Understand QuickBooks Online customer financing options

Overview

QuickBooks Online offers customer financing options for consumers, allowing them to pay for your services over time. You can view custom financing options alongside the estimates you send. This flexibility increases the chance of turning an estimate into a job.

There’s no cost to your business; your customer pays a competitive Annual Percentage Rate (APR) to the lender they select based on credit approval via the Intuit Credit Karma Marketplace.

Important notices about customer financing

• Availability: Customer financing options are only available to United States consumers via the Intuit Credit Karma Marketplace. We’re working to extend financing options to businesses in the future.
• Cost: Offering customer financing options is available at no additional cost to your business.
• How it works: QuickBooks has partnered with Credit Karma to offer flexible financing options to your customers. Credit Karma is a marketplace that brings together lenders to offer consumer financing. Your customers can apply for financing from these lenders.
• Payment process: Your customer receives funds from the lender, which they then use to pay for your service. The customer repays the lender in regular monthly payments (including interest and principal) for a set time.

Introducing financing options to customers

The best time to introduce financing options is when you’re providing the initial estimate. Let your potential customers know that there are options to pay for the service over time. This increases the chance of turning an estimate into a job.

Some customers may want a financing option to spread the cost of the service over time. Others may want a payment option to not use the cash they have on the service. In either case, introducing financing as part of the estimate process provides them with flexibility in choosing how to afford the project.

If your customer chooses to apply for a financial product and check their rate (APR) via the Intuit Credit Karma Marketplace, the lending partner performs a soft credit inquiry, which doesn't impact the customer’s credit score. If your customer chooses to take the financing, then the lending partner will perform a hard inquiry which may impact your customer’s credit score.

Enable customer financing

Customer financing options are enabled by default for eligible businesses. If you turned off this feature and want to turn it back on, follow these steps:

1. Go to Settings ⚙, then select Account and settings.
2. Select Sales.
3. In the Customer financing section, select Edit ✎.
4. Turn on the Customer financing switch. This turns on financing options for all estimates over $1,000 sent by your company.
5. Select Save, then select Done.

Disable customer financing

If you no longer want to offer customer financing on your estimates:

1. Go to Settings ⚙, then select Account and settings.
2. Select Sales.
3. In the Customer financing section, select Edit ✎.
4. Turn off the Customer financing switch.

Frequently asked questions

Why don't my customers see financing offers?

Even with financing enabled, your customers may not see an offer. The system distinguishes between personal and business purchases. Currently, financing is designed for individual consumers. If your customer uses a business email address, they may not be shown an offer.

Other factors affecting eligibility include the transaction amount not meeting the required minimum, the customer's location, and final approval from our lending partners. If this happens, you can share financing offers or a customized link from the QBO financing merchant hub directly with your customers.

How much does offering customer financing cost?

Offering customer financing options is available at no additional cost to your business when you use QuickBooks customer financing options. Your customer pays a competitive interest rate with lenders available through the Credit Karma marketplace.

Does it impact their credit score?

If your customer chooses to apply for a financial product and check their rate (APR) via the Intuit Credit Karma Marketplace, most lending partners will perform a soft credit inquiry to confirm the advertised terms. A soft inquiry does not impact the customer’s credit score. If your customer chooses to take the financing, the lending partner will perform a hard inquiry, which may impact your customer’s credit score.