Growing a business takes a lot of work. Easy-to-use consumer financing solutions are one of the best ways to create satisfying long-term relationships with customers, while outperforming your competition.
How to leverage deferred interest and reduced APR financing to grow your business.
One of the key benefits of offering financing is access to promotional and reduced APR financing plans. These are plans in which interest is deferred, or the interest rate reduced, by paying a higher merchant fee. At first glance, the idea of paying a fee to defer interest, or lower the interest rate, for your customer’s loan may seem counterintuitive. However, it is a concept that has proven itself over many years in a variety of industries.
The reason? Because, when applied properly, promotional financing enhances your customer’s buying power and makes home improvements (or anything else, for that matter) more affordable. As a result you are able to sell projects that might otherwise never happen or help homeowners increase the scope and value of their project.
Either way, promotional financing can be the key to delighting your customers. Keep in mind, your customer has to live with (and often IN) the final results of the project. So, if you make it possible for them to afford special enhancements and extras that increase their enjoyment of their home (and potentially boost its value) they will spread the word far and wide about you and your work. Clearly, there’s a lot more at stake here than just “getting the job done”. Used wisely, promotional financing can help you turn a “nice” project into an amazing, “we love it!” project.
Use Promotional Financing to:
• Attract new leads
• Increase your sales team’s close rate
• Increase the scope of a project
• Meet the needs of both types of customers
• Sell more products and services to existing customers
Excerpt from the E-book by Greensky titled “The Basics of Promotional Financing”. To access this book in its entirety, click here.