Understanding Payment Payouts and Credit Scores with myAbundant

Our payment plans are designed to accommodate a wide range of credit scores, ensuring flexibility and accessibility for both you and your customers.

Here’s how it works:

Credit Score Acceptability

• Wide Range of Acceptance: myAbundant does not rely solely on traditional credit scores to determine eligibility. We have a broad acceptance range to enable us to extend payment plans to as many customers as possible.
• Soft Credit Pull: We perform a soft credit pull that does not impact your customer’s credit score. This check helps us understand their creditworthiness without affecting their credit report.

Plan Types

Each customer will be assigned a plan type, either Funding or Servicing, depending on their specific creditworthiness.

• Funding: For customers who meet our risk criteria, you will receive the majority of your invoice amount upfront. This amount is a percentage of your invoice price, minus our service fee, and is determined when you first start using our platform.
• Servicing: For customers with credit scores below 600, or those who do not meet our risk criteria, we offer the myAbundant Servicing option. This allows you to receive payments as they are collected from the customer, ensuring you still get paid while we manage the entire payments and collections process for you.

The plan type is not disclosed to the customer, however you will be able to view the plan type for each customer in your Partner Portal.

We use a variety of underwriting factors, including (but not limited to) credit score, to determine whether a customer is eligible for a Funding plan. Those customers who do not meet our risk criteria will automatically become Servicing accounts. 

If you have elected to only accept Funding plan types with myAbundant, then customers who do not meet our risk criteria will be declined for a payment plan.

Credit Score Threshold

• 600: We have a credit score threshold of 600. Customers with scores above 600 may qualify for our Funding plan type, while those below this threshold will automatically become Servicing accounts.

By leveraging our flexible credit assessment and payout structure, myAbundant ensures that you can offer payment plans to a diverse customer base while maintaining a steady cash flow for your business.

If you have further questions or need more details, please feel free to reach out to our support team. We’re here to help you navigate the process and ensure you have all the information you need to make the most of myAbundant’s services.