Improving Your Small Business with Consumer Financing
Many businesses today can offer consumer financing through third-party lenders. Today’s consumer financing options are much greater than they once were. Even small businesses can boost sales through financing without taking on an accounting department to manage payments and debt collection. Here are three benefits of offering consumer financing for your business.
You can sell to people who need your products
Consumers today often don’t have the savings account built up to make large purchases. When your small business offers consumer financing, you reach people who need your product or service. Your potential customer pool increases. Customers know that you care about their own needs. It can grow your customer base and increase repeat sales.
Setting up consumer financing is easy
Consumer financing can be easily integrated with your current website to give customers the option of getting financed before they shop. You shouldn’t have up-front costs or fees. We can train your staff on how to help customers obtain credit through the system, but it’s fairly intuitive. Customers have options and flexibility. You get customers.
You reduce your risk
Consumer financing works much like credit cards. Customers make the purchase from you, but pay the lender. You get your money in a couple of days. If a customer defaults, the lender becomes the debt collector. Your employees can focus on the business, instead of collecting payments. The lender handles the details and guarantees the sales.
Consumer financing increases the buying power of your customers. Customers can commit to purchases, sometimes larger than they might if you didn’t have consumer financing. They can pay those purchases out over a time frame that works for them. If your business offers consumer financing, you could convert more sales and have more time to spend on other aspects of being a business owner. Contact Diamond Commercial Group about consumer financing for your business.