Grow Your Business by Offering Financing

A smart, effective way to increase your business’ ticket sizes and drive more sales is to offer your customers financing. Successful equipment sellers offer financing because they know that increasing their customers’ buying power is a surefire way to boost their own sales, since more money in the customers’ wallet means more money in revenue.

Today’s market is saturated with options for financing partners, which is good for sellers and small businesses. However, it’s important to remember that not all financing companies are created equal. Find a lender who works with your business’ unique needs and makes sure that you get the best financing options available.

What Does Offering Financing Mean for Me?

Offering financing to your customers means that you’re giving them a solution they need with no risk to you. When your customers finance purchases, there is no recourse to you as a partner. You don’t have to worry about billing or collecting payments, and if the customer defaults on their loan, there is no impact on you or your business. There is also no cost to offering or promoting financing options to your customers.

The best news is that while the customer will have the extra time they need to pay off their purchase, you, the seller, get paid in full without spending a dime.

What Does This Mean for My Customers?

Your customers generally consider how they will pay for equipment purchases while they’re still shopping. If they know they have the flexibility to pay over time in smaller, more manageable increments, they are more likely to make bigger purchases. This in turn increases your average ticket sizes and wins you sales you might have otherwise missed. Offering payment options may also encourage customer loyalty and have your customers more frequently becoming repeat customers.

How Do I Encourage Customers to Take Advantage of Offered Financing?

In order for customers to spend more, they must know they have more. They have to be aware of financing options while they’re doing their shopping, and as a seller, it’s in your best interest to keep them informed. Make sure they know that low monthly payments are available for their purchases before they make any final decisions.

Financing lenders also can make it simple and easy for you to promote your financing options by offering custom online portals. Customers can apply for financing online quickly and get approved often in as little as seconds. They can offer everything from web graphics and printed collateral to expertly written content. This helps you drive customer awareness and engagement of the financing options available, which in turn boosts your sales — and isn’t that the ultimate goal?