It all comes down to SOLUTIONS and as entrepreneurs, solutions are our JOB. Regardless of your business type, it exists because people have a problem that you can FIX.
Being able to not only solve the problem they came to you for, but also having a solution built in for how they can PAY for it can really take your business to the next level.
Depending on your business type, financing can be very cheap and easy to implement.
When deciding on a third-party provider, it is important to consider a few important factors to achieve that cheap and simple goal, otherwise, it might go the other way quick.
Make sure you ask about dealer’s fees. Some programs charge the dealer to do the loan. The dealer in this situation IS YOU. If you with go with an option that does involve dealer fees, it is illegal to charge these fees back to the customer. You will, of course, need to ensure incurring that cost matches your over all business model from a profitability standpoint. Dealer fees can be confusing also, so make sure you have a good understanding of what your financial responsibility will be within the exchange.
Another thing to consider is simplicity in process.
How long does it take to apply? How long does it take to get an approval? Is the application pretty tolerable or are they asking for your blood type and a mountain of paperwork?
Think about the customer experience. If you were applying for financing would you be less likely to complete something that felt hard? The answer is likely yes and many of your future customers will be the same way. They should have easy to understand options they can choose from quick and easy!
The last thing I would encourage you to consider would be their terms. On average, do your customers receive terms that they are happy with? Do they offer any type of ZERO PERCENT options because that would be amazing for you to market with if they did, RIGHT?
How much more could you CLOSE in REVENUE if your customer could cash flow out what they were buying and not even pay extra for doing so!
WELL sometimes, this is do-able!
If you are interested in more information on who I use for financing for my construction company, click below to learn more. They can service elective medical, vet, home improvement, education, & even non-traditional agencies selling services on “How to become a pro wrestler” have heard about them and signed up. Services under 10k could KILL it with their 0% financing options! Higher ticket items should be either home improvement or elective healthcare due to lender restrictions. Contact them and find out for free if they could be the solution your business needs to close more deals!