No, applying for Pay over time with Melio will not affect your credit score, regardless of whether the business was approved or declined.
As part of the application process, Credit Key, our financing partner, runs a soft credit pull on your account.
A soft credit pull is made to better understand how you are managing your debt. Credit Key will check your credit report - for example, they can check the number of late payments, credit usage, loans you took, and money you borrowed- as part of the background check before making a repayment terms offer. The purpose of it is to decide how likely it is for them to get paid back by you.
The most important thing to remember is that soft credit pull doesn’t affect your credit score.