You know that offering consumer financing is good for your business. You’ve been sold on the benefits, and you understand how offering it makes customers more likely to commit to a purchasing decision. You also know that offering financing to your customers strengthens your relationship with them and turns them into repeat buyers. The one thing you don’t know? How to make the process itself anything other than tedious and painful.
The good news is that recognizing the flaws in the normal financing process is half the battle. And you’re in a prime position to enhance and streamline your consumer finance process starting today. But before we can solve your pain points, we need to examine them. What are the current problems you’re facing with consumer finance applications? And why are they so detrimental? Let’s take a look.
You Are Getting Very Sleepy
The standard consumer finance application process hypnotizes you into accepting mediocrity. The process is clunky and backward; it forces you to run endless lenders while your customer sits and waits for approval. You’re yawning, they’re checking their phone. How many magazines do you have in your lobby? Sooner or later, the customer will run out of things to read.
And that’s after they fill out the application, which is a time-consuming process on its own. If you’re not offering online applications, that process has to take place on your timetable, during your hours of operation. For people with busy schedules — and, let’s face it, that’s most of us — this has to feel like a major waste of time.
So why do so many business owners accept this tired arrangement? In most cases, they just haven’t heard of a superior alternative. Fortunately, there’s one waiting in the wings.
FormPiper Simplifies the Finance Process
OK, business owner: you’ve had enough. Your old consumer financing process just isn’t working and you’re ready to move onto something better, sleeker, and more efficient. Welcome to FormPiper, a solution that simplifies and automates consumer financing.
It starts with the application process. FormPiper allows online applications from anywhere, so customers can take control when applying. They’ll be able to apply on their own internet-ready device, from home, at work, or on the go. Rather than fill out applications exclusively during your store hours, taking up your employees’ time and stretching their schedule, your customers will now be able to apply at their convenience.
Once the application is in, all you or your employee have to do is hit a single button to transmit the application information. All lender applications are then opened and populated automatically, so you don’t have to duplicate data entry efforts. This will free you up to focus on bigger, better things, like say, running your business.
Your team will be able to run lender apps in the order you see fit. Once you get approval, you can execute the sale and keep things running smoothly.
Show Your Customers You Care
There are two steps to offering consumer financing that really helps your customers. The first is working with a reputable financing partner, such as Financing Your Way. The second is ensuring the actual financing process is simple and easy.
Customers can tell when a company really wants their business. When financing applications are a pain and the process of the sale gets interrupted with paperwork and lending minutia, it tells them that maybe their purchase isn’t really that important. Maybe it’s just another number on a sheet waiting to be called.
Don’t let your business feel like the DMV. Keep sales flowing, your customers happy, and your consumer financing process as straightforward as possible with FormPiper. You can kiss the old process goodbye and say hello to a solution that’s as customer-friendly as your business. After all, it’s what your customers deserve, and it’s exactly the image you want your business to present. Go customer-centric. Go with FormPiper.
Never offered consumer financing through your business? Here’s how and why to get started.
What is the relationship between a customer and a business? Is it a one-time sale? Is it the ongoing rapport between a customer who has shopped at a business for years and an owner who works hard to keep their business? In truth, the customer relationship is hard to define and differs based on your industry and business model. But regardless of the exact circumstance, one truth remains the same: to establish a lasting relationship with a customer, you have to show them that they matter and that you want their business. And one of the best ways to do that is by offering consumer financing.
If your business has never offered consumer financing before, now might be the perfect time to reconsider. In times of economic uncertainty, customers are often looking for a little added comfort built into potential purchases. And even when the economy is booming, it’s always nice to have options when buying. So, customers want to have the option of financing. But how does it benefit them? And what will it do for your business?
Locking in the Sale
We all know this feeling: you’re shopping, looking for something in a general category, like a TV or computer. You see some of the ones you’d considered previously, and they look fine, but there’s one that’s just a little outside of the budget you initially set that looks fantastic. It’s a bit pricier, sure, but just look at it. Why not stretch a bit? Why not live a little?
Then thoughts of all your responsibilities come flowing in. Trips you’ve planned and budgeted for. A hotel room you booked that hasn’t been charged yet. The large payment you’d planned to make on a loan. Your hand moves slowly, painfully away from your wallet.
Anyone who has experienced that snap back to reality knows it can feel a bit disappointing. And it’s not just a disappointment for the customer; retailers lose plenty of business from customers who were this close to making a purchase and just couldn’t quite bridge the cost gap.
Consumer financing was made for bridging that gap. It’s an option that lets customers stretch their budget and feel more confident in their purchase, knowing they won’t have to pay everything upfront. Increased customer confidence means increased sales, which is a big improvement on the $0 you were getting from customers looking to use financing before.
Spread the Happiness
A customer who feels more confident in their purchase and is able to purchase what they want when they want it is a happy customer. And happy customers are the lifeblood of any business.
From Yelp and Google reviews to word-of-mouth recommendations, retail businesses across a spectrum of product types and specialties depend on satisfied customers to spread the word about their companies and help them entice new buyers. Consider the following scenarios:
Customer A
Customer A goes to your store and decides they want to purchase a product, but just can’t quite get there in terms of budget. You don’t offer consumer financing, so there’s really nothing you can do. Your staff was perfectly pleasant and your store had the product they were looking for, but when it comes down to it, Customer A just isn’t likely to recommend your business to someone else. Why would they recommend you to others when they weren’t even able to make their intended purchase?
Customer B
Now let’s consider Customer B. This customer runs into the same predicament, but in this case, you’re able to offer them consumer financing. They bridge that budget gap and purchase the product they want. Now your great customer service and product availability won’t go to waste; they’ll be just two more factors mentioned in the positive review Customer B spreads online and shares with their friends and family.
It’s clear which scenario is better for your business. By working with a knowledgeable, trustworthy partner like Financing Your Way to provide consumer financing options, you’ll be well-positioned to rack up positive reviews and build customer relationships that last. And the happiness won’t stop with your customers; your staff will love being able to close more sales and perform at a higher level. That’s a big win for everyone involved.