Installment loans allow almost any shopper to bring home their purchase or buy their service regardless of the price tag. For many, retail installment loans allow them to afford those big-ticket items they need and want.
Offering installment loans helps you reach and sell to a large, diverse group of customers. In this article, we show you how to use installment loans to serve your customers and grow your business.
1. Attract Shoppers
For many shoppers, paying out of pocket for big-ticket items simply isn’t an option. More than one-third of Americans don’t have the funds to cover a $1,000 emergency bill. This leaves consumers in an unfortunate predicament when shopping with businesses that offer cash-only sales.
But when presented with the option of installment loans, these same shoppers can bring home your goods without worry. Shoppers who know you offer to finance are more inclined to shop with your business than with a competitor who doesn’t provide installment loans. Make it clear on your site and in-store that you provide installment loans for your buyers. When customers know from the outset that they can choose installment loans to finance their purchase, they’re confident to shop freely, choose upgrades, and increase their purchase value.
Installment loans enable consumers to fulfill their purchases by making scheduled, affordable payments instead of trying to pay one large sum. Your customers walk away with the items or services they want, and you benefit from increased revenue, helping you grow your business.
2. Increase Business Cashflow
Your business must have a positive cash flow to grow. By providing installment loans for your shoppers, you ensure your business receives payment while making it possible for shoppers to easily manage their purchases through monthly payments.
Cashflow is the lifeblood of your business. But a recent study shows that 60 percent of small businesses cite poor cashflow as a significant problem, and sixty-six percent of businesses say a delay in payment processing is the biggest obstacle to cash flow. According to Forbes, the average small business in the U.S. has over $50,000 in outstanding receivables. It’s not a lack of funds that causes small businesses to struggle. It’s a lack of funds available for immediate use.
Thankfully, when you work with a financing firm like United Consumer Financial Services, you enjoy consistent cashflow while your customers take advantage of monthly payments to fulfill their purchases. UCFS ensures you receive your payment within just a few days of the retail installment contract so cashflow issues from financing are not an issue to your business.
Installment loans make big-ticket purchases simple for your customers. Shoppers apply for financing on UCFS’s site. The process takes just a few moments, and minutes later, a notice of approval is provided. Customers can start their service or bring home their items that same day.
Shoppers can then easily repay their installment loans through affordable monthly payments. Businesses partnering with UCFS receive payment just days after the transaction.
Installment loans ensure your cashflow does not impede your business growth. In fact, offering installment loans promote growth and expansion for your business regardless of the industry you’re in.
3. Boost Customer Retention
When you offer financing options, you increase your sales. Research proves again and again that installment loans bring in more revenue than cash-only sales. That’s because installment loans make big-ticket purchases possible for nearly all customers –– not only those with the ability to pay for their items in full.
Offering Installment loan options helps your business grow by encouraging customer retention. If you can earn the trust of a customer once, they’ll return to you again and again for their needs. Buyers want a superior product and superior service. When they find what they like, they’ll stick with it.
When presented with installment buying options and consumer financing solutions, customers are more likely to buy from you, which means they’re also more likely to shop with you in the future. Bring them to your store with installment loan options, and earn customers for life.
Installment loans earn repeat business by getting customers through the door the first time. Your shoppers want financing solutions that allow them to shop your store again and again. By offering installment loans through UCFS, you make shopping easy, affordable, and enjoyable.
4. Reinvest in Your Business
You know that running your business takes all you’ve got. Expanding and growing your business might feel impossible with the day-to-day tasks you must manage. But offering installment loans to your shoppers enables you to reinvest time, energy, and money into your business.
Some companies want the advantages of consumer financing but try to manage it all in-house. Unfortunately, taking on the tasks of in-house financing often leaves business owners drained of resources and energy. That’s why smart business owners choose to partner with United Consumer Financial Services for their installment loan solutions.
UCFS makes applying for installment loans simple for every customer. Buyers fill out an application through UCFS’s customer portal. In minutes, they receive a notice of approval. Customers can then sign their contract to bring home their items or start their service the same day, thanks to affordable, scheduled monthly payments.
And because UCFS handles payment collection and customer support, you and your team can focus on what matters most: running your business. UCFS manages the installment loans and consumer financing, saving your business’s resources. As a result, you can then spend your time, energy, and money on growing your company.
Providing installment loans through UCFS enables you to grow your business by saving money and time and providing helpful solutions to your customers. Contact our team today to explore the many benefits of retail installment loan options!