You won’t need to submit any payments! Upgrade takes the hassle out of contractor payments by simply following the below process:
Each time an advance is made to pay for a borrower’s home improvement project with you, the amount of the advance minus the applicable contractor fee will be deposited into your bank account on file. The contractor fee will only be applied to the amount of the advance actually made, not the full loan amount that the borrower was approved for.
For example, if the contractor fee on a selected plan is 2% and you, as the contractor, agreed with the customer that you would request a payment of $2,000 to purchase materials, you will receive a total of $1960 ($2,000 less 2% of that amount) into your account.