When your customers cannot afford to pay with cash and do not have credit cards to use as a payment method, you can offer consumer financing options.
Consumer finance is a flexible in-house payment option that can help your clients afford your products and services, regardless of their credit score. Read on to learn how it works.
Sell the Payment Not the Price
When you offer consumer financing, your clients become interested. Businesses with high ticketed products or services can focus on selling the payment rather than the overall price. Regardless of the credit score, Financing Your Way allows you to promote your higher approval rates and give the customers what they want. The selling of payments begins with a promotional process. During this time, your business makes customers aware of your consumer financing options and promotional incentives, such as “zero interest for up to 24 months.”
Easy Approvals
Approvals are simple for both you and the client. The application is entirely digital, and no paperwork is involved. Your client receives an instant decision within 60 seconds, and you receive 100% of funding within one to two days. You’re able to offer various rates and payment terms based on your customer’s credit and current payment capacity.
Suitable Industries
There are several industries in which consumer financing has been extremely successful. This includes automotive repair, funeral homes, dentist offices, veterinarian clinics, furniture stores, legal offices, and even musical instrument stores. If your business sells high priced retail items, you also may be eligible for consumer finance options. If your business does not offer high priced selling items, you still may be eligible to offer consumer financing.