Thryv Holdings, Inc., the small business platform for growing small- to medium-sized businesses (SMBs), today announced new enhancements to its fully-integrated payment solution, ThryvPaySM, which now enables service-based businesses to offer consumer financing, in partnership with Wisetack, as a new payment method.
Businesses using ThryvPay, the company’s proprietary payment processing solution, can now invite their clients to pre-qualify for financing early in the customer journey. The consumer can pre-qualify for services* such as home services, auto services, veterinarian services, dental services and medical services financing before agreeing to a proposal. The invitation to apply for financing is processed through the Thryv platform, allowing the business owner the transparency to see which customers have been prequalified and for how much.
While customers gain the benefit of paying for services in more affordable installments once the service is complete, business owners immediately receive full payment (minus a nominal transaction fee), allowing them to exponentially expand their total addressable market and not only rely on customers who can afford cash-and-carry services.
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“We’ve seen tremendous growth in ThryvPay since we launched 18 months ago, with 235% year-over-year total processing volume growth and a current $150 million annual run-rate,” said Ryan Cantor, Chief Product Officer at Thryv. “The market has embraced ThryvPay, and this is another opportunity for small businesses to take further control of how and when they get paid. At the same time, Thryv users can provide their customers with more purchasing power while increasing their bottom line. On average, small businesses can expect to see upwards of a 20% increase in average ticket when offering convenient financing options.”
To facilitate the easy integration of consumer financing, Thryv has partnered with Wisetack, a leader in the service-based business financing industry.
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“Wisetack and Thryv will enable thousands more businesses to offer simple, consumer-friendly financing to their customers,” added Bobby Tzekin, CEO and co-founder of Wisetack. “Now, Thryv users can give their customers a better way to afford the services they need, all while growing their business.”
In addition to consumer financing, ThryvPay has also added Apple Pay and Google Pay as new convenient payment options for consumers, along with client focused improvements to the user interface that make it even simpler and more intuitive. ThryvPay now enables SMBs to accept payment via credit card, ACH/Bank Draft, and through consumer financing.