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Understand QuickBooks Online customer financing options

by Intuit•98• Updated 3 days ago

Learn about the QuickBooks Online customer financing options.

QuickBooks Online now offers customer financing options for consumers. You can now view custom financing options alongside the estimates you send.

Businesses that offer customer financing options allow customers to pay for the service over time. This 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. This is based on credit approval via Intuit Credit Karma’s marketplace.

Learn about customer financing options

  • 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.
  • Offering customer financing options is available at no additional cost to your business.
  • 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.
  • Your customer will receive funds from the lender, then they may use the funds received to pay for your service. 
  • Financing lets the customer pay for the service in regular monthly payments for a set time. These payments include interest and principal.

Enable customer financing option

Customer financing options are enabled by default for companies using QuickBooks Online. To manage the setting:

Note: Customer financing options aren't available for invoices today, as it can take several days for financing funds to be received by the customer / borrower. 

  1. Go to Settings Settings gear icon., then select Account and settings.
  2. Select Sales.
  3. In the Financing section, select Edit ✎.
  4. Turn on the Customer financing switch.
    Note: This turns on financing options for all estimates over $1,000 sent by your company. To opt-out, turn off the Customer financing switch.
  5. Select Save, then select Done.

When creating an estimate, you’ll see a switch turned on when the estimate is greater than $1,000.

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

When you turn on customer financing options in your QuickBooks sales settings, your customers will receive financing options when you send an estimate over $1,000 via email.

When your customer opens the estimate email, they’ll land on a page showing available financing options. They can explore the financing options and, if interested,  apply through Credit Karma marketplace lending partner.

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Currently, you can offer financing options for estimates over $1,000 sent to customers through QuickBooks Online. Financing options are not yet available for invoices sent via QuickBooks. Additionally, you can share this customer financing options link with individual customers which directs them to a page where they can see financing options.

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.

If enabled, financing options are included in all estimates over $1,000 sent to consumers. Businesses won't see financing options but we’re working to bring business financing options to QuickBooks Online.

The setting is at the business level so it can’t be controlled on a transaction-by-transaction basis.

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