Shoppers come to you because they want peace of mind knowing their water is safe for drinking, cooking, and cleaning. You have the systems and products they’re looking for. But do you provide accessible payment options that make their purchase possible?
Providing financing options in today’s market is non-negotiable. Consumers want and need alternative payment methods. They base their shopping decisions on retailers and distributors that can provide them with the options they need to purchase responsibly and confidently.
This article explores a few reasons to offer financing for your whole-house water filtration company. Read on to learn why you should provide financing options starting now.
Gain a Competitive Advantage in a Fast-Growing Market
Whole-house water filtration systems make clean, safe water accessible to millions. And with growing awareness and desire for whole-home filtration, the market is growing faster than ever.
The global home water filtration market was valued at $3.1 billion in 2021. Research predicts that number will reach $5.8 billion by 2031, growing at a CAGR of 4.9 percent over ten years. North American consumers contribute the highest revenue to the market, and their purchases within this market are expected to grow at a 3.6 percent CAGR during the forecasted period.
What do these numbers mean for your water filtration company? First, you’re operating in a fast-growing market with unlimited potential. Understanding the health and direction of the whole-house water filtration market empowers you to make informed decisions that help your business grow.
Offering financing for your water filtration company allows you to position yourself to win in this highly active and competitive market. In addition, by providing monthly payment plans, you gain a competitive advantage over your competition.
When a homeowner considers whole-house water filtration, they must weigh the benefits against the cost. Unfortunately, for many individuals, covering the total cost of their system upfront is daunting, if not impossible. And for that reason, shoppers want and need filtration companies that offer alternative payment options with low monthly payments.
When you offer financing for water filtration systems, you increase the likelihood that consumers will choose your business over your competition.
Meet the Needs of Every Consumer
2022 research shows that 77 percent of Americans filter their drinking water at home. That’s up from just 73 percent in 2020. In a post-COVID world, consumers are more likely to implement preventive health measures to keep themselves and their families safe, and water filtration practices are a top priority.
The widespread adoption of water filtration, including countertops and whole-home systems, signals that most consumers want and need water filtration options. And as a filtration system provider, you must implement practices and provide resources that allow you to meet the needs of every consumer.
In the early days of whole-home filtration, these systems weren’t accessible to consumers with tight budgets or no credit. They were considered a luxury.
But today, whole-home filtration has come into the mainstream. It’s no longer considered a luxury purchase but a necessity for many homeowners. And these homeowners need payment options to make water filtration possible.
Offering financing for whole-house water filtration systems makes safe drinking water accessible to your customers. Your products and services appeal to a wide demographic, and you must provide financing resources that meet the needs of every consumer, including those who need payment options.
Financing plans empower your customers to make confident purchases that deliver clean, safe drinking water directly to the tap. Your client base isn’t one-dimensional. Provide financing options that cater to all consumers, and you’ll find that your customer base will grow.
Empower Customers to Upgrade Their Purchases
Consumers have various options when choosing their whole-home water filtration system. From basic models that remove sediment to systems that utilize UV rays, consumers can find water filtration that meets their unique needs and desires. When you offer financing for your whole-house water filtration company, you remove potential financial obstacles that prevent your clients from choosing the system they want that best fits their needs.
Installment loans and payment plans empower your shoppers to upgrade their water filtration system purchases. You increase your clients’ purchasing power by breaking down a lump-sum cost into affordable monthly payments scheduled over time – perhaps 4-6 years. A lack of credit or cash shouldn’t drive consumers to settle. And thanks to monthly payment plans, they won’t have to.
Consumer financing empowers customers to choose the systems they want and have them installed as soon as possible. Put power, choice, and autonomy back into your customers’ hands with financing options.
Serve More and Sell More with Financing Options
We’ve explored the many ways offering financing for whole-home water filtration systems serves and empowers your customers while pushing your business toward success. Consumers in every market want alternative payment options that increase their purchasing power while providing near-immediate access to the products they want and need.
Offering financing for water filtration systems and products allows you to serve customers, sell more products, and see your business thrive. United Consumer Financial Services has decades of experience assisting businesses like yours with financing services for you and your clients. Reach out today to learn more!