For businesses looking to help customers secure purchases in the $1,000 to $10,000 range, consumer financing programs can be practical and effective solutions. Learn what consumer financing is and how it can help customers cover the cost of their needed or desired purchases.
Consumer Financing Programs Defined
So, what is consumer financing anyway? Consumer financing allows customers to make low monthly payments for a set period of time, for goods or services that they otherwise couldn’t afford to pay for upfront with cash or a credit card. If you are a customer looking to make a significant purchase, a number of stores and businesses offer client financing. Businesses of all sizes can benefit from having an outside company manage financial collections, which is why many offer consumer financing as part of their payment options. This gives businesses more time to focus on selling their products and solutions while providing excellent customer service.
Consumer Financing Program Benefits for Businesses
Consumer finance solutions are ultimately designed to help both businesses and consumers. When a business decides to offer financing through a consumer financial services company, they open up the door for more potential business. When a business offers client financing, their customers can make purchases even if they don’t immediately have the available money or credit card bandwidth to cover them.
For example, UCFS offers consumer financing programs for funeral homes. Many families aren’t prepared for the overwhelming cost of a funeral, which is why, in many cases, funeral service financing is available. This way, grieving families can get the financing they need to afford funeral services that perfectly capture the spirit of their loved ones.
Benefits of Merchant Consumer Financing for Customers
While businesses that offer consumer financing programs can appreciate the ability to help customers pay for their products or services, consumers appreciate being able to make smaller fixed monthly payments with a set end date.
With a different example, a consumer needing medical equipment can finance their CPAP machine or Portable Oxygen Concentrator (POC) today, and make low monthly payments for 12, 18, or 24 months. For a medical need, nothing is more important than being able to obtain equipment right away. In this scenario, consumers benefit from not having a huge expense upfront, and they’ll get peace of mind in knowing they can pay the total off in fixed monthly payments.
There are other industries where customers can benefit from having the option to pay monthly installments of the total cost, as well. Some industries that frequently offer client financing programs include medical equipment companies, dental care providers, pet stores, and in-home sale companies. UCFS also offers retail sales and financing services for jewelry, furniture, flooring, and more.
Why Should You Consider A Consumer Financing Program?
Consumer financing is a great option for businesses of all sizes. Here are a few reasons why:
- The ability to offer an additional payment method to your customers for your goods or services.
- The experience of a consumer financial services provider to handle monthly payments.
- Fast approval so applicants can make fast, same-day purchases.
- Access to an easy auto-pay service – like the one offered through UCFS.
Go the extra mile for your customers. UCFS isn’t like other financial services companies. For 40 years, UCFS has offered consumer financing solutions to thousands of merchants and distributors, and we have serviced over four million satisfied consumers. We can help you establish a consumer financing program that empowers you and your customers. Work with us and see why we’ve been a trusted partner to many.