How do I adjust the amount that my customer is applying for?

If a project total changes, you can update the financing amount in the merchant portal before your customer confirms their financing*. Updating the amount means you don’t need to cancel the loan, send a new link, or ask your customer to re-apply. Your customer’s original approval is valid 90 days from the original approval date.

PRO TIP: Encourage your customer to lock their offer early so the original approval amount is preserved even if the project size shifts.

*Note - This feature is currently only available for merchants who send applications through Wisetack’s merchant portal. If you use Wisetack through your business software, please create a new invoice or loan application with the new amount and instruct your customer to re-apply. Give our support team a call if you need help with canceling the original loan. 

When and where can I edit a loan amount?

You can edit the loan amount in the Wisetack portal anytime before your customer confirms the loan, which means they haven’t yet released payment. You can edit the loan amount anytime before your customer confirms the loan and releases payment, up to their maximum approved amount that you can see in the loan details.

CAN STILL EDIT LOAN AMOUNT CAN NOT EDIT LOAN AMOUNT
PENDING CONFIRMED
ACTIONS REQUIRED PAID
OFFER LOCKED  
Scope change application statuses

Learn more about merchant portal application statuses here.

How do I update a loan amount?

  1. Go to the Loan details page in the Merchant Portal.

  2. Click the pencil icon next to the loan amount.

  3. Enter the new total and confirm your update

  4. Your customer will receive an email with a link to confirm or reject the change. 

What does my customer see once I update the loan amount?

Your customer will receive an email with a link to accept or reject the change. 

When the loan amount is updated, your customer’s payment options automatically update using the same rates and terms from their original approval. There’s no additional credit check. 

  • In some cases, your customer may be asked to verify their identity or sign updated documents before confirming.
  • If they prefer their previous offers, they can either reject the change, or, you can simply adjust the amount again to return to the earlier total.

Approvals and timing

  • Customer approvals remain valid for 90 days from the approval date.
  • Each approval includes the customer’s maximum approved amount and the available payment options.
  • Once the loan is confirmed and/or paid (meaning the customer has released payment), the financing amount can’t be edited.

FAQs

  1. Can I edit the loan amount on a financing application with multiple payouts (known as progress payments)? 

    • Not at the moment, however this is on our product roadmap! 

  2. I don’t use Wisetack’s merchant portal to send applications; I send financing applications through my invoicing/business software. Can I still edit a loan amount? 

    • Not yet. This feature is currently only available for merchants who send applications through Wisetack’s merchant portal. If you need to adjust the requested amount that your customer is applying for, please update the amount in your business software. Once updated, you can resend a new link and ask your customer to re-apply.

  3. Does my transaction fee change? 

    • The fee that you, the merchant, pays is ultimately dependent on the final amount of the loan (and terms selected). You will only be charged the transaction fee once the loan is confirmed and the customer releases the funds to you.