All businesses work toward the same goal: increasing sales. In a market that requires you to go above and beyond to earn customer loyalty and beat the competition, offering financing gives you a competitive advantage that helps you increase your ROI and profits.
This article from United Consumer Financial Services provides helpful tips for finding a financing company to help you sell more, no matter what you sell.
How Does a Financing Company Help You Sell More?
The benefits of offering consumer financing go on and on, exponentially increasing your revenue from shoppers from all financial and economic backgrounds. Below we outline specific ways a consumer financing company helps increase your sales.
Increase Customer Confidence and Buying Power
Financing gives shoppers greater choice in their purchases. By spreading a lump sum payment over several years, consumers can more easily afford to pay off their installment loans without jeopardizing their planned every-day budgets or savings accounts.
Financing options increase consumers’ buying power. Because the payments are broken down into smaller sums, shoppers can upgrade or add to their purchases without incurring significant upfront costs. Offering financing increases average order values and instills confidence in your customers because they know they can safely and reasonably afford to choose the products or services they want when they want them.
Reach a Broader Audience
Many U.S. households operate on a month-to-month budget. They can’t shop for big-ticket items because they don’t have the cash to pay for these products upfront at the time of purchase.
But financing options empower shoppers to consider your goods or service and commit to purchasing them. Offering financing through a reputable firm helps you reach a broader customer base, including individuals without lump sum cash or access to traditional loan types.
Streamlines the Purchase Process
Significant purchases can intimidate and cause stress to shoppers. Any level of friction in the buying process can halt the sale. And once your customers hesitate to purchase, it’s difficult to re-engage them and bring them back to consideration.
Financing streamlines the purchase process, removing the financial roadblocks to closing the sale. By providing a simple, straightforward application and almost instant notice of credit decision, you simplify the purchase process and guide the shopper toward the sale.
Why Should You Partner with a Financing Company?
As explored above, offering financing is a wise business decision that brings in more shoppers and helps you sell more products. But what’s the best way to go about providing financing options?
Many businesses attempt financing in-house, only to discover they don’t have the resources or talent to do so effectively. Partnering with a financing company alleviates the burden of in-house financing and provides countless benefits that come with expertise and experience.
Save Resources
Partnering with a consumer financing firm will save time, energy, talent, and money. Providing financing –– and the support customers require –– is taxing on businesses, especially small businesses without the resources to effectively execute a financing program.
In-house financing often requires hiring at least one employee to handle applications and paperwork, payment collections, and customer support. Adding to your employee roster requires resources to provide a salary, benefits, workspace, training, etc.
Outsourcing your financing eliminates the overhead costs that in-house financing creates and allows you to focus on what matters: your business and your customers.
Cater to Customers
As you consider financing options for your customer base, you want to ensure a positive experience at every step, from application through loan repayment. Choosing a trusted, proven financing firm allows you to cater to customers as they take advantage of payment plans.
Your financing partner should provide expert customer service, anticipating and addressing user needs before they occur. Payment should be simple and easy to navigate for all users. And terms must be clear and consistent.
Experienced financing firms have plans and processes to cater to customer needs, delivering a positive purchase experience, which boosts sentiment and loyalty to your brand or business.
Prompt Payment
Cashflow is essential for the health and growth of your business. You need a steady stream of cash to operate day-to-day: you have bills yourself that you must pay. And according to recent research, 60 percent of small business owners say cashflow has been a problem for their business.
Partnering with a financing company helps you maintain steady cashflow so you can reinvest in your business. UCFS provides prompt compensation – in 1-3 days, so you won’t face a halt in cashflow because of your financing program.
Increase Sales Volumes
Finally, and most importantly, partnering with a financing company helps you sell more. Financing options are more than appealing; they’re expected. Consumers want and need financing options. Businesses must deliver on this demand.
When you provide installment loans and payment plans, you meet user needs while providing tools that empower them to purchase. Partnering with a financing company gives you the solutions and resources to increase cart value and grow your sales.
Partner with UCFS for Your Financing Needs
By now, you know that partnering with a financing company is the best way to deliver these services to your customers. But how can you find a firm that meets your unique needs?
United Consumer Financial Services sets the standard for consumer financing – for so many industries – including retail, call centers, medical services and products, home improvement, in-home products, and more!. We have over 40 years of experience that allow us to anticipate and meet your needs and wants, serving your business and customers with financing options that work for everyone.
Don’t waste valuable time searching for a financing partner. UCFS delivers at every step to help you sell more, increase revenue, and grow your business. Reach out to our team to learn how choosing UCFS as your financing company can help you sell more starting now.