Frequently Asked Questions

Q: What does my customer need to be approved?
A: The applicant must have a valid U.S. bank account with recent positive check writing history; been employed for at least 3 months with a current pay stub; and have a valid state ID.

Q: What bank accounts can be used?
A: Any valid U.S. personal account or any business checks showing a d.b.a. on the check. Invalid accounts are corporate accounts, government accounts, credit card checks and temporary account checks.

Q: What is the maximum finance amount I can accept per customer?
A: The maximum finance amount you can accept per customer is $1200 total, after the down payment has been made.

Q: What is the maximum monthly payment amount per customer?
A: The customer’s total monthly payment may not exceed $250.00 per month.

Q: What if my customer does not have a checking account?
A: A valid checking account is needed for our program and we cannot bill credit/debit cards or receive payments by mail. Customers who do not have a checking account cannot participate in the program at this time.

Q: What if my customer does not have a current pay stub or bank statement?
A: Unfortunately, there is no other way to verify your customer’s financial history and information stated on the application, so a valid pay stub and bank statement is critical to the MyFinancePay approval process.

Q: How much should we take for the down payment?
A: You should ask for at least 20% or as much as 50% of the purchase amount as a good faith payment from your customers.

Q: How many payments can I accept per customer?
A: You can accept 3 or 6 monthly payments from your customer. It is best to schedule their payments around their payday.

Q: How long does it take before I get an approval code?
A: By using the online verification tool your approvals are immediate.

Q: How long before the funds are deposited into my account?
A: Funds will be mailed or deposited into your business bank account within 3 to 5 business days after the payment has been received.

Q: What happens if a payment defaults?
A: If a customer defaults on a payment the payment will be remitted to you within 60 business days or less.

Q: What if a customer wants to pay off their debt early?
A: The customer may pay off their debt early by calling our customer service department at 877-727-9839.

Q: Do you report positively to credit bureaus?
A: Yes, we will report all timely payments to the three credit bureaus (Trans Union, Equifax, and Experian).

If you have any other questions call 1-800-555-5555 or email service@MyFinancePay.com.

Click here to Apply or call 800-555-5555