There are many reasons to include a financing option in your sales plan and they all benefit both you and your customer. A win win! Businesses can boost sales and increase average project sizes; customers can afford dream renovations with affordable payments.
How much does it cost? That’s the number one question on the minds of every customer! Consumers want and need to know if the product or service you’re offering will fit within their budget. Financing allows you to shift the focus away from a customer’s budget to the value and comfort the project will add to their home.
Offering financing will help your business:
Increase sales and average project sizes
Financing increases a customer’s purchasing power, making large purchases more affordable. Not only does financing make it easier to close a potential sale, it’s also a powerful tool for upselling. Showing customers how a small increase in their monthly loan payments can allow them to afford upgrades or additional products can successfully boost your sales revenue.
Strengthen your sales pipeline
Having the right tools to attract new customers makes it easier to build your sales pipeline. Foundation Finance provides tools and support that help businesses succeed including a custom credit app link for your website or to text or email to customers who want to apply for credit remotely, a wide approval rate with consideration for A-D credit and FICOs as low as 600, and electronic document signing that makes the paperwork process extremely convenient.
Be more competitive
Offering consumer financing can give you a competitive advantage, allowing smaller businesses to easily compete with the big box stores. Foundation Finance arms you with beneficial offers including reduced APR promotions, revolving installment loans up to $75,000, low-fee same as cash and deferred payment plans, loan terms up to 180 months or payment factors down to 1.25%.
Attract new customers
If a prospective customer is shopping around for a larger remodeling project, they may be more likely to choose your company over a competitor that doesn’t provide financing options. It’s convenient and beneficial to them. It can also help you earn repeat business, as attractive financing often motivate customers to come back for future purchases.
Get paid quickly
Cash flow is important to a small business. When you partner with a finance company like Foundation Finance, you don’t have to take on the risks associated with providing your own loan program. The process is simple: once Foundation Finance approves your customer for a loan and verifies the project completion with the customer, you get paid via ACH.
There are even more reasons than just those listed here why offering financing is important for your business’ growth. Think about this: most customers don’t even know how to ask about financing when they’re shopping for a big-ticket home improvement. If you offer financing with every sales conversation, you create a more beneficial relationship and ultimately boost your bottom line.
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