Your medical equipment and medical mobility business provide necessary products that allow your customers to live their lives to the fullest. You want to do everything you can to serve your client base, and you want to grow your business while doing so. By offering consumer financing, you separate yourself from your competition and prove to your customers that you’re taking every step to see them thrive. Below we outline five benefits of choosing consumer financing for your medical equipment and mobility business.
1. Attract More Customers
Once your customers have researched products, found what they need, either durable medical equipment (DME) or mobility devices, and have determined the price of the item, they’re ready to buy. But if they find that they don’t have the ability to pay upfront, they won’t come to your store or call your business. With consumer financing, you allow for a greater number of customers to not only visit your store but to bring home the valuable equipment they need.
If you offer consumer financing, you will increase your sales. One study shows that businesses that offer consumer financing increase their sales by 32 percent. By providing point-of-sale financing, you give customers the opportunity to bring home their Portable Oxygen Concentrator, lift chair, or mobility equipment without the burden of paying upfront. And by advertising that your business provides financing – or low monthly payments – you can attract more customers and, ultimately, sell more products.
2. Increase Sales
When customers know you offer consumer financing, they’re more likely to come to your store or website to look for the medical equipment they need. And by the time they’re perusing your selection, closing the sale is as good as done. But one surprising benefit of offering consumer financing is the increase in the value of your sales.
Among businesses that offer consumer financing, the average order value increases by a whopping 15 percent, and 93 percent of credit users say they’d use consumer financing again. That means once a customer decides they’re going to shop with you and they learn you offer consumer financing, they feel comfortable upgrading their purchase or bringing home more equipment than they originally planned for. For example, a customer shopping for a lift chair might see a folding mini scooter that fits in a car. Financing empowers your customers to choose additional pieces they need with less concern about their current monthly budget.
Many of your clientele may be elderly, which means they’ll likely have a fixed income. Because the demographic you serve must be especially mindful of their spending, consumer financing helps them better afford the medical equipment they want and need.
3. Fast Payments and Increased Cash Flow
Businesses rely on cash flow not only to thrive but to survive. Unfortunately, cash flow problems present huge challenges to businesses across the country. Roughly 82 percent of small businesses fail within the first five years, and a lack of cash flow is one of the most significant contributing factors.
Thankfully, consumer financing allows businesses to provide quality medical and mobility equipment to their customers without waiting months to receive the payment in full. By working with a financing firm like United Consumer Financial Services, DME businesses enjoy fast payments while their customers enjoy the luxury of making monthly payments that work for their budget and their schedule. With a model like this, your business doesn’t worry about a halt in cash flow. Firms like UCFS pay your business directly within just a few days of your making a sale and collect payments from customers for the life of their loan.
Partnering with UCFS takes the stress out of financing because there’s no risk for your business. They take care of collecting payments and ensure you never have to deal with halted cash flow or late payments from your customers.
4. Make Your Products Accessible
As a medical and mobility equipment supplier, you know how vital your products are to the well-being of your customers. But if your customers can’t afford them—or if they don’t feel like they can—they’re going to have to go without the crucial equipment that can vastly improve their quality of life.
Consumer financing makes your products accessible to anyone and everyone shopping your selection. By offering financing, you’re communicating that you value your clients and want them to have the equipment and products they need to thrive. Your customers don’t need to significantly alter their month-to-month budgets or go without. Instead, you offer financing, and they have access to life-changing equipment that improves their quality of life. And the best part is, with financing, they can bring it home today!
5. Save Time with a Professional Financing Firm
By partnering with a proven, professional financing firm, you’re able to focus on building your mobility and medical equipment business and caring for your customers. United Consumer Financial Services has experience serving mobility and DME businesses just like yours. UCFS takes care of all customer communication, so you don’t have to spend your company resources on collecting payments or contacting clients about account balances.
UCFS knows that your business requires your full attention. That’s why UCFS takes care of all of the details for you. UCFS’s online portal allows you to submit credit applications, complete contracts, view payments to your business when it’s most convenient for you.
UCFS makes completing payments easy for your clients, too. Customers can set up autopay, eliminating the risk of late payments. The online system makes reviewing information, payment timelines, and past payments simple. The team at UCFS provides personal, timely service for both you and your customer base.
With approval in just minutes and affordable payment options, UCFS ensures your customers have access to the medical equipment they need without the burden of saving for years or paying in full at the time of purchase. Consumer financing helps you grow your business and provides quality equipment to the highest number of patients possible.