10 Mar 3 Reasons Why Your Business Should Offer Financing Options
So you’re a small business owner. You lead a busy life, you run a tight ship, and you’re always trying to make your business better. But have you ever considered a consumer financing program?
Offering potential customers financing options is becoming a huge movement in the retail industry. Why? Because it helps people with limited cash and gives you more potential customers than ever before. Here’s how it works: you, the business owner, form a partnership with a consumer financing company. Once they’ve filled you in on all the details, you can tell all potential customers and customers making a purchase that you offer financing options. If they decide to use these options, you make the exact same amount of money on each sale right from the beginning. Simple enough?
Now you’re probably already wondering, what’s the point? Why is offering small financing such a big deal and how does it make my business better? To answer this question, here are three little truths about consumer financing that you probably didn’t know:
Truth #1: Financing options help you sell to people who wouldn’t be able to buy otherwise.
It’s true. Small financing broadens your potential customer pool because it makes it possible for more people to buy your product. Even if they have less than stellar credit or no credit at all, the relaxed qualification standards mean that you can sell to the people who need your products the most. Most small financing companies offer 90-day buyout, leasing, and in-home layaway options for a very low down payment. At Crest Financial that amount is just $40.
Truth #2: Setting up a financing program is both easy and cheap.
And by cheap we actually mean free. Basically you’re forming a partnership with an outside party that specializes in small financing. In exchange for letting us work with your customers, we take care of all the details and all the follow-up. All you have to do is opt in. And contrary to common belief, there are no up-front costs to opening a program like this. You flip the switch so to speak, and voilà! Your customers suddenly have options and more flexibility than ever.
Truth #3: There are no risks to you.
We already know what you’re thinking: what if customers don’t pay me back? What then? Well when you work together with a financing company, your partner guarantees every sale they finance. It’s their job to take care of the details, so once you’ve closed a sale your part of the process is done. Most companies will pay you the full amount of your sale within 48 hours after your customer signs the agreement. All follow-up happens invisibly behind the scenes, allowing you to focus on running your business and making even more sales. It really is that simple.
To learn even more about customer financing and how you can close more sales than ever, check out our website at crestfinancial.com. It’s never too soon to make your small retail business better and more successful than ever.