Home renovation projects, particularly flooring upgrades, can completely transform a home, adding beauty, comfort, and value. But for many homeowners, the upfront cost of materials and installation can delay their remodeling plans. By offering flexible flooring financing, contractors and retailers can make these projects more attainable, closing more sales, converting more quotes to contracts, and onboarding more customers.
By partnering with a proven consumer financing firm like United Consumer Financial Services, a financing company catering to home improvement companies, flooring contractors and flooring retailers, you can grow your business as you help customers start projects sooner, choose better materials, and invest in the spaces they love. Read on to learn more.
The Cost Barrier in Flooring and Home Renovation
Whether it’s time for an aesthetic upgrade or the old flooring has lost its structural integrity, new flooring completely transforms the look and feel of a home.
Unfortunately, the costs of flooring projects pose significant obstacles for homeowners looking for a change or upgrade. Materials, installation, removal, and unexpected costs can quickly derail a flooring project. These expenses often exceed initial expectations, leading consumers to postpone, downsize, or abandon the renovation entirely.
Cost barriers in floor projects not only affect the client experience but also the health and sustainability of contracting businesses. Even the most subtle pricing hesitations can deter a sale or lead a homeowner to forgo home renovation altogether.
Implementing an affordable, accessible consumer financing program addresses the cost barriers that affect flooring sales, converting indecisive leads into committed customers. Partnering with the right flooring financing provider helps your business engage with more homeowners, increase affordability, and turn project estimates into contracts.
How Flooring Financing Drives Project Approvals
Implementing a consumer financing program is key to growing your flooring business. Low monthly payment plans can mobilize remodeling budgets to help clients choose the flooring they want –– when they want.
Simple, straightforward consumer financing drives flooring project approvals. Here’s how:
- Increase market reach: High approval rates and low monthly payments make flooring renovations and new installations possible for more clients. Increasing access to affordable financing expands market penetration for flooring contractors competing for contracts. Homeowners want and need payment flexibility; providing a simple, streamlined financing option expands your reach, helping you onboard more clients and drive project approvals.
- Address and overcome pricing hesitation: Consumer psychology plays a huge role in big-ticket purchases like home renovations or flooring projects. Sticker shock overwhelms homeowners already trying to manage home costs and monthly expenses. Adding a large lump-sum payment on top of existing financial obligations can feel impossible, leading potential clients to reject your quote or forgo their remodel. Consumer financing breaks down intimidating lump-sum costs into manageable monthly payments that fit neatly into your clients’ budgets to overcome pricing hesitations and help you close more sales.
- Create affordable pathways to purchase: Consumer financing gives homeowners the flexibility to move forward with their flooring installation and upgrades without draining their savings or resorting to high-interest credit cards. Most potential flooring clients don’t have the cash on hand to cover a significant renovation. And for various reasons, they might not want or be able to charge it to a card. Financing options create realistic, accessible pathways to purchase, breaking down large flooring project costs into affordable monthly installments that make it easier for clients to say “yes” to your proposals.
- Boost average order values and empower project upgrades: Financing enables customers to upgrade from budget flooring to higher-end materials, boosting average order values without significantly impacting client finances. The right financing program stimulates hardwood installs, drives luxury vinyl plank sales, and promotes tile upgrades for homeowners who would otherwise feel financial pressure to settle for lower-end materials. Payment plans turn lending into a growth engine, empowering flooring clients to choose professional installation, subfloor prep, or additional upgrades (like baseboards) without the worry and strain of manipulating their budgets to try and make it work.
- Close deals faster and reduce project delays: Contractors and retailers close deals faster when customers can pay over time. When homeowners know they can easily incorporate a low monthly payment into their planned budgets, choosing to proceed with their renovation project is easy. Spreading out flooring costs entices potential customers to approve project quotes more quickly, reducing delays and allowing contractors to schedule, complete, and profit from more projects in a shorter timeframe.
Homeowners want convenient, affordable, straightforward payment options for their home improvement projects. When you offer flooring financing, you streamline the sales process, drive approvals, and enhance the customer experience every step of the way. With financing, consumers can make their purchase with a reasonable monthly payment that does not substantially impact everyday spending.
Increase Flooring Contracts and Home Renovation Projects with Consumer Financing from UCFS
Flooring financing helps homeowners achieve their renovation goals while positioning contractors to grow their business. Partnering with United Consumer Financial Services, a trusted name in flooring and home renovation financing, positively impacts affordability, accessibility, quality, and consumer confidence.
For more than 45 years, UCFS has been providing our clients with consumer financing services that help increase sales and revenue. With UCFS, you can expect:
- A paperless, user-friendly application that can be completed in just a few minutes
- A prompt credit decision that allows you to proceed with the sale and renovation project
- Same-as-cash payment options to attract your customers to make their purchase and not pay interest when paid in full during the promotion period (UCFS offers 90-day same-as-cash, 180-days same-as-cash, and 12-months same-as-cash promotions)
- Flexible repayment plans that increase affordability, especially for big-ticket items like flooring projects – both the flooring products and installation
- Clear, consistent terms that garner customer trust
- Fair interest rates that serve the consumer
- Complete repayment collection by UCFS throughout the life of the loan.
Integrating financing options into every quote shows potential clients that they can afford the new flooring they want and need while paying for it over time, leading to:
- Increased sales volume and average project size
- Reduced cancellations and faster project timelines
- A competitive edge that sets your business apart in a crowded renovation and flooring market
- Strengthened customer trust through transparent, convenient payment options
Becoming a merchant with UCFS is easy, and you can apply today. Contact us to learn more about how to facilitate more home renovation projects with flooring financing from UCFS.
