Overview
We’re thrilled to announce our new partnership with Stripe Capital Financing to offer our Tekmetric Payments customers a business financing experience right in the Tekmetric platform.
Looking to expand locations? Finally, planning to invest in a new lift kit? Or, maybe, open another bay? We’ve got you covered.
Why partner with Tekmetric + Stripe Capital for your financing:
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A Fully Embedded Experience - qualify, apply, and manage financing within Tekmetric.
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Automated Offer Extension - Offers are extended automatically based on processing data flowing through Tekmetric Payments.
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Funds as Soon As Next Day & No Penalties - If you're approved, you'll get funds directly to your account and you won’t experience penalties for prepayment, extra payments, or pay total owed.
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Expert Support - You’ll have access to Stripe's Capital Support Team at any time.
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Payment that Scales - You’ll automatically pay the financing with a percentage of your sales, until the total amount is paid.*
How It Works
Eligibility & Application Process
With Stripe’s capital financing program, you may be considered for financing based on factors like your transaction volume and account history with Stripe. If your US business is eligible, and has at least three months of processing history, Stripe might send you an email on behalf of Tekmetric to advise you of an available offer. You can also view your offer from within Tekmetric by navigating to Payments in the left navigation.
Stripe automatically reviews your business for financing offer eligibility on a daily basis. Offers are typically valid for 30 days, after which Stripe will re-evaluate the business to see if you’re eligible for an additional offer. In some cases, Stripe may extend additional offers to you while you’re actively paying your current financing. You can customize the amount of your offer up to the maximum offer amount, and offer terms will adjust based on the amount you choose.
After you select an offer, Stripe will review your application. If you're approved for financing, Stripe will transfer the funds to your Stripe account, typically in as few as 1-2 business days. To make sure funds successfully disburse from your Stripe account, you must set a valid bank account as your primary payout method.
Payment
The total cost of your financing is your financed amount plus a flat fee. You’ll automatically pay the financing to Stripe Capital over time through a percentage of your transactions according to your payment rate. The payment process will begin automatically 1-2 business days after the funds have been deposited into your account.
There’s no early payment penalty, and you can make additional payments or pay the total amount you owe in full at any point in the Capital tab of Tekmetric. Stripe automatically evaluates you for a new offer as you pay down your financing, regardless of whether you make additional payments or pay it off early.
For Stripe Capital loans, you'll have a minimum amount due each payment period, and if the total amount that you repay through sales doesn't meet the minimum, your account will be automatically debited the remaining amount at the end of the period.
Capital inside of Tekmetric
Permissions
It’s important to note that the capital experience is defaulted to on only for shop owners, given that it contains sensitive information and exclusive capabilities (i.e., applying for financing on behalf of the business). However, these settings can be adjusted within an employee's User Permissions in case you'd like to extend this same level of responsibility to another controlling representative of the business.
Overview Tab
When you navigate to Payments from the left navigation, if you have an available offer, you'll see a banner on the Overview tab explaining a bit about the offer. You can either click the button in the banner to start the application process, or you can navigate to the Capital Tab to see further information on the capital program before applying.
Capital Tab
From the Capital Tab, you can see more information on a currently available offer as well as review your financing history and make payments.
Application Process
You can complete the full application process without ever leaving Tekmetric. Much of the application information - personal and business details - will be prefilled with the information you have on file with Stripe which you'll be able to review and edit as needed. You can adjust the amount of the offer up to the maximum offer amount (e.g., you want to apply for $5,000 of capital instead of the full $10,000 available). The offer terms adjust based on the amount you choose.
Payments
This is also where you can come to make additional payments on your financing or review your financing history. The most current financing will be visible by default, but the drop down menu can be used to toggle between financing. You can click 'View more details' from within your financing page to review your contract and payment periods.
While financing payment will happen automatically based on your payment rate, you can make additional payments by clicking the 'Make payment' button. You can set the amount (minimum payment, total outstanding balance, or custom amount) and payment method.
Available Support
Stripe Capital manages the entire lending cycle, from underwriting to funds disbursal to repayment. There is a dedicated in-house Capital servicing team, and Stripe support is available to you across the entire financing cycle. Their support team is available to address any questions or concerns at capital+support@stripe.com.
FAQs
- What if I have questions about my capital application or payments?
- All handling of capital accounts is owned by Stripe’s dedicated capital support team. They are available at capital+support@stripe.com.
- Does this impact my personal credit score?
- Applying for financing through Stripe Capital doesn’t affect your personal credit score.
- Does this help my shop’s business credit history?
- When you apply for financing through Stripe Capital, Stripe might obtain the business’s credit history through the Small Business Financial Exchange (SBFE). Additionally, Stripe Capital may report performance or payment history to the SBFE, who uses this information to build a financial profile for the business, which can help your business get access to financing from other providers.
- What if business is down and my volumes don’t meet my minimum payment amount?
- For Stripe Capital loans, you must pay a minimum amount toward the loan every payment period. Amounts withheld as a percentage of sales at the payment rate count toward the minimum. However, if the total amount repaid through sales doesn’t meet the minimum, you must pay the remaining amount at the end of the period. If you haven’t met the minimum by the end of each payment period, Stripe automatically debits the balance needed to meet the minimum from the bank account or account balance. Alternatively, you can make a payment within Tekmetric to apply towards meeting that minimum.
Stripe Capital offers financing types that include loans and merchant cash advances. All financing requests are subject to a final review prior to approval. Stripe Capital loans are issued by Celtic Bank, powered by Stripe. Stripe Capital merchant cash advances are provided by YouLend.
*Stripe Capital loans have a minimum amount due each payment period, and if the minimum amount that you pay through sales doesn’t meet the minimum your account will be automatically debited the remaining amount at the end of the period. If your loan has a fixed payment, Stripe stops withholding from your Stripe sales when you meet the fixed payment amount. The payment terms for your offer will be detailed during the application process.