4 signs your business is ready to offer financing options

Financing allows customers to make necessary home repairs on a budget. It also helps them tackle larger projects and upgrade to higher-quality products.

According to recent studies, more than half of all American consumers say they’d struggle to write a $1,000 check to cover an emergency home repair. That’s just one of the reasons that making financing options accessible and affordable is so important, especially in today’s economic environment. Financing allows customers to make necessary home repairs on a budget. It also helps them tackle larger projects and upgrade to higher-quality products. We should think about home repairs the same way we do other purchases, whether it’s buying a new car or getting the latest iPhone. Monthly payments make it affordable, without the initial sticker shock.

According to a recent Mosaic survey of 1,600 people, 35% of homeowners said financing options are an important factor in their hiring decision and that they would be unable to take on projects without paying for them over time. Leading with a low monthly payment in your next pitch may also help you land more jobs. If you’re not offering financing options to all of your customers, you may be losing out on projects to your competition.

Here are four signs your business may be ready to offer financing options.

1) You Care About Marketing Your Business

You’re already invested in marketing and promotions and want to expand your business. But to grow your business, you need to close more deals and preferably bigger deals. One way to do that is to offer quick and simple financing options right at the point of sale for all your potential customers. Helping your customers understand how easy it can be to afford their next project can get you to a ‘yes’ faster.

2) You are Actively Using Technology

If you’re already providing digital estimates and using technology to scope your projects, then offering financing options at the point of sale is a logical next step. Make sure you partner with a financing company who easily fits into your current sales process and integrates with your current manufacturer or SaaS partner. It should be simple for you to text or email a credit application to your homeowner where they can complete all of the paperwork from the comfort of their own home. 

3) You Have a Fleet of Vehicles

If you’ve started to operate a fleet of vehicles in your service area, you likely already understand how important it is to outfit this fleet with streamlined and efficient mobile tools. Your team must be able to manage their sales pipeline, offer purchasing options to customers, and track projects while on the road.

Offering financing options is a win-win. It helps your team close more deals on the spot. And it helps your customers understand their true buying power on their next project.

4) Your Fleet of Vehicles are Branded

You understand how important it is to have a consistent presence in your service area and area of specialty. You know that this may be the first impression potential customers have of your company, your work and your team. Believe it or not, offering financing options is also an important part of your customer’s experience with your company. It shows that you are a credible service provider invested in the latest technology — and that you’re dedicated to helping them complete their home improvement project. (Added bonus: This could also lead to some good referrals!)

If you’re not offering financing options to your customers yet, now may be a good time to consider adding it to the mix. Leading with low monthly payments makes it easier for homeowners to take on projects — and for you to close more deals. It also empowers customers to make the decision right now instead of leaving them with a quote and hoping that they’ll follow up with you in the future.

Original article posted here.

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