Offer homeowners a payment plan on the job, without a lender.
Paycove isn't financing. It runs the plan as your own: built from the job in HubSpot or Pipedrive, with no credit check and no interest. You're paid as the homeowner pays, into each branch's own account and books.
Sound familiar?
The lender declined the homeowner.
The job was sold on the kitchen table. Then the financing wasn't approved.
Every financed job costs us a fee.
Some programs take a fee on each funded job, and it comes off the margin or goes into the price.
Our in-house plans live in a spreadsheet.
Someone checks it each month to see who is due and runs the cards by hand.
A card declined and nobody noticed.
The missed payment shows up at month end, when it's harder to collect.
Every branch's money lands in one account.
Someone splits the payout by hand and moves it to the right branch's books.
Card fees come off every payment.
About 2.9% of every card payment goes to the processor, on a plan that may run for a year.
A lender program or your own plan.
Both let a homeowner pay for the job over time. They differ on who says yes, when you're paid and who carries the balance.
A lender program
The homeowner applies, and the lender approves or declines them. The lender pays you for the job, and the homeowner repays the lender. Depending on the program, a fee is charged to you or built into the homeowner's loan.
Your own payment plan
You decide who gets a plan. No credit check, no interest. The trade-off: you're paid as the homeowner pays, not up front, and a missed payment is yours to follow up.
Build the plan from the job.
The job is already a deal in HubSpot or Pipedrive. Press one button and Paycove writes the schedule from the deal and sends the quote or invoice. Or put the plan on the quote and let the homeowner pick the schedule inside the rules you set.
- A deposit as a flat amount or a percent
- Weekly, every two weeks, monthly, quarterly or custom intervals
- A different amount or date on any payment
- The last payment absorbs the rounding, with no interest anywhere
- Rules route each job to the right branch's template by pipeline or location
- Reminder emailed
- Payment 1 · paid by card
- Payment 2 · paid by card
- Payment 3 · card declined
- Admins notified · bank transfer offered
- Paid by bank transfer · $1,108.33, no card fee
Charged on schedule. You hear when one fails.
Each payment is charged on its date to the card or bank account the homeowner saved at checkout. When a payment fails, your admins get an email, and the homeowner can pay by bank transfer from the same page.
- Email reminders before or after each due date
- Failed-payment alerts and a daily summary for admins
- Bank transfer beside card, with no card fee on a bank transfer
- A card surcharge where your state allows it
- Charge now, split, merge, recalculate or refund mid-plan
Each branch paid into its own books.
Run every branch as a template in one Paycove account, or give each branch its own account under a parent. Either way, each branch pays out to its own Stripe account and posts to its own QuickBooks Online or Xero file.
- Its own Stripe account per branch or entity
- Its own QuickBooks Online or Xero file
- Plan status and balance written back to the deal in HubSpot
••4821
Denver LLC ••0937 Phoenix LLC ••2210
Portland LLC ••5563 Boise LLCIs your own plan lending?
It can be. Under the federal Truth in Lending rules, a business is a creditor if it regularly extends consumer credit with a finance charge, or payable by written agreement in more than four installments, not counting the down payment. Regularly means more than 25 times in the last calendar year, or more than 5 for credit secured by a home (12 CFR 1026.2(a)(17)). A plan with no interest and four or fewer payments after the deposit generally stays outside that test. More payments, or a finance charge, can bring it in. In-house financing, explained.
States add their own rules for financed home improvement work. New Jersey, for example, licenses home repair contractors who execute financed contracts, and says a contractor who deals strictly in cash installment payments over 90 days or less, or accepts credit cards, doesn't need that license (NJ Department of Banking and Insurance). Florida licenses businesses that finance home improvements secured by a mortgage or lien on the property, and says a contractor may also need a retail installment seller license for contracts with no mortgage (Florida Office of Financial Regulation). Check your own state's rules with counsel before you launch a plan. This is general information, not legal advice.
Questions.
Is Paycove home improvement financing?
No. Paycove isn't a lender and doesn't make loans. It runs payment plans you offer yourself: the homeowner pays you over time, with no credit check and no interest. If you want a lender to pay you up front for the job, that's a financing program, not Paycove.
How do contractors offer financing to customers without a lender?
By offering their own payment plan. Set a deposit and a schedule, put them on the quote the homeowner accepts, save their card or bank account at checkout, and charge each payment on its date. Paycove builds that plan from the job in HubSpot or Pipedrive. A lender program or your own payment plan
When do we get paid?
As the homeowner pays. The deposit is paid at checkout, then each payment is charged on its date and paid into that branch's own Stripe account. You're not paid the full job up front, which is the trade-off against a lender program.
Does the homeowner need a credit check?
No. Paycove doesn't run credit checks. You decide who gets a plan and on what terms, for example a larger deposit on a bigger job.
Can the homeowner choose their own schedule?
Yes, on a quote. You set the deposit rule, the frequencies you allow and a final date. The homeowner picks the frequency, the deposit and the number of payments inside those rules.
What happens when a homeowner misses a payment?
Your admins get an email when a scheduled payment fails, and the homeowner can pay by bank transfer from the same page. You can charge the payment now, split it, recalculate the rest of the plan or mark it paid if they pay another way.
Can we add a fee for card payments?
Where your state allows it. You set a card surcharge per payment method as a percentage, a flat amount or both. Bank transfer sits beside card, with no card fee on a bank transfer.
Can each branch have its own Stripe account and books?
Yes. Each branch or entity pays out to its own Stripe account and posts to its own QuickBooks Online or Xero file, from one Paycove account or one per branch under a parent.
Which CRMs does it work with?
HubSpot and Pipedrive. Salesforce, Pipeline CRM, Capsule and monday.com are available on request.
How is it priced for several branches?
One account running every branch as a template is priced the same however many branches it has. A separate Paycove account per branch is $50 a month for each one after the first. See pricing.
Built for businesses collecting $100K a month or more.
More than one branch, homeowners who pay over time, and each branch with its own invoices, payouts and books.
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