Customers are more conscientious about how they spend money these days
This means retail business owners must to make customers feel empowered with purchasing decisions. Consumer finance options are a great way to empower your customers. At Financing Your Way, we specialize in offering consumer finance. Read on to learn the 5 simple steps.
1. Let customers know you have it.
Customers won’t know you have financing unless you tell them. You can market your consumer finance options online through social media. When you offer consumer finance with Financing Your Way, we train your staff to become experts in recognizing the opportunity to offer consumer finance options.
2. Encourage customers to apply.
You can encourage your customers to apply without being annoying or overbearing. Just simply ask at checkout and offer a promotional rate. The customer will be excited about the idea of paying over time and will be happy to receive the promotional rate. Some applications are completed using the customer’s smartphone so the process is safe and secure.
3. Approve customers.
Customers are approved within seconds after applying. There is virtually no wait period. Credit is a determining factor for the approval, so if denied, the customer will receive a letter in the mail explaining why. If they are approved, they will receive all of the information about payment.
4. Apply a promotional rate.
A great example of a promotional rate is 20 percent off your in-store purchase with an application. Be sure to add the promotional discount for the client whether they are approved or denied. The promotional rate is used to help encourage applications, not only to reward approvals. Be sure to cap the promotional rate to one per customer, so you don’t create habitual abusers.
5. Customers take products home and make monthly payments.
Customers will proceed through the checkout process in your location which will be like taking any other form of payment. Then they are able to take home the product and make monthly payments for the remaining balance. At the store level, you will see the total payment within a couple days of submitting the application and the sale.