Do you want to attract more customers to buy your products but competition seems to be very stiff? Then think of a strategic approach on how you can be of better service to your clients.
One of the most effective marketing tools that you can use is giving your customer a payment option that will allow them to stretch their payments, such as consumer retail financing. This way, you can provide them with a flexible mode of payment in installment loans of up to 24 months.
You can do this in a few minutes upon checkout of any product or service people buy from you. Using this financing program gives various benefits to you as a merchant. Here is how this can help you.
Partnership with other Financial Services
The structure of the platform normally associates with different services of the financial institutions so that you can provide various solutions to your customers in just one system.
The financing organization might have a tie-up with credit unions, traditional banks, leasing companies, and firms offering alternative loans, among others.
Financing Program Recommendation
Upon purchasing, your customer needs to fill out an application so the system can identify the appropriate program ideal for your client. The system will base the recommendation on your customer’s risk profile.
Once you receive a notification of approval, you would need to give time for your customer to decide whether to accept the financing program or not.
Acceptance to Proceed with the Sale
As soon as your customer accepts the recommended loan program, you would need to ask them to sign some paperwork electronically, which will give them a receipt in return. This is the time that you can proceed with the sale and hand them the products and the services they requested for financing.
The full amount of the transaction will then find its way to your bank account.
Getting that sale is just as important as understanding the needs of your customer. Providing them with a better payment option would build an even better relationship.