Tax debt is often an indicator of significant financial struggles. Consumers across all socioeconomic demographics face higher taxes this year alongside inflation, higher interest rates, and higher personal debt levels. And unfortunately, some of these individuals cannot pay the taxes they owe.
As a tax debt relief business, your potential customers most likely need a payment plan to make payments to the government and a payment plan to cover the cost of your services. Affordable payment plans are a significant draw for potential tax debt relief customers, and why businesses like yours can benefit from partnering with a consumer financing team you can trust. In the following article, United Consumer Financial Services team offers advice for choosing a financing company that will work best for your tax debt relief business.
Check the Fee Structure
Payment plans are an attractive draw for your customers and an asset to your business, but not all are equally affordable.
Check the fee structure when searching for a consumer financing company for your business. Is the financing advertised as free to companies? If so, it will likely entail hefty consumer fees, deterring your potential customers or decreasing customer satisfaction. Does the company charge you setup charges or monthly fees regardless of how many customers or sales you finance? Asking these questions up front is essential to finding a consumer financing company that works well for your business.
Some consumer financing companies surprise and frustrate consumers with added costs by charging setup fees, monthly charges, percent-of-sale fees, and exceptionally-high interest.
Not all consumer financing companies operate this way, with fees at every stage. At UCFS, your business benefits from a low, retained amount from each financed contract, and your customers pay a fixed interest rate as part of their low monthly payments. UCFS does not charge setup fees or monthly maintenance fees. UCFS only retains a fee when you finance the sale. UCFS only makes money when the business makes money.
Minimize Collections and Improve Cash Flow
Some tax debt relief businesses try to offer in-house financing; however, many find that doing so monopolizes their employees’ time with customer support and collections. Partnering with a consumer financing company frees your employees to service more customers. No more invoicing and collection calls because your monthly payment plans/consumer financing is outsourced.
In addition, when using United Consumer Financial Services for consumer financing, your firm is funded quickly by UCFS for the financed amount, less the small merchant fee. Your business improves its cash flow by being paid upfront, instead of waiting for the full term of the financed contracts when handled in-house.
Customer Relations and Support
Find out what kind of customer support each consumer financing company offers. Do they offer access to trained, professional staff throughout the week and weekend? Do they fully manage accounts and assume the responsibility of securing repayment?
Not all companies offer the same quality of customer relations and support. UCFS, however, has made exceptional customer relations and support a hallmark of its service. With trained, professional, and friendly support personnel who can help your customers navigate the repayment process seven days a week, UCFS takes the added stress and responsibility of customer care off your employees. UCFS will even train your employees to discuss and promote financing with your customers or supply you with promotional resources. We handle customer repayment, so your business can reduce staff time on collections activities.
Timelines and Schedules
Consumer financing companies may take the stress of customer support and collections off your business, but how long will it take your business to receive payment? These and other time-related concerns are essential considerations in assessing which consumer financing company best suits your business’s needs.
When in conversation with a potential financing firm, ask about payment timelines. Some companies may delay your payment until customers’ payments have been collected, tying up your business’s cash flow for extended periods.
You should also inquire about your customer’s repayment timelines. Partnering with companies with inflexible repayment schedules can deter potential customers or damage your customer satisfaction ratings.
Dedicated to efficient transactions, UCFS funds contracts promptly, usually within one to three business days. (The contract amount less the financing fee) With UCFS accepting consumer payments, your business will no longer experience interruptions in cash flow, instead having the cash directly deposited to your accounts.
And at UCFS, your customers can choose the best terms, from 6 to 36 months to meet their payment needs.
Experience and Reputation
As important as the above factors are, the customer experience transforms a company’s promises and intentions of service into a proven track record consumers can trust. As you evaluate consumer financing companies for your tax debt relief business, determine how long your prospective partner has financed consumers. Find out who their former and current partners are and research their track records. Doing so will give you confidence in your partnership. Choosing the right consumer financing company can add value and credibility to your business’s reputation.
With over 40 years of proven experience, UCFS has served businesses in all 50 states, Canada, and Puerto Rico. At UCFS, integrity, responsibility, and respect are more than just core values; they are tested and time-honored qualities of every partnership, every transaction, and every customer relationship. This high-quality service and longevity of success make UCFS a leading financing company you can trust to assist your tax relief business and serve your customers with excellence.
Choosing a consumer financing company that works well for you does not have to be complicated. UCFS offers your business exceptional service, low fees, quick payments, and a long track record of serving businesses and customers like yours. Contact the team at UCFS today to learn how we can help your tax debt relief business offer affordable payment plan options to grow your business.