1. Add new order in your UppaPay mobile app. Customer will get an application link via SMS and email. 2. Your customers can apply for UppaPay by filling out a short and simple online application. 3. If your customer is approved and decides to pay using UppaPay, you get paid the full amount via ACH from UppaPay.Your customer then repays UppaPay in fixed monthly payments. 4. If your customer ever misses a payment, you’re fully protected from the credit risk.
How do I get paid?
Once your customer decides to pay using UppaPay, we will transfer the full amount to your business bank account via ACH, it typically takes 1~3 business days.
How much will you charge me for the service?
For now, we have Free plan and Business plan you can select. There is no monthly fee for free plan, but we will charge 1% per transaction. You will have a $20,000 loan total cap in free plan, and $1,000 cap per loan. For business plan, we charge $49 monthly or $499 yearly. In business plan, there is no per transaction fee, $100,000 loan total cap, and $2,000 cap per loan. You could save hundreds in business plan if you have large volume.
Do I get paid if my customer doesn’t repay their UppaPay loans?
You’re off the hook if your customer doesn’t repay their plan–just focus on what you do best and UppaPay takes care of the rest. The only exception is if you don’t deliver the goods or services you promised your customer. In this case, if there is any dispute, please contact us immediately.
How do my customers apply?
1. Create a new order from your UppaPay mobile app. Customer will receive an application link via SMS and email. 2. Customers open the link and apply for Installments by filling out a simple online application. 3. Many of your customers will get a real-time decision on the status of their application. Any exceptions will be reviewed and notified of eligibility. Typically, this takes 1-2 business days. 4. Approved customers can choose from one of three monthly installment plans (3 months, 6 months and 12 months). 5. In the end, once your customer confirms to send the money, the full amount will be sent to your business bank account from UppaPay directly.
What is my customer’s APR? Are there any other fees?
Approved customers can choose to pay over 3, 6, or 12 months with rates from 15-30% APR. APR is based on credit and other factors. We clearly show your customers the total cost of paying in monthly installments with no surprise service fees, prepayment penalties, or deferred interest.
What if my customers have questions about UppaPay?
Consumer lending is highly regulated; let UppaPay do the heavy lifting for you. Don’t get into loan specifics like APR, payback length, or fees with your customers. If your customers have any questions about UppaPay, our program requires that you have them contact us directly at firstname.lastname@example.org so we can provide them with the most accurate information.
Will UppaPay’s application impact my customer’s credit score?
All installment plans are subject to approval based on credit and other factors. This information is clearly covered in the application so your customers will have the information they need before they choose to apply. If your customers have further questions about credit, please direct them to email@example.com.
How quickly will they know the status of their application?
Many of your customers will get a real-time decision on the status of their application. Any exceptions will be reviewed and notified of eligibility. Typically, this takes 1-2 business days.
What if my customer is declined?
If your customer is notified that they are not able to finance their purchase through UppaPay, they will be notified privately of the decision and decline reason by email. They will still have the opportunity to pay with a debit card or credit card as usual. Please keep in mind that each customer can only have one active loan through UppaPay at a time. Applications for additional financing will not be approved at this time. If your customer has any questions about their application, please direct them to firstname.lastname@example.org.
Is the UppaPay product available to all of my customers?
At this time, UppaPay is only available to those who have SSN. Right now, we only serve merchants in California, but we will expand to other states soon.
03. Other FAQs
How do refunds and disputes work?
UppaPay Installments payments are subject to your business’s refund policy as usual. In a full refund, we cancel the payment plan in full. For partial refunds, we will apply a credit to the customer’s account.If your customer has a loan from UppaPay and claims they never received the item or service promised to them at the time of payment, they can initiate a dispute claim with us. We have a process for sorting these out and will communicate with you throughout.If your customers have questions about refunds, please have them contact us at email@example.com.
What if the bill is higher than the loan amount cap of my current plan?
For free plan, we only allow each loan to be less than $1,000. For business plan, cap per loan is $2,000. Currently we do not support loan larger than $2,000. But if you are in free plan, and you have large volume in loan request, we will suggest you to upgrade to our business plan so that you could save more on transaction fees and double the per-loan cap.
Where should I go if I have additional questions, concerns or issues?
We are eager to hear from you! Please send us any questions or concerns to firstname.lastname@example.org, and we’ll get back to you right away.
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