Just having one or two financing options is simply not enough!
There are so many reasons why having a multi-faceted consumer financing program is so important, especially for small businesses. You have to stay competitive in today’s markets and that means making the most out of every sale that walks through your door! Read along for more benefits to offering multiple financing options to your repertoire today!
More Approvals
By offering multiple financing options for your clients you increase your ability to approve more of those clients. Credit score is no longer the sole determination in the approval decision. Lenders have updated the algorithms used in the decision-making process to approve subprime borrowers. Your business can benefit from offering more than one financing option because approval rates increase as the number of financing options increases. Step out of the dark ages and start offering your customers customized options, you have nothing to lose and all that revenue to gain!
Quick Decisions
Financing Your Way Partners with lenders who provide fast decisions. These options can be compared side by side so that you consumer can choose the option that best fits their financial needs. Gone are the days of turning your customer away because the lender needs 3-5 business days to reach their decision. In most cases, decisions are made instantly and you can seamlessly close your sale by letting your consumer choose how they want to handle payments in the future.
Simple Set Up
Getting set up to offer multiple consumer finance options doesn’t take long, Financing Your Way provides tools to help your business understand how to offer consumer finance and close the deal. In addition, your company will receive marketing material to attract new customer who never considered your business or products due to price concerns.
Increase Sales and Average Order Size
When your clients learn that they can buy now and pay later, they will feel inclined to make larger and more frequent purchases. These increased sales and larger orders will continue to increase your revenue. Since funds are deposited in full usually within 3-5 days, your business won’t have to wait for your consumer to finish paying the loan. And for some lenders, if the consumer stops paying on the loan, there is no recourse for your business.
Improved Brand Awareness
Your consumers will rant and rave about your fast and simple application, comparison, and decision process when you offer multiple financing options. This superior customer service experience will increase the number of positive reviews your business receives on site like Yelp, and you will soon experience increase brand awareness as you tackle new markets.