Training certifications allow individuals to enhance their skills, boost their value, improve their performance at work, and even look to a new career! Or open a new business. As a certification provider, you know training is worth the investment. How can you make these resources available to people who need and want this education now?
Read on as we explore why and how to offer consumer financing for your training certification business.
The Changing Landscape of Workforce Training
For decades, a four-year degree was perceived as the only path to career success (despite 60 percent of the U.S. population not having a degree.) Today, the tides are changing. More and more companies have shifted their hiring practices to focus on skills and certifications, in addition to or instead of degrees.
According to Forbes, more than half the workforce says they need additional training to better perform in their roles. In addition, individuals looking to change careers, who may already have a 4-year degree, need training to advance in their current role or for a new life direction. The demand for training certifications is there. How will businesses providing this type of education respond?
Below, we explore why you should offer consumer financing for your training certification business. Whether you provide in-person or online coursework, upfront costs for certification courses may be a bit larger than an individual has on-hand. Join the United Consumer Financial Services team as we walk through the myriad benefits financing delivers.
Recognize the Financial Constraints of Working Professionals
The target market for many training certifications is working professionals. They’re typically logging full-time hours and squeezing in training before or after work (not to mention their other responsibilities and obligations.) Their time is precious, as are their financial resources.
These individuals seek training to improve their skill set and increase their performance and value at their current or future position. They need affordable, accessible means to acquire their desired certifications and training without disrupting their budgets. Consumer financing is the ideal solution.
When you offer consumer financing to professionals seeking your courses, you break down financial barriers that block these individuals from success and upward mobility within their companies or for other opportunities. You empower working professionals to receive training they need to increase their value and fulfill their roles to the best of their abilities without increasing their financial burdens.
Serve More Individuals to Increase Sales
High upfront costs can act as a barrier to entry for potential customers. By offering low monthly payments, the cost of certification coursework is more manageable. Financing also makes it easier and faster for customers to make the decision to move forward with the coursework.
As a business owner, you want to increase sales. By offering consumer financing – low monthly payments – your customers can take courses now, and pay off their training in just 1, 2 or 3 years. Not like a college student loan that may take a decade to repay.
Budget-friendly Recurring Payment Model
The popularity of paying over time as well as subscription-based models, has increased in recent years. Offering low monthly payments can tap into this trend as the public has become more accustomed to paying for products and services on a recurring basis.
In addition, monthly payment with a fixed interest rate, means the individual has a planned, set budget as opposed to a credit card with a higher APR. With a credit card, if a customer pays just the minimum payments each month, the loan might take a decade to pay off. With retail installment loan, or what is offered by United Consumer Financial Services, loans are with a set dollar amount, an APR that does not change, and a set period of time. In other words, a dollar amount that can fit into a budget, and not impact a personal monthly budget too drastically.
No Immediate Impact on Savings for your Customers
Paying over time allows consumers to keep their savings intact. They can keep their financial safety net for unforeseen expenses while still reaching for their certifications to obtain a better job or start their new business.
Small, regular payments reduce the need to dip into savings. Smaller monthly payments can also help students to relive stress that comes with schooling. Without dipping into savings can help student decide to move forward with your certification coursework.
In markets where competitors primarily offer upfront payment options, providing low monthly payments can give a business a competitive edge. It sets them apart and attracts customers who are specifically looking for flexible payment options. In the certification industry, financing is not yet prevalent. By partnering with United Consumer Financial Services, you’re a step ahead of your competition and can capture a larger share of the market.
Unusual Circumstances for Businesses that Offer Financing
Some companies offering training certifications do so in addition to their primary business. For example, medical billing companies might also offer medical billing training certifications to individuals looking to learn the business and then open their own medical billing practice. Or, an IT services company might offer computer certification classes to their employees as well as to outside individuals.
Offering financing helps training certification businesses attract clients and defray their business costs by bringing in outside students for certifications. The benefits are two-fold if you offer financing for industry training that complements your primary business.
Build Your Business and Enhance Your Training Programs with Consumer Financing and UCFS
The culture of workforce education is rapidly evolving. Workers and employers alike want specialized skills that translate to better performance in their current environment; they want the training certifications you provide.
Make this education more accessible with consumer financing from United Consumer Financial Services. Consumer financing options increase affordability, which results in serving more customers and growing sales.
Take the next step in enhancing your training program. Consult with one of our team members today to learn how offering consumer financing can help you enroll more individuals in your training certification courses.