs for the 65% of pre-qualified users with minimum APRs between the 10th and 75th percentiles.
All loan information is presented without warranty, and estimated APR and other terms are not binding. Hearth’s lending partners generally present a range of APRs (for instance, from 5% to 35.99%) with a range of terms and monthly payments. As an example, a $10,000 loan with an APR of 14.50% and a term of 36 months would have a monthly payment of $344.21. Actual APRs will depend on factors like credit score, requested loan amount, loan term, and credit history. Only borrowers with excellent credit will qualify for the lowest APRs. All loans are subject to credit review and approval.
Hearth is a technology company, which is licensed as a broker as may be required by state law. NMLS ID# 1628533 | NMLS Consumer Access. Hearth does not accept applications for credit, does not make loans, and does not make credit decisions; this site does not constitute an offer or solicitation to lend. All insurance services are provided by Hearth Home Insurance Solutions, Inc. Hearth may be compensated by third-party advertisers.
Hearth Pay
Setup
How does Hearth Pay work?
Hearth payments is a new tool that allows you to request, track and collect customer payments in the Hearth app. It is available to all of your customers, not only those that have received financing through Hearth. Hearth partners with Stripe to help you get paid quickly while keeping your personal and payment information secure. Thousands of companies around the world trust Stripe to process payments for their users.
You will first create your payment account by going through a short setup form where your business information, identity and payout information will be validated. You will then use the Hearth app to request payment from customers via text or email. They will receive a secure link to pay using ACH, Credit, or Debit Card. You can track the status of payments, send reminders for overdue payments and then transfer the received funds directly into your bank account via the Hearth app.
What criteria do I have to meet in order to use Hearth Pay?
In order to use Hearth Payments, you must first pass a verification process with our partner, Stripe, and connect a valid bank account or debit card. Stripe will ask standard Know your Customer (KYC) questions about your business and ask for verification of ownership, EIN, business address and your identity. If Stripe is unable to verify the information provided you will receive an email. You will also be required to sign an addendum to your current Hearth subscription contract.
How long does it take to get set up?
Set up is generally immediate but can sometimes take up to 2-3 days. If Stripe is unable to verify the information provided you will receive an email.
What are the processing fees for Hearth Pay?
Each credit card transaction costs 3% of the total amount for VISA, Mastercard, Discover and American Express transaction. ACH/echeck costs $5 per transaction. In some states you can also choose to pass the transaction fees to your customer.
Normal transfers from your Hearth Payments account to your bank account are free and take 2-3 days. If you’d like to receive your funds within 30 minutes, it will cost 1.5% of the total amount and you will need to connect a debit card.
Requesting Payments
Where can I access Hearth payments?
Hearth payments currently available on the Hearth mobile app and the web dashboard.
What forms of payment can I accept?
You can accept credit cards, debit cards and ACH through Hearth payments.
Can I control the type of payment my customer uses to pay me?
Yes, with Hearth Payments you can choose which payment types you would like to accept (ACH, Credit Card or both.) You can adjust these payment settings in the app by clicking the settings icon (wrench) in the upper right corner of the payments dashboard screen.
Can I pass the transaction fees to my customer?
In most states you can choose to pass the fees to your customer. If eligible, in the settings section you can choose to pass ACH and or Credit Card fees to your customers. Those fees will then be itemized on the invoice your customer receives.
Tracking & Collection of Payments
How will I know if my client’s payment was successful?
When a payment has been successfully processed by your customer’s bank or credit card provider, both you and your client will receive an email receipt and PAID status will appear in the payments dashboard in the Hearth mobile app.
How soon after my customer pays will the funds be available to transfer to my bank account?
Once your customer’s payment has been successfully processed by the their bank or credit card provider, the money will be available for you to transfer to your connected bank account within 2 business days. Please note that Standard ACH and credit card processing times apply and depend on your customer’s provider but tend to be 1-3 days for credit cards and up to 4 days for ACH.
Also note that it may take at least a week for your first processed payment to be ready for transfer, as our payment partner conducts verification checks.
What does each status on the payments dashboard represent?
Sent – You have sent a payment request to your customer
Overdue – The payment due date that you selected has passed and your customer has either not initiated a payment or has initiated a payment that was not success.
Viewed – Your customer has viewed the text or email payment request but not initiated a payment
Processing – Your customer initiated a payment and it is not yet completed because is it currently being processed by their bank or credit card provider.
Paid – Your customer has made a payment and it has been successfully processed by the bank or credit card provider. Once this status appears, you will be able to transfer the balance in two business days.
Are these transactions secure?
Hearth does not store any credit card or ACH bank account information. Our partner Stripe processes the payment with PCI compliant software that protects both you and your customers.
Cancelling a Payment Request
If you would like to cancel a payment request, click on the payments tab and tap the specific payment you would like to cancel. In the top right corner of your screen click on “cancel.” You will be asked if you are sure you want to cancel the payment request. Click Yes and you payment will be cancelled.
Transferring your Balance
How do I initiate a transfer into my bank account?
When your customer’s processed payment is available to transfer, the payments dashboard will display the amount available for you to transfer to your bank account. You must manually initiate a transfer into your bank account. On the payment dashboard, click the transfer link and you will be taken to a screen that allows you to initiate an instant or regular transfer.
When I initiate a transfer into my bank account, when can I expect to receive the money?
For regular transfers, the money should appear in your connected bank account in 2-3 business days after you initiate the transfer. Instant transfers take up to 30 minutes to appear in your connected bank account. Instant transfers require a linked debit card. Please note that the timeline is controlled by the your bank as there are several verification steps during the money transmission process that are outside of Hearth’s control.
What is an Instant Transfer?
With Instant Transfers, you can immediately send funds to your debit card. You can request Instant Transfers 24/7, including weekends and holidays, and funds typically appear in the associated bank account within 30 minutes.
What are the requirements for Instant Transfers?
Instant transfers allow you to transfer money into your bank account and receive the funds in 30 minutes or less. Payouts are capped at $5000 per day (with each day resetting at 12am CST). You must have a debit card connected to your account in order to receive instant payouts. The availability of instant transfers is dependent the financial institution you connect to your account.
How much does it cost to make an Instant Transfers?
Instant transfers require a 1.5% fee that is automatically deducted from the total when the transfer is initiated.
Miscellaneous
Can I use Hearth Payments with QuickBooks?
Yes, you can sync paid invoice to your Quickbooks account in the app. For your record keeping you can also upload a CSV file of all the transactions that have been initiated on the Hearth platform.
Can other people on my team use this feature?
Yes, a Hearth administrator can grant access to one of their team members in the settings section of Hearth Payments.
