Nice To Meet You, Partner
Snap Loan Merchant Onboarding Experience
About Snap Finance
The Basics
Company: Snap provides finance solutions to subprime consumers to purchase goods & services.
Locations: Snap was founded in 2012 and is offered at over by 41,000 merchants, with 14,000 of them being Snap Loan throughout the U.S.
Company Locations: Snap is the largest privately-held subprime consumer finance company, with over 1,000 team members in our Salt Lake City, Costa Rica, and UK offices.
We have a dedicated base of over 5 million customers loyal to the Snap brand. Offering our product signals to those consumers that they can shop at your location.
Support Structure: Our industry-leading data science team guides our underwriting to give customers the best chance of approval, while our Merchant Support and Customer Care teams deliver world-class support.
Snap is easy to use - consumers come into your store preapproved and ready to shop. With our text-to-apply or QR code features, they can apply and find out in seconds if they're approved.
Why We Do What We Do
Today’s economic environment presents significant challenges. Over 30% of consumers in the U.S. - representing over 105 million adults - have a FICO score of less than 699 and this population continues to increase. [1] Snap supports customers with credit challenges through our simple and accessible installment loan financing. [2]
Snap was built on our core values and a commitment to treat our customers fairly and with respect.
We refer to our core customer as ALICE, which stands for Asset-Limited, Income-Constrained, but Employed, and they are at the center of everything we do.
Meet ALICE
Asset-Limited, Income-Constrained, but Employed
More than 40% of consumers were recently denied financing because of their credit score.[3] These consumers are shopping at your store but may leave empty-handed due to credit challenges.
Who Is ALICE?
At Snap, ALICE is whom we serve. ALICE is Asset-Limited, Income-Constrained, but Employed. So, while ALICE may not have good credit, ALICE does have a job, pays their bills on time, and can qualify for alternative financing.
A Focus on ALICE Can Boost Your Business
As a Snap Loan partner, we can help you provide credit-challenged customers with financing options.
You’ll see a lift in your business in the following ways:
- Convert customers that are leaving your store empty-handed
- Reduce cart abandonment in your online store [4]
- Increase average order value [5]
- Improve the overall customer experience
Snap Loan will help you help ALICE. With fast approvals up to $5,000 [6], your salespeople can close more sales with no additional cost to your business – all while helping your customer get what they need.
As of February 2023, the average approval amount a customer receives is $2,700.
To recap, ALICE could be an individual who:
Let's Get Started!
1
Getting Certified to Offer Snap Finance
- Watch the Video
- Take the Short 5-Minute Quiz
- Bam! You're Snap Certified
2
Reaching ALICE
- Snap's Loan Product
- Point-of-Purchase (POP) Marketing Materials
3
Partner Tools
- Your Merchant Portal
- Applications & Invoicing
- Getting Paid
4
A Partnership Worth Your Investment
- Snap's Marketing Power
- Your Client Success Manager (CSM)
- Snap Merchant Support
1. Get Snap Certified
Vea el Video
en Espanol
Reaching ALICE
Snap Loan
A retail installment contract or bank installment loan that offers affordable payments and allows for 100% of an invoice to be service-based. A typical loan agreement looks like this:
- $15 processing fee due at signing
- 100-Day Option with no interest (restrictions apply) [7]
- No prepayment penalty
- Loans based on 12 to 18 month terms
- $350 minimum approval amount / $5,000 maximum approval amount [6]
States with a different processing fee. (There will be no processing fee if the borrower is covered under the Military Lending Act):
- Pennsylvania & Missouri: $0 processing fee
- Oregon & Nevada: $39 processing fee
*The advertised financing may be originated by one of several lenders. All loans or retail installment contracts originated by our lending partners will be serviced by Snap Finance LLC. For more detailed information, please visit https://snapfinance.com/legal/financing-options
While no credit history is required, Snap obtains information from consumer reporting agencies in connection with the loan application. Not all applicants are approved.
Not all applicants will be approved for $5,000.
Snap Loan is not offered in Colorado, Connecticut, Washington D.C., Georgia, Hawaii, Illinois, Iowa, North Carolina, New York, Ohio, Maine, Maryland, Massachusetts, Puerto Rico, Virgin Islands, Vermont and West Virginia.
