If you sell wholesale products to businesses, you may want to consider offering your clients a line of credit
A line of credit (LOC) can help your customers because it is a flexible payment option that allows your customers to pay for purchases over time. A line of credit is an option that your customers can use to purchase your product at their convenience when cash flow is tight. If you are considering offering a line of credit to your customers, here are few things you should know.
Select a Partner with Options
Creating partnerships with lenders is the first step to offering a line of credit to your customers. Atlanta based company Financing Your Way, works with a network of direct lenders to ensure your clients receive the best rates. Financing Your Way aims to save you and your clients time and money, so they compare and negotiate with lenders and present the best options to you.
Programs can be Customized
Partnering with Financing Your Way also means you will have the opportunity to set the specifics for the programs you will offer your customers. Financing Your Way assists you in determining the best options for your industry and business type. You also have the option of creating several programs to meet the needs of your diverse customer base.
Staff Training is Important
Your staff will need to know the specifics of how the line of credit offers work, so that they can speak to your clients with certainty. Financing Your Way offers staff training at no cost. Your staff will learn how to introduce the line of credit to your regular customers first, and then how to introduce the programs to new customers.
Marketing is a Key Element
Marketing your line of credit is just as important as training your staff. Financing Your Ways also assists by preparing a customized social media and marketing kit for your business. These tools are important for alerting your current and potential clients about your flexible payment options.
There is No Risk for You
All of the this sounds good, but you might be wondering what happens is your customer defaults on the line of credit. As the merchant, you receive all funds when your client is approved. You take on no risk, and your client is able to make large purchases for machinery and equipment over time.