So your retail business has a strong consumer financing program in place. Maybe you’ve had one for years. Maybe you established one recently with the help of a knowledgeable partner like Financing Your Way. Whatever the case may be, you are seeing boosted revenue and building stronger customer relationships as a result of your financing program, and you are loving the positive results. Now, it’s important for you to maintain those positive results and avoid common issues that can hold your finance program back. Here are a few consumer financing problems you might run into, and how you can go about avoiding them.
Poor Employee Training
This one can be a finance program killer. When employees are well trained in offering financing to your customers, you will see a revenue boost as more deals get done and more customers get approvals. When they fail to offer financing as option consistently due to poor training, it will result in sales walking out the door. All employees need to be on the same page when it comes to your financing program, and remedial training is necessary for employees who aren’t performing well in this area.
A Lack of Data Insights
To ensure your consumer finance program is hitting its marks, you need the insights that only quality data can provide. But if you don’t have the time or the tools to compile and analyze that data, reporting can end up doing more harm than good. You need accurate, organized data that gives you a quick view into the performance of your program.
A Burdensome Application Process
It does you little good to convince more customers to look into financing if your application process is cumbersome. Manually filling out repeat forms and transmitting the same applications over and over to various lenders wastes your employees’ time and your customers’ and drags down the overall efficiency of your financing program.
The Simple Solution
All of the above problems can be solved with a single solution: FormPiper delivers on all fronts. It gives you the analytics you need to act on detailed reporting and fix problems with your finance program, from underperforming employees to an ineffective lender lineup. With managed and self-managed services available to meet your needs, FormPiper enhances your consumer finance program and helps you keep revenue from walking out the door.
Best of all, FormPiper effectively streamlines the application process by enabling you or your employees to transmit multiple applications to various lenders via a single press of a button, rather than wasting time with duplicate data entry. It’s the perfect way to avoid common pitfalls faced by consumer finance programs and make consumer financing a consistent, revenue-boosting opportunity for your retail business, and not a headache. Check out all that FormPiper has to offer and start unlocking the full potential of your consumer finance program.