Choosing the right consumer financing partner is key to making the most of your Buy Now, Pay Later (BNPL) program. Whether you’re implementing consumer financing for the first time or are looking for a new financing partner that best meets your needs, this guide highlights six key factors that all businesses should prioritize when selecting a consumer financing company.
Training, Onboarding, and Continued Client Care
Your business will benefit the most from a financing partnership that prioritizes client care. A consumer financing program is only as lucrative as your teams can efficiently and effectively utilize it. As you evaluate BNPL providers, look for a consumer financing firm that provides thorough training and onboarding to set you up for success.
United Consumer Financial Services provides one-on-one training with your dedicated sales rep. We welcome every new merchant with individual training via Microsoft Teams, where we cover every aspect of our conversion-driving consumer financing solutions. This allows you and your team to ask questions and clarify the best way to implement and execute financing for your unique consumer base. We provide documentation, videos, guides, and other resources to ensure your team and employees are confident using our program. And because you can complete training in under an hour, you can implement your consumer financing program almost immediately. Of course, our system is intuitive, so you could enter a credit application without any training at all!
Range of Financing Options
Customization options are crucial for businesses seeking conversion-driving financing. Regardless of the product or service, companies need financing that meets service needs, caters to customer purchasing behavior, and balances the business’s risk tolerance. As brands assess financing platforms, they need customizable solutions that mitigate risk and scale with their growth.
Consumers need flexibility, and so do businesses. UCFS makes this possible with our flexible pricing strategy. Merchants wanting a low-risk approach to consumer financing can opt to pay a lower percentage of the financed sum to UCFS. We are then more conservative with approvals to reduce losses and defaults. However, when merchants prioritize volume, they can adopt a more aggressive strategy and pay a higher percentage of the sale to UCFS. This method broadens their reach and allows them to serve more consumers, even those with less-than-ideal credit.
A Quick, Easy Application and Approval Process
Speed and simplicity in application and approval are non-negotiables as companies vet POS credit issuers. The right financing firm employs streamlined systems that reduce friction in the sales process, guiding customers through the purchase process and minimizing downtime that leaves room for shoppers to second-guess their purchase decisions.
Choose a lending partner that takes a mobile-first approach to consumer financing. When potential customers can apply for financing from a tablet or smartphone in just a few minutes, and when a credit decision is returned almost immediately, they’re free to proceed with their purchase on the spot. Faster application and approval translate to more sales: the ultimate goal of implementing a consumer financing program.
Transparent Merchant Fees and Cost Structure
Service and ease play significant roles in selecting a consumer financing company. However, as businesses evaluate POS credit issuers, they must consider both the fees and cost structures, as well as how these elements impact the customer experience and their profits.
Quality BNPL vendors are transparent and upfront about their pricing tiers and merchant fees. Unexpected fees or fluctuating interest rates frustrate customers and can ruin your reputation – and long-term profits.
United Consumer Financial Services maintains transparency and consistency in our cost structure, so you know exactly what you’re agreeing to when you implement our consumer financing program. There are no hidden costs and no surprise fees, and you don’t have to worry about unexpected impacts on your margins. We’ve built our services on maintaining integrity and building client trust, and our long list of satisfied merchants proves it.
Industry Experience and Reputation
Every business is one of a kind. A one-size-fits-all approach to consumer financing leaves gaps in financing programs that let down customers, hinder sales, and prevent businesses from maximizing their financing potential. Working with the right consumer financing firm for your business is crucial to ensure you take full advantage of all that financing has to offer. The ideal consumer financing partner brings experience in your specific industry and can anticipate your needs and those of your clients and customers.
In addition to industry experience, reputation is an essential factor in choosing a lending partner. The client experience with your financing partner directly impacts their experience with and perception of your business. A smooth, successful, customer-centric financing experience contributes to an overall positive experience with your brand. As you compare installment loan vendors, evaluate the following:
- Client testimonials and online reviews
- Case studies
- Compliance with relevant financial regulations
- End-of-year reports
- Data privacy policies and cybersecurity measures
A lack of transparency, bad reviews, and limited history are red flags that should direct you to a better consumer financing option. United Consumer Financial Services brings more than 45 years of industry-specific financing expertise to the table. Our service, results, and long track record of happy clients position us as the right consumer financing partner for your business.
End-to-End Loan Management
When you partner with a consumer financing firm, you want to choose a BNPL vendor that manages the full lifecycle of the loan. Keeping all customer and account information with one party makes the entire process more cohesive and streamlined for both your customers and your team.
End-to-end loan lifecycle management allows your business to gain insights into every stage of the loan, from approval rates to customer payment behavior to your portfolio performance. When your partner manages your financing program from start to finish, you have access to metrics that inform future decisions that can grow your business.
And not only that, but your resources aren’t wrapped up in running an in-house program. Your time, energy, talents, and financial resources are available for you to pour back into your growing business.
Choosing the Right Consumer Financing Company for Your Business
As you explore potential consumer financing partners, make these factors your non-negotiables.
- Industry experience and reputation
- Thorough training, onboarding, and continued client care
- Customizable financing options
- A quick, easy application and approval process
- Transparent merchant fees and cost structures
- End-to-end loan management
United Consumer Financial Services delivers on these elements and more to position our merchants for consumer financing success. A division of Marmon Holdings, a Berkshire Hathaway company, UCFS has the talent and resources to deliver conversion-driving consumer financing to our merchants across the U.S. in a number of industries. Contact us today to learn how we can help you grow your business with consumer financing tailored to your needs.
