Retail Merchant Frequently Asked Questions
Find the answer you are looking for here. If not, contact a Merchant Representative at 855-707-4925 and we’ll be glad to help.
Who is GreenSky?
GreenSky, LLC is a service provider and program administrator to federally insured, federal and state chartered banks that provide consumer loans under the GreenSky® programs. The GreenSky® programs help businesses grow by giving them the ability to offer credit options to their customers. We work with participating banks so they may provide GreenSky® program loans to customers in the GreenSky® nationwide merchant, provider, and retailer networks. The GreenSky® programs serve merchants ranging from the nation’s largest and most demanding businesses to small and medium businesses.
Is GreenSky® a bank? How do you lend money?
GreenSky® is not a bank and does not engage in the business of lending money. Instead, we are a credit technology platform provider supporting federally insured, federal and state chartered banks.
What types of programs do you provide?
The GreenSky® programs offer a wide variety of competitive installment loan options as a “first-look” consumer credit solution. With E-commerce, In-store and Mobile applications, GreenSky® installment loans are accessible where your customers are.
Why should I offer financing?
Offering financing gives your customers more spending power to help make their dreams a reality. For merchants, financing is instrumental in helping drive higher average tickets, incremental sales and, in turn, an enhanced customer experience.
Does offering GreenSky® loans cost me anything?
You do not pay anything for offering GreenSky® loans or submitting applications to the GreenSky® programs. But, like you do when accepting credit cards for payment, you do incur a merchant fee each time you process a transaction on a customer’s GreenSky® loan. Contact our Sales Department to learn more about how the merchant fees are handled.
How do I pay you?
GreenSky® offers several methods of payment, including convenient monthly auto-draft of fees and net funding with merchant fees automatically deducted from loan transactions to the merchant.
How does my customer pay me?
Once your customer has received and reviewed their loan agreement and authorizes a transaction using their GreenSky® loan, you process a transaction in the GreenSky® Merchant Portal and the funds are deposited to your account within days.
What are your interest rates?
Interest rates vary based on the credit plan. Banks in the GreenSky® programs offer credit products with rates as low as 0%. Specific terms are subject to credit approval.
My customers typically pay in cash, why should I offer them a promotion?
Offering a promotional financing plan gives your customer more purchasing power. Plus, with certain promotions, your customers have the opportunity to pay for their purchases over time and avoid interest.
How does offering financing increase sales?
Our market research suggest offering the right credit solution prevents 55% of their customers from moving forward with a competitor because they were able to offer financing options that help customers say “yes”.
Is your process really paperless?
In general, our online process is paperless for both you and your customer (see Operating Instructions for details). Credit applications are accepted online, by phone or through our mobile application. Loan documents are available directly to the customer electronically and transactions are authorized online. In-store transactions require signed application and/or transaction authorizations.
How long does it take for me to get paid?
After processing an authorized transaction through the GreenSky® Merchant Portal, funds are typically deposited in your bank account within 2 – 3 days.
How do I offer my customers GreenSky® programs?
Apply to join the GreenSky® merchant network, agree to the terms of the Merchant Program Agreement, be approved to become a GreenSky® program merchant, and complete new merchant training. Once enrolled, you are given a Merchant Number that your customers will use to submit an application. Don’t worry – we have an assigned client success manager to help walk you through the process.
What does my customer need to provide when applying for a loan?
When applying for a GreenSky® loan, your customer will need to provide us with some basic personal information such as name, address, social security number, phone number, email address and income. Other than that, if submitting an application or transaction in-store, you need to confirm your customer’s identity using his or her government issued photo ID.
How do my customers submit applications?
Customers can submit applications electronically. Paper applications (including fax and email submissions) are not accepted. Applications can be submitted online, through our mobile app, or with the help of a GreenSky® Program Customer Service Representative over the phone.
Do I receive a refund on my merchant fee if someone returns merchandise and I refund the full loan amount?
Yes, if within 30 days of loan transaction.
As a merchant using the GreenSky® mobile app, am I storing customer’s personal information on my mobile devices?
No, the GreenSky® mobile app is only a portal and does not store any customer information.
What are your typical approval rates?
Approval rates can vary by many factors; GreenSky strives to ensure everyone that can safely afford credit is provided an option to pay over time and always accepts qualified co-applicants.
How does the payment factor (showing on the loan tables) work?
It helps you calculate what the customers’ monthly payment is going to be for each month. For example, if the customer has a plan with a 2.5% payment factor and a $10,000 purchase, the customer’s payment will be $250.00 a month (2.5% x $10,000). Customers may also be charged an account activation fee of $39 which will increase their first month’s payment by $39. Use the payment estimator on our mobile app to quickly help customers estimate payment amounts.
What does it mean that my customer will pay 29.99% interest on a “no interest if paid in full in promo” (deferred interest) plan?
Interest is billed during the promotional period, but we will waive the interest if your customer pays off the loan before the expiration of the promotional period. If your customer does not pay the entire purchase balance during the promotional period, however, your customer will be responsible for paying the billed interest that accrued during the promotional period.
I am building out an e-commerce channel strategy for having installment loan options offered at time of purchase within my shopping cart. Which shopping cart software platforms will GreenSky® integrate with?
GreenSky® integrates with several major shopping cart / e-commerce software platforms. We can integrate with your shopping cart provider to accommodate your business needs. Please contact a Client Success Representative at 855-707-4925.
What happens if one of my customers misses a payment?
If your customer misses a payment, the customer will be charged a late fee by their lender in accordance with the terms of their loan agreement.
For the GreenSky® program deferred interest loans, does the promotional period begin from the date they are approved or the date they make their first transaction?
Promotional period begins at date of first transaction.