If your business is suffering due to a summer slow down, then you may have considered offering payment plans to your customers.
A typical payment plan is a layaway option in which customers make payments toward a product and your business holds the inventory, with hopes the customer will finish paying. Layaway is risky for your business because by holding inventory you are unable to sell to customers with liquid capital. Layaway also requires that your business tracks and monitors payments which can be complicated. There are better payment plans your business can offer.
Retail Financing Options
In-Store Credit
This is a retail financing option that acts as a credit card for your business. Customers are granted a line of credit that is specifically for your business. The line of credit can be used to make purchases and monthly payments are made to bring the balance down. On time payments are reported to credit reporting agencies.
Personal Loans
Your business can offer your customers personal loans that can be used as a retailing financing option to pay for products and services. The personal loans are offered through a partnership between Financing Your Way and Rocket Loans.
Custom Retail Finance Program
Your business can allow the customer to pay for products over time with a customized retail finance program.
Each of these options is offered by Financing Your Way. These retail financing options are easy for your business to offer. Just visit www.financingyourway.com to get started. Customers apply in-store, at home from a computer, or from the convenience of their mobile phone. The decision is made instantly and your business receives 100% of the funds, so there are no risks involved in offering retail financing options. Amounts can vary from $2,000 – $35,000, and interest rates are based on individual credit. These options help customers to build credit when on-time payments are made.