Point-of-Purchase Marketing
Point-of-Purchase (POP) materials are available to you as a Snap Partner. These eye-catching, highly visual marketing assets can be placed throughout your store, inside and out, helping you to attract ALICE and grow your revenue.
Ask your Sales Rep or Client Success Manager about the best POP options to attract ALICE to your store!
Partner Tools
Your Merchant Portal
The Merchant Portal is your hub for everything Snap. Simply go to merchant.snapfinance.com and log in with your username received in your Snap Welcome Email. If this is your first time accessing your Merchant Portal, you will receive an email from Snap to get set up. Your Client Success Manager (CSM) can also assist you.
Portal Information
- 1.We're here for you!
- a.Contact your Client Success Manager (CSM) for any general partnership needs
- b.Contact Merchant Support for any escalated partnership or product needs
- c.Contact Customer Support for any customer-related needs, including questions about approvals and denials
- d.Contact the Application Hotline for urgent support if you have issues helping a customer apply for Snap Loan
- 2.Help Customers Apply.
- a.'New Application' allows you to go through the application process with the customer in-store
- b.'Text Application" will send a text message the customer, with a link to complete their Snap Loan application on their smartphone
- 3.Administration. Add your Sales Team Members and practice the Snap application and invoicing processes with 'Practice Mode'. You can also change your banking information and update your personal contact information here.
- 4.Merchant ID. Your merchant ID is your unique code for everything Snap-related. It is vital and used frequently. Be sure you memorize it or write it down for easy access when needed.
Be sure to bookmark the Merchant Portal for easy access!
Adding a Sales Team Member to Your Merchant Portal
Add every member of your sales team to the Merchant Portal. This step is required to ensure all sales team members become Snap Certified* and are able to sell Snap products.
- 1.On the home page hover over 'Administration' and select 'Salespeople'
- 2.Click 'Add New Sales People'
- 3.Complete the form
Be sure to use a unique email address for each sales team member, as this is how Snap delivers any rewards earned through contests.
*Certification is required to sell any Snap product
NOTE: Keep your sales team members current by adding new team members to become Snap Certified.
Snap Application Process
Before beginning the application process, you will qualify the customer with four simple questions:
- 1.Is the customer of legal age to sign a binding contract?
- 2.Does the customer have a monthly income of at least $1,000?
- 3.Does the customer have an active checking account?
- 4.Does the customer have a valid email address and smartphone number?
Merchant-Guided Application Process
- 1.Open your Merchant Portal on a store computer
- 2.Click on the 'New Application' tab
- 3.Select your name from the 'Salesperson' dropdown, then fill in the applicant's Social Security Number, birthdate, and mobile phone number
- 4.Click 'Start Application'
- 5.Complete the short form to help Snap check for previous application information, if applicable
What if ALICE doesn't know their routing number? No problem! You can find most bank routing numbers with a simple Google search
Text Application Process
Using the Merchant Portal
- 1.Open your Merchant Portal on a store computer
- 2.Click on the 'Text Application' tab
- 3.Select your name from the 'Salesperson' dropdown, then fill in the customer's phone number
- 4.Click 'Send Link'
- 5.Have the applicant follow the steps to apply from their cell phone
Not by a computer?
ALICE can text your Merchant ID number to 48078 and they'll receive a link to complete the application.
Preapproved Applicants
If a customer is already preapproved, click the 'Preapproved' tab on your Merchant Portal to locate their application and begin the invoice process.
Accuracy is important! Be sure the info you enter exactly matches the application the customer filled out online.
Getting Paid
Filling Out the Invoice
Once you complete the application process and the customer is approved, simply click 'Continue to Next Step' to begin filling out the invoice.
- Enter the products the customer intends to purchase, including any labor costs incurred
- When adding items to the invoice, please include a detailed description, including information like brand, SKU, size, color, etc.
