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Green Light Financing
Questions
& Answers
Question: What is Green Light Financing?
Answer:
Short term, in house merchant financing. (Up to 90 days)
Question: Is the merchant guaranteed the financed
amount?
Answer:
Yes (Check guarantee procedures must be followed)
Question: What are the customers’ fees and who pays
them?
Answer:
$35 ARCNET Fee plus 7.5% interest that is paid by the
customer. (Example: $1,000 sale + $35 + $75 = $1,110)
Question: What is the maximum a customer can finance?
Answer:
Up to ½ of their monthly income.
(Spouse income may be included)
Question: Do all customers qualify?
Answer:
NO. Customers must have a checking account, must be
employed, and be approved by Global Check.
Question: Does the merchant have to buy or lease any
equipment?
Answer:
NO.
Question: How does the merchant get customer approvals?
Answer:
Merchants receive instant online approvals or declines.
Question: Who decides the payment schedule?
Answer:
The merchant and the customer decide the payment schedule as
long as it is not over 90 days. Using the $1,000 sale
above, the total of $1,110 could be divided by 4 ($277.50
today and $277.50 in 30, 60 and 90 days is one example).
The customer would give the merchant 4 checks with the
appropriate dates and sign the 1 page ARCNET agreement.
Question:
Does the merchant have to keep track of these checks
and deposit them?
Answer:
NO. The checks have been turned into electronic debits and
will be deposited into the merchant’s account when they
become due. The merchant should make a copy of the checks
and give the originals back to the customer at the time of
sale.
Question: Is there a credit check?
Answer:
NO. The customer’s Social Security number is not required.
Question: Does the merchant get the money on bounced
checks?
Answer:
YES. Bounced checks are deposited in the merchant’s account
on the 10th or the 25th of the month
they are received as long as guarantee procedures of Global
Check are followed.
Question: Does the merchant have to do anything when
there is a bounced check?
Answer:
YES. The merchant will be notified and will fax in their
customer’s documents (ARCNET Agreement, copies of checks,
drivers license and pay stub). We recommend, don’t release
merchandise or perform services without a copy of the pay
stub. We expect about 5% of customers will have bounced
checks. We expect only to collect documents on one in 20
sales.
Question: Who does NO CREDIT CHECK FINANCING appeal to?
Answer:
You will be surprised. In today’s economy there are
customers that the only source of credit that they have is
with their checking account. The obvious answer is
that Green Light Financing appeals to those who can’t get
credit cards or loans because of a low credit score. The
best answer is EVERYBODY. Consumers are being educated
that when their credit card balance goes up, their credit
score goes down. Lower credit scores may impact the cost of
important loans, like their home or automobiles. Paying ½%
more on a home mortgage because of lower credit score could
cost consumers $200 a month for 30 years. An important
answer is, NO CREDIT CHECK FINANCING increases the
effectiveness of advertising. Many people will call
about this financing option and then still pay cash to avoid
any fees. On the other hand, don’t be surprised when a
Green Light customer is driving the Mercedes in your parking
lot.
Question: Is Green Light Financing more expensive than
credit cards for the merchant?
Answer:
NO. Credit card companies charge the merchant 1 ½% to 3 ½%
per sale. On a $1,000 sale the merchant is paying $15 to
$35. With Green Light Financing the merchant pays just 30
cents per check regardless of how large the sale is.
Question: Is Green Light Financing better than credit
cards for the consumer?
Answer:
Many consumers are taking Dave Ramsey’s advice and cutting
up their credit cards. These people won’t open another
credit card and get stuck paying 29% to 34% compound
interest for years because they were late on a credit card
payment.
Question: Should merchants offer Green Light Financing
to their customers?
Answer:
YES. Merchants should offer all payment options to their
customers.
Question: Is Green Light Financing custom made for a
recession?
Answer:
YES. Green Light Financing is perfect for today’s economy
and some are talking about a double dip recession for 2011.
Question: How should the merchant advertise NO CREDIT
CHECK FINANCING?
Answer:
Include the four magic words, NO CREDIT CHECK FINANCING, in
your current advertising and website. If the merchant has
roadway exposure a banner is inexpensive and will start word
of mouth advertising - big time. A 2’ by 10’ banner only
costs about $50. Some people say that post cards are the
only way to go. Green Light Financing’s Postcard Program
gives merchants the ability to promote now and pay later.
Question: Can the merchant track their customers that
use Green Light Financing?
Answer:
YES. Merchant statements are available online 24/7/365.
Question: What are the benefits of Green Light
Financing?
Answer:
For the consumer:
NO CREDIT CHECK FINANCING
NO compound interest
Easy qualifications
Saves their credit score
Consumers know exactly how much financing
will cost them
Green Light Financing is a helping hand
when consumers have emergency expenses
For the merchant:
Attracting customers who require NO CREDIT
CHECK FINANCING
Green Light Financing increases the
effectiveness of merchant advertising
Increases merchant sales by 20% to 40%
Decreases merchant’s staff time collecting
promised payments
Green Light Financing is a great merchant
tool in an “Uncertain Economy”
Prepares merchants for a future where some
suggest an even more troubled economy
At Green Light Financing we do checks and help merchants
say,
“Good news, you’re approved.”
Phone
877-Save101
customerservice@save101.com
© 2010
Green Light Financing
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