We recently sat down with Chris Forshay from Upgrade to discuss our joint program, Rewards Pro. In this insightful interview, Chris delves into the innovative aspects of Rewards Pro, the benefits it offers to our customers, and the collaborative efforts between Sales Builder Pro and Upgrade that made this program possible. Learn how Upgrade’s unique financing options and dedicated support can transform your business in our interview below!
What is Upgrade?
Upgrade is a fintech company that offers mainstream consumers affordable and responsible credit, mobile banking and payment products.
Upgrade also offers consumer credit products through merchant partnerships in travel, auto, and home improvement.
How did Upgrade get involved with the Rewards Pro program and Sales Builder Pro?
Upgrade's SVP of Home Improvement, Chris Forshay, and John Steidley (founder of IMS) created the Sales Builder Pro / Upgrade partnership. As part of this partner program, Sales Builder Pro contractors are able to offer Upgrade's full suite of home improvement credit products, including the Contractor Rewards program.
How does Upgrade differ from other financing programs?
Upgrade’s home improvement financing program differs from other options in several critical ways:
- Upgrade Contractor Rewards - Offers a financing option that pays rewards to contractors. The rewards program currently pays contractors 2% on qualified transactions.
- Know Before You Go - Provides contractors with the ability to prescreen leads prior to a salesperson’s initial sales meeting with only the lead's name and address. This increases efficiency, helps prioritize lead distribution, and can lead to opportunities to close incremental sales through follow-up marketing. Prescreen is not a hard credit inquiry. It's a prescreen with NO impact on the consumer's credit. A lead returned as “prescreen approved” indicates the consumer's positive eligibility for credit with Upgrade Home Improvement, subject to verifications. Prescreens can be submitted individually or in batches of up to 999 leads.
- White Glove Service - every Upgrade contractor has a dedicated account manager. This individual is the contractor's personal Upgrade concierge. The Account Manager provides platform training, sales training, and ongoing support.
What is the onboarding process after signing up for Rewards Pro and how quick is it?
To apply to become an Upgrade contractor through Sales Builder Pro, contractors fill out Sales Builder Pro’s referral merchant application. The underwriting process typically takes between 5-7 business days. To be considered for approval, contractors must meet the following requirements:
- At least six months in business
- At least $500,000 in residential sales revenue
- A physical location with signage and the ability to store product
- Applicable licensing where required
What is the average credit amount that a customer receives per completed job?
Upgrade’s average HVAC job ranges from $12,000 to $18,000, depending on the contractor’s location and the scale of the project. Upgrade Home Improvement customers can apply for up to $50,000 for HVAC credit lines. To receive payment when a project is completed, contractors request funds through the contractor’s Upgrade merchant portal. Customers approve the “transaction request” electronically via email or text message notification.
What feedback have you received from Rewards Pro customers?
Feedback from Upgrade contractors and their customers helps us improve our technology and processes. One example of feedback we put into practice includes readily available merchant reporting. Upgrade contractors requested the ability to view their total business with Upgrade from a high level (total applications submitted, approvals, $ funded, $ approved credit, etc.). Upgrade built merchant reporting into our merchant-facing portal to ensure contractors had this high-level analytical view of their financed business.
Regarding general feedback, most Upgrade contractors appreciate our easy-to-use technology and expansive credit policy.
Is there anything else you would like to say about Upgrade or Rewards Pro?
Upgrade appreciates Sales Builder Pro and all of our merchant and technology partners. I want to thank John Steidley and his team for inviting me to participate in this interview. The newsletter will include a link to apply for Upgrade's program with Sales Builder Pro.
