How Consumer Financing Can Be Good for Business and Your Customers
Does your business struggle to receive timely payments for your products or services? Depending on your industry, your customers may experience financial hardship affording your services. Whether you provide medical care or emergency repair services, you may be faced with a situation where your customer is unable to pay for a service already completed. Find out how consumer financing can not only help you receive the income you need to keep your business operating but can also help your customers feel satisfied with your services.
Financing offers many benefits for both you and your customers. Your business will enjoy streamlined financing and efficient services. When you choose a financial provider to offer to finance, you don’t have to worry about cash flow issues caused by late or missing payments.
The finance program will make all the decisions for you. You won’t have to be concerned with credit checks or dealing with complicated transactions. Typically, you’ll enjoy payments in as little as 48 hours. While your customers continue to enjoy monthly payments, you’ll receive a lump sum to help you make your own payments and grow your business.
For your customers, consumer financing provides them with an alternative to avoiding payments. Costly services can be spread out into reasonable monthly payments. While the financing provider will collect interest on the financing, your customer will enjoy the convenience of manageable payments.
Of course, some customers may not be able to apply for financing. All forms of financing require a credit check, so some of your customers may not qualify. Certain financing options also require a minimum or have a maximum payment in mind, so discuss this with your financial service provider to see if this strategy is applicable to your business.
Consumer financing allows the entire transaction to take place smoothly and efficiently. Satisfied customers will then be more willing to turn to your business for future transactions. Once their credit is approved, your customer can turn to financing for future products or services by your company.
Find out today if consumer financing is right for you. Ask about credit decisions, interest to customers and find out if a large portion of your customer base can apply for this flexible form of financing. Ask the financial service provider about how fast you can expect deposits and if there are any limits to the size of transactions that can be financed. Once you find a financing program that fits your business and your customers’ needs, you can enjoy timely payments and satisfied customers.