Merchant: Bank Program FAQ
This FAQ will consolidate the most common questions about bank-issued finance programs into one place.What is a Bank Program, and how is it different from a standard purchasing finance program?
A Bank Program is a financing solution where a UGA funding partner or bank provides the funds for approved customer purchases, allowing merchants to offer financing options without using their own capital. In a standard purchasing finance program, the financing is typically provided directly by a lender or finance company. For merchants, the customer experience is similar in both cases, but a Bank Program may offer access to additional funding capacity, competitive financing options, and bank-backed lending infrastructure. Depending on the program, customers may be required to become members of a participating credit union or financial institution and may need to complete a membership application as part of the financing process. The specific financing terms, approval criteria, and program requirements can vary depending on the bank, credit union, or lending partner involved.Do bank-program contracts behave differently for modifications, returns, or servicing?
_NEED TO UPDATE_Note: the Contract Modifications guide already references contract-type eligibility for decreases (for example, certain bank-issued contract types). This answer should reconcile with that guide so the rules match in both places.Who do I contact with bank-program questions?
For questions specific to a Bank Program, contact your Client Success Manager or the Client Success Team, who can route program-specific questions appropriately. See Help & Contacts.Related articles
- Contracts & Modifications FAQ
- Credit, Approval & Verification FAQ
- Guide for Merchants
- Help & Contacts