Providing financing shows your customers you care, that you want to empower them to make big purchases without disrupting their monthly budgets. But with all the options for financing, how can you know which solution is right for your business—and your customers? In this article, we’ll help you think through the top six things to consider when implementing a financing solution.
1. Potential Benefits for Your Business
When considering financing solutions for your customers, you need to consider how offering these services will affect your business. For example, by adding consumer financing to your payment options, you’re making your high-priced ticket items available to a wider breadth of customers, people who don’t have upfront cash or high credit card limits.
That means you have more potential customers and can increase sales.
2. The Standards of Customer Support
As you’re choosing a consumer financing firm to work with, consider their customer support. Your client base is what keeps your business running. So you should ensure they have all the support they need when making payments on a financing plan. United Consumer Financial Services provides U.S.-based customer service and support that won’t be beaten.
If your customers have questions about their payment plans or account, they need answers fast. Please give them a customer service team that cares about them and prioritizes their needs.
According to one study, nearly 70 percent of customers leave a company because they feel that they don’t care for them. But when you partner with UCFS for consumer financing, your customers will know that you care. The UCFS customer service team provides exemplary service in a timely fashion. As a result, your customers can have peace of mind, and you’ll earn their loyalty and their business far into the future.
3. How Much Time It Takes to Manage
Financing brings new customers through your doors. It increases your average order value. And as we mentioned above, providing financing options boosts customer retention rates and customer loyalty. Consumer financing is a tool that helps your business and customers thrive.
But some financing solutions, like in-house financing, require hours to maintain. In many cases, businesses must hire a new employee or create an entirely new team to take care of in-house financing.
When choosing to work with a consumer financing firm like United Consumer Financial Services, you don’t have to worry about dedicating time to financing management. From application to purchase to payments, the team at UCFS supports you every step of the way.
Consumer financing with UCFS is simple. First, you complete the merchant agreement to attain merchant status. Then, when your customer is ready to make a purchase, they apply for financing, and approval is known in just a few minutes.
The team at UCFS accepts repayment from consumers for the life of the loan. Communication, customer service, and payment collection: they do it all, so you don’t have to.
Thanks to UCFS’s system, you don’t have to spend time or resources on financing. Instead, you can spend your energies on building your business. When you’re shopping for financing solutions, evaluate how much time it will take to manage the program. Consider partnering with UCFS and taking advantage of their full-service consumer financing solutions.
4. Is It Easy to Use?
United Consumer Financial Solutions’ system easily integrates into your current business operations. You and your customers apply directly on their website or call in credit applications to the UCFS hotline. Once approved, the contract is signed, and payments are made in just a few days directly to your business bank account. Transactions appear within the UCFS portal.
You won’t find an easier financing solution for your business and your clientele.
5. What Program Options Does Your Business Have?
No two businesses are the same. Different financing programs offer different benefits and risks. A consumer with excellent credit means an excellent chance of repayment in full and a lower fee retained by the finance company when a sale is made with financing. That means more money in your pocket. A consumer with not-so-good credit means an average chance of repayment in full, a higher risk, and a higher fee retained by the finance company each time a sale is made with financing.
Thanks to UCFS’s customized programs, your financing program is designed for your business needs, with your specific amount of risk being considered. When you’re shopping for financing solutions, one size does not fit all! When comparing consumer financing options, evaluate the cost to your company.
6. What Payment Plan Options Do Your Customers Have?
As you know, no two customers are the same. Different financial situations and different wants and needs require a financing solution that caters to each individual’s specific needs. When comparing consumer financing options, look for companies that offer flexible consumer payment plans.
United Consumer Financial Services offers monthly payment plans that fit your customer’s budget needs. With UCFS, consumers can choose plans from six months up to a few years. Your customers can choose the option that works best for their budget.
Choosing a financing solution that serves your business, as well as your customers, might feel like a challenge. But, when you’re shopping for partners, you want a solution that helps your customers bring home big-ticket items, promotes your business growth, and doesn’t consume your resources. United Consumer Financial Solutions checks all those boxes—plus more. The team at UCFS provides you with consumer financing solutions that empower you to empower your customers and build your business. And you can start today!