You’ve probably seen the offers in furniture stores, “Big Box” retailers and doctor’s offices: “No payments for 90 days” or “12 months same-as-cash.” Dealers and retailers across many different industries have learned that deferred payment or same-as-cash promotions can be a powerful sales tool that not only helps them sell more, but also benefit their customers who understand the time value of money.
Foundation Finance offers several different types of promotional programs that can help dealers, contractors and retailers like you attract new customers and close more sales:
1) Same-as-cash
With same-as-cash promotions, your customer makes a minimum monthly payment during the promotional period but if the amount financed is paid in full before the end of that promotional period, all accrued interest is waived. For example, on a 12 month same-as-cash program, the customer could take a full 12 months to pay off the purchase (as long as minimum monthly payments are made) and pay no interest. Your customer can take advantage of the time value of money and earn interest on his or her cash in the bank during this time frame.
2) Deferred payments
With deferred payment promotions, you can give your customer a set time frame during which no payments are due (usually 3 or 6 months). This can help close sales with people who are waiting on a bonus or tax refund or other windfall … they can buy today and pay later!
3) Reduced interest rates
For customers who are looking to pay their purchase off over a longer time frame, a reduced interest rate plan can help convince them to say “yes” today.
Are you taking advantage of promotional financing to attract new customers and close sales? There is a reason why dealers and retailers in many different industries use these promotional financing programs: Because they WORK! When used properly, they are a great sales tool and a great payment option for your customer.
Foundation Finance offers home improvement financing, water treatment financing, vacuum financing, furniture financing, jewelry financing and more. Give us a call at 1-855-241-0024 to find out how you can implement promotional financing into your sales arsenal and start closing more sales today.
