Whether for an engagement, a vow renewal, or an “I love you” present, diamond rings are a timeless symbol of devotion. Financing allows you to help your customers choose the perfect ring for the ones they love.
Read on to learn more about why you should offer financing for your diamond ring jewelry business and how doing so serves your clients and boosts your revenue.
1. Give the Gift of Now
Diamond rings are one of the most precious and meaningful pieces of jewelry one person could gift to another. No one wants to put off purchasing a diamond ring, especially when the buyer plans to pop the question! But if a shopper doesn’t have the cash to pay for the ring and they don’t have access to a credit card or traditional loan options, often, the only choice is to postpone the purchase –– and the engagement.
Financing provides flexible payment options that allow shoppers to bring home the perfect ring on their timelines. Installment loans enable consumers to choose the ring they want and pay for it over time. There’s no waiting until they’ve saved enough cash or boosted their credit scores. They can shop, gift the ring, and say “I love you” right now.
Diamond rings, especially engagement rings, are time-sensitive purchases. Give your customers the gift of time, and help them buy a gorgeous ring and bring it home today with consumer financing.
2. Increase the Value of Ring Purchases
Introducing consumer financing early in the buyer’s journey plants a seed of confidence in the shopper’s mind. When they know they can spread payments over time, they expand their ring options, including premium stones and settings that they otherwise might not have considered.
Because financing works by breaking down ring prices into affordable installments paid over time, shoppers can choose higher-value items without jeopardizing their planned spending. For just dollars more per month, your customers have the freedom and power to upgrade their diamond ring purchases with the confidence that they can easily make their payments.
In addition to choosing premium rings, shoppers can add pieces to their purchases. For example, they might want a matching earring set or necklace to complement their ring. Financing solutions help you cross-sell merchandise and increase average transaction values. All the while, your customers have peace of mind knowing their payments are affordable, scheduled, and consistent throughout the life of their loans.
3. Make Diamond Rings Accessible to More Shoppers
The broader your customer base, the better for your business. Financing options make diamond rings accessible to the greatest number of shoppers possible.
If you don’t offer financing for diamond rings and jewelry, you’re closing the door on many customers who want or need alternative ways to pay. Some shoppers choose to allocate their cash savings to other wants or needs; some don’t have credit that gives them access to traditional loans; some don’t have credit cards.
Whatever their reasons, shoppers want flexibility with big-ticket purchases. Consumer financing is the solution. When you provide payment plans, you make your inventory available and affordable to consumers ready to buy the perfect diamond ring jewelry today.
4. Capitalize on the Moment and Secure the Sale
Finding the perfect diamond ring feels like you’ve hit the jackpot. However, the high price of premium-quality diamonds creates roadblocks for individuals without cash or credit to facilitate the purchase. Everything can go right in the sales process, but if the price is too high for shoppers, they’ll slow down and even rethink their buying decisions.
Providing consumer financing for your jewelry business allows you to capitalize on the high emotion of ring shopping, empowering your customers to bring home that perfect ring today. Financing streamlines the buying process. The fewer bumps along the path to sale, the higher the likelihood you’ll close the deal.
Financing options address potential hesitations your shoppers might feel regarding big-ticket price tags. Give clients the tools they need to proceed with purchase and capitalize on the energy and excitement of diamond shopping. You’ll secure the sale, and your customers will leave happy –– with a diamond ring in hand.
5. Free Up Your Resources by Partnering with the Right Financing Firm
Running a jewelry retail business takes everything you’ve got. From inventory to employee management to advertising to customer care, you want excellence at every turn, including your financing program. That’s where United Consumer Financial Services shines.
UCFS offers a quick, straightforward financing application with prompt notice of approval. From there, you can commence with the sale and provide clear instructions for loan repayment. Here are the steps:
- Enter the customer’s online credit application, or have them enter it themselves
- Receive near-immediate communication of credit application status
- For approved credit applications, customer eSigns the contract right from their phone
- Move forward with the sale
- Get paid by UCFS within 1-3 days after the transaction is complete
- Consumer makes payments through autopay for the life of the loan, starting 30 days after the contract is executed
With UCFS, there are no surprise fees for your business, consistent rates/APR for your customers, and high approval rates that translate to success for your diamond ring sales.
In-house financing is expensive and time-consuming, and it’s easy for things to slip through the cracks, especially when you’re juggling other aspects of your jewelry business. Let our team handle the intricacies and the legal aspects of consumer financing so you can free your time, energy, and financial resources to pour directly into your customers and growing business.
Partner with UCFS for a Better Diamond Ring Financing Experience
For over 40 years, we’ve been providing consumer financing solutions to businesses like yours, helping our clients sell more while delivering an exceptional purchase experience for their customers.
Position your diamond ring jewelry business for success and provide the financing options your shoppers want and need. Contact United Consumer Financial Services today to learn how.