Effective October 1, 2021, EnerBank USA ("EnerBank") merged with and into Regions Bank. Learn more here

Misconception #3 – Common Contractor Misconceptions

Posted January 11, 2024 by EnerBank USA

Misconception #3 – Common Contractor Misconceptions

We’re back to debunk some more misconceptions about contractor financing. You can check out our first two posts by clicking HERE and HERE. Now, on to Misconception #3 — Offering Contractor Financing is Awkward & Complicated

Some contractors are apprehensive to offer payment options. This may be because they think a homeowner could be offended, or they believe it will slow down the sales process. In our experience, we’ve found the opposite to be true.

We’ve found the top two reasons that people choose to finance their project are convenience and flexibility*. This means that your customer’s financial situation isn’t playing as much of a role in their choice to use financing as you may think. After all, even the most affluent of your customers want to make decisions that are smart for their finances, and making a monthly payment as opposed to withdrawing a giant chunk of their savings at once is an appealing option.

In fact, we recommend offering payment options to every homeowner to whom you provide a bid, regardless of how you perceive their financial situation.

With all our experience in the home improvement industry, we’ve developed tools and resources to help your business run as efficiently as possible. Here’s a look at just some of the resources we have available for you:


You’re on the go, and so are many members of your team. Plus, your job happens outside an office and the usual 9 to 5, meaning reliable access to the info you need is crucial. That’s why we created PartnerPortal, an account management tool that’s available for both your desktop and mobile device. Using PartnerPortal makes it easy to get on with the job and get your money, because your customers’ loans are all easily handled in the interface so you can constantly improve your overall performance.

Paperless Application Methods

With permits, contracts, and more surrounding every job, you don’t want to add more paperwork to the pile — which is why we’ve developed three paperless application methods for your customers. This includes our Mobile Loan App, Online Loan Application, and Loan-by-Phone. These application methods let your customers get a credit decision while your salesperson is still in the home, making it more likely they’ll select you for the job.

Express Credit Decisions

Once the customer completes the application, they can receive a credit decision quickly, usually within minutes in most cases. Our internal research shows that customers who get approval for an EnerBank loan complete the project with that same contractor 94% of the time*. That’s some awesome “stickiness” for your business! If more information is needed, it can be handled quickly while the salesperson is still with the customer, or links can be sent to the homeowner to complete the process.

Fast Payments

Getting the funds you need throughout the project is easy. During the application, your customer will select whether they want funding requests via phone call or text. When you’re ready, simply use PartnerPortal to ask for funds. The customer will then approve it using their preferred method. Once approved, we’ll transfer the funds directly to your account, usually within 24 hours in most cases. This puts you in control of your cash flow and saves you time by not having to chase down signatures.


Improve your customer’s experience by adding convenient banners to your website or links in your emails. Minimal coding is required, and you can easily request them as a part of your loan program. These tools allow you to collect better qualified leads and can help your customers know how much of a loan they may qualify for. This means less time chasing down leads and more time getting to work.

Want to get started with your own loan program? It’s easy! Simply visit our website to start the process of joining a loan program.

*Brickyard Study, commissioned by EnerBank USA, 2018


Recent Posts