- You will enter the sales tax for the item and the invoice will automatically provide the customer's total, including the Snap processing fee. If everything looks correct click 'Continue to payments'
- States with no sales tax: Alaska, Delaware, Montana, New Hampshire, and Oregon
- Collect the initial loan payment from the customer as a a separate part of the invoice process. Customers can use cash or any major credit or debit card to pay the initial payment. This is not part of the invoice. You will collect the payment, which will then be withheld from your reimbursement
Invoice accuracy is key to getting reimbursed quickly - be sure you take your time and enter in all details correctly the first time. Most funding reimbursement takes place within 48 hours after merchandise is delivered or service is completed.
eSigning Snap Loan Agreements
Once you collect the initial loan payment, you will review the Customer Agreement Summary and disclosures with the customer. They can eSign the agreement in one of two ways:
- Via Text Message - Customers receive a text with a link to e-sign the agreement
- Via Email - Customers receive an email with a link to e-sign the agreement
Customers must electronically sign all disclosures in order for you to receive funding reimbursement. You MAY NOT sign the agreements for the customer. The loan is not complete until all disclosures have been signed by the customer and the status in your Merchant Portal is 'Complete'.
Funding
You will be paid using the bank information you provided upon the initial Snap partnership setup. Snap will reimburse funds for purchases in one of two ways:
- 1.Curbside Pickup: If the customer takes the item(s) home the day of purchase, you will receive funds within 48 hours of completing the transaction.
- 2.Item Delivery: If the customer needs the item(s) to be delivered, you will receive funds within 48 hours from when the item has been delivered to the customer and you have marked delivery completion in your Merchant Portal.
Real People. Real Life.
Because our customers come first
"Snap is an amazing service that has come through when no one else would finance me. I would recommend Snap to anyone. Whether it’s car repairs, something for your home, or even just to treat yourself, Snap has got your back."
Jose A. - Trustpilot review
MORE REVIEWS
A Partnership Worth Your Investment
Snap Marketing
POP Marketing
Snap provides highly visual print and digital marketing materials for you to utilize when attracting ALICE. These can be used in-store or on your company website. Speak with your dedicated CSM for more details.
Social Media Marketing
Our industry-leading social media marketing team will help drive ALICE to your store through the promotion of Snap products and the Snap website.
Online Store Locator
Snap refers new customers to your location whether you have an online presence or not! Your store page is the easiest way to reach ALICE at no cost to you.
Plug-and-Play Website Text
Easily copy and paste optimized, compliant text language onto your website to describe Snap Finance to your customers!
Ongoing Support
Your Dedicated Client Success Manager
As a Snap Partner, you will receive a dedicated Client Success Manager (CSM) to support your needs and grow your revenue with Snap. This individual will reach out to you in the coming weeks to set up a meeting and get to know you and your sales team members. Your CSM will provide you with any needed POP marketing materials, answer any training and product questions, and help ensure you and your sales team become Snap Certified. (See the light blue Snap Certification section below.)
Merchant Support Team
We offer a dedicated Merchant Support team to support you and answer any questions. You can email them at any time or call during the following hours:
Phone: (877) 789-4384
- Monday - Saturday 7AM - 7PM MT
- Sunday 8AM - 6:30PM MT
Email: merchant@snapfinance.com
Additional Resources
5 Little Known Perks of Secondary Financing
Snap Website Banners
Get Your Team Snap Certified
- 1.You and any sales team members added to your Merchant Portal will receive an email invite from Snap Learning (Litmos). If you do not receive the email from Snap Learning, use the "Forgot My Password"
- 2.Log in using the link provided in the email and email address you have listed in the Merchant Portal.
- 3.You will automatically be assigned to complete 'Snap Certification 2022' - it takes about 10 minutes.
- 4.Certify yourself and all sales team members to ensure your location is able to sell Snap in a transparent and compliant way.
Have questions about certification? Check out this in-depth FAQ document!
© Copyright 2024 Snap Finance. All Rights Reserved.
The advertised financing may be originated by one of several lenders. All loans or retail installment contracts originated by our lending partners will be serviced by Snap Finance LLC. For more detailed information, please visit https://snapfinance.com/legal/financing-options
[1] Fewer Subprime Consumers
[2] While no credit history is required, Snap obtains information from consumer reporting agencies in connection with the loan application. Not all applicants approved.
[3] 42% of Americans Were Denied a Financial Product in the Past Year Because of Their Credit Score.
[4] 12 Ways to Reduce Cart Abandonment
[5] Why should your business offer financing to customers?
[6] Not all applicants will be approved for $5,000.
[7] To exercise the 100-day option, consumers must make all regular payments on time as well as schedule additional payments in the customer portal, or by contacting Customer Care at 1-877-557-3769, to ensure the principal amount and processing fee is paid within 100 days. The 100-day option includes a processing fee, if applicable, above the merchandise price. See Snap Loan agreement for limitations.