As a business owner, we know that you’re always looking for ways to improve your business and increase sales.
There are countless ways to do so:
- Creating better marketing campaigns,
- Hiring new employees,
- Expanding to a new part of the region,
- Buying in bulk to reduce total cost,
- Offering different vendor financing options to customers,
- And many more.
There’s really no limit to what you can do to improve your business and increase sales.
One of the ways we recommend, especially to equipment vendors, is offering your own vendor financing programs directly to customers. But lots of companies don’t know how to offer vendor financing to customers in an effective way.
Adding Equipment Financing to Your Services
The first thing you need to consider is how you’re going to implement equipment financing in your business.
While it’s possible to do everything on your own, if you don’t have any experience integrating vendor finance programs into your business, especially if they’re complicated or personalized on a per-case basis, then you might be better off working with an equipment financing professional.
Equipment Financing As a Service Improves Ease of Access
Adding equipment financing to your list of services when selling equipment makes it comparatively easier for a potential customer to go from “interested” to “potential buyer” to a “completed sale.”
Why? Because there are far less steps involved when they can finance directly with you, through your website, over the phone, etc.
Without an equipment financing program, and especially for big ticket items like heavy equipment, they’ll have to go to a bank or find a specialized financier that caters specifically to their situation.
For each “extra step” that someone has to go through, the more chances they have to change their mind and find somewhere else to get their financing.
In other words: offering equipment financing reduces the time someone will reconsider getting their equipment from you.
Equipment Financing Can Reduce Costs for the Customer
For a customer who is ready to spend money and commit to an agreement to get the equipment you sell, you want to make it as enticing as possible.
By being able to offer equipment financing through your own company (whether on your own or with the help of an vendor financing professional), you have the ability to customer the offerings to each person that comes through your doors.
This way, you can help to secure a sale by creating an equipment financing plan that gets someone off the “fence” and into a completed sale.
You Can Control Customer Service and Generate More Business Reviews
When a business doesn’t have an equipment financing program to offer, customers have to go elsewhere to get the funding and then come back to make the purchase.
When you know how to offer financing to customers, you create a perfect opportunity to promote more interactions with your customers. As a result, you have a higher chance of getting a better reviews from the customers that buy from you and use your services.
Offering Financing Creates More Customer Education Opportunities
When you’re keeping the “financing” portion of your business inside of your business, rather than forcing customers to go to a bank or an outside lender, you have the option to help educate them on the financing process.
Knowing how to offer financing to customers is a great way to establish yourself as an industry leader in your region or market. Customers are going to be more likely to make a sale with you or refer you to someone else when they can trust you for the expertise that you have.
When it really comes down to it, the most important thing is making the customer feel valued in any transaction that they make. It helps you to control the field a little more by keeping more of the “moving pieces” in a business transaction in your court. This allows you to secure more deals and improve sales and gives customers an easier purchasing process and a better deal for them.
Selecting A Vendor Finance Program Partner
When selecting a vendor finance partner to help you with your vendor finance program, you need someone who will act as your one stop source for financing. They need to be able to both provide customized solutions and be able to work with those with weaker credit.
Trust Capital can be that partner. Trust Capital provides sales/marketing support, application processing, quotes, reports, credit underwriting, pricing, and even documentation. You’ll also be provided an up to the minute status so you won’t get left behind.
Trust Capital will also provide a captive finance program. This is where they make the vendor finance program look like it’s coming from a department of own business. It will look like you are providing the financing.
Having a full-service approach lets you access a wide selection of premier funding sources. Even a full suite of financing products that meet your client’s specific needs can be easily achieved.
Trust Capital will find a vendor financing solution that is right for you and your customers. This will help drive up your sales as you’ll get an increase in approval and closing percentages. What more is that Trust Capital will streamline the entire funding process for you.
Final Thoughts On How Offering Equipment Financing to Customers Improves Sales.
Having a vendor finance program for your business has a lot of benefits; the most important being that you increase your sales.
I expect that you learned what you were looking for about having a vendor finance program. But if you have further questions, don’t hesitate to reach a vendor finance program specialist at 866-458-4777.