An inside look at the financing journey of one of our merchants, a Financing Your Way managing partner, Brad Parker.
- How long have you been using retail financing? We have been using financing for the last 15 years. We have found over the years that finance companies come and go due to all types of circumstances. During hard economic times when there were no options, our business struggled. While today, the financing landscape is great and our business is doing better than ever.
- How did you implement it? We take financing very seriously in our business. Through proper signage and marketing, we make sure that customers are aware of all the consumer finance options we offer. Once someone shows interest in financing, we have a financial coordinator go over the programs from start to finish. We hope to make each customer feel comfortable with their purchase. We also track the success of each program on a monthly basis through detailed tracking documents.
- What were the immediate effects? Any time we add a new consumer financing option to our portfolio, we see an increase in sales. Finance companies all work off different lending criteria so when you have multiple options, you are going to see a higher level of success. We also find that financing customers tend to purchase everything they want and need, creating a fulfilling buying experience.
- What have been the long term effects? By offering more consumer financing options, we create more happy customers! This is the number one goal of any business. Happy customers spread the word, resulting in a thriving business.
- Describe your business before and after. Before we offered financing options, our business was at a stand still. When you are able to drive success, you’re able to grow in every direction. If you offer financing and increase your revenue, you can then increase your marketing. Your marketing will then increase your customer count, which in return creates more happy customers. It really works like a snowball effect- the most important thing to do is to get started.
- Any recommendations or best practices for other business owners? Never stop with one option in anything. You wouldn’t carry just one type of product, would you? Of course not. Therefore, you should have multiple financing options! And, make sure you are advertising on multiple platforms. There have never been more ways to advertise than there are today. Make sure your message is out there, and make sure your customers know you have financing options!