Jobber, the provider of home service management software, announces a partnership with Wisetack to allow home service businesses to offer financing options to their customers.
The new consumer financing feature gives homeowners the ability to pay for jobs such as home renovations, landscaping, roof repairs, a new furnace or air conditioner in monthly installments—giving them more flexibility to pursue large projects or deal with urgent and unexpected repairs. While homeowners will have the benefit of paying over time, home service businesses using Jobber will continue to receive full payment for a job as soon as it’s completed.
Empowering small businesses
“Consumer financing is another way that Jobber is helping home service entrepreneurs meet homeowner expectations, compete with bigger competitors, and ultimately be more successful,” said Sam Pillar, CEO & Co-Founder at Jobber. “Jobber’s customers can now offer premium services with more confidence, and homeowners can take on projects and repairs with a convenient and flexible payment option. We’re thrilled to add consumer financing to Jobber’s suite of financial solutions and further empower small businesses to deliver great service to their customers.”
“Jobber’s reach among home services professionals means we can be more accessible to more businesses nationwide,” said Bobby Tzekin, CEO & Co-Founder of Wisetack. “We’ve gotten really great feedback from the service providers we’ve worked with so far and we’re excited to empower more businesses with this launch.”
Consumer financing option
To apply for monthly financing, homeowners fill out a short application and receive a decision instantly
Through Jobber, consumer financing can be automatically offered on residential quotes between $500 and $25,000. To apply for monthly financing, homeowners fill out a short application and receive a decision instantly. Annual percentage rates (APR) range from 0 to 29.9 percent and there are no prepayment penalties, origination fees, late fees, or compound interest applied to the homeowner’s account.
"My customer was extremely grateful to have this consumer financing option,” said Jobber customer Jeff Kerr, Owner and Operations Manager at Marlin Wastewater Services. “The repair came at a really bad time for her, and she was left with a really good feeling. I think it's an amazingly easy process, too."
Home improvement project
A Jobber-commissioned survey of 1,000 U.S. adults (age 25+) revealed how important the option of consumer financing is to homeowners, and how this offering could mean the difference between a service professional winning and losing a job. In fact, 62% of respondents said that they would choose one home service provider over another if the business offered monthly financing.
Additional findings from the study include: Sixty-three percent (63%) of homeowners indicated that they would be willing to take on a more expensive project if there was a financing option available to them. More than half of homeowners (54%) have put off a project due to lack of funds, while one in four (25%) have considered borrowing against their 401k for a home improvement project.
Emergency home repairs
66% of respondents would be more likely to use monthly financing for emergency work
Sixty-six percent (66%) of respondents would be more likely to use monthly financing for emergency work, such as fixing a damaged roof or burst pipe. Nearly one in four homeowners (24%) said they have less than $500 available for emergency home repairs and 39% said they have $1,000 or less. Homeowners aged 45 -54 have the lowest amount of cash available for emergency repairs with more than half (53%) indicating reserves of $1,000 or less.
Throughout the survey, younger respondents (25-34) displayed stronger opinions around the ability to finance home service projects. Eighty percent (80%) would pick a home service provider over another because they offered monthly financing—eighteen points above the overall average. Seventy-seven percent (77%) of homeowners in this age bracket would also take on more expensive projects if they could pay in monthly installments.
More than half (53%) have put a home service project on a credit card so they could pay for it over time. Consumer financing is available to Jobber customers in the U.S. who meet the eligibility requirements and are approved by Wisetack.