5 Signs That You’re Ready to Offer Consumer Financing
Offering consumer financing to your customers can be a huge boon to your retail or online business, since statistics show that orders increase by an average of 15% when customers are allowed to finance their purchases. In addition to that, virtually all consumers indicate that they would make use of consumer financing again, after having used it at least once before. Here are some signs that your business is ready to implement consumer financing.
Your business sells big-ticket items
If yours is a business that has big-ticket items for sale, you would more than likely benefit from offering consumer financing, since many customers are unable to pay the full price all at once for some large purchases. This is also true if your company is one which typically has a lot of sales around holiday times.
Customers will generally purchase much more and increase their order size when they don’t have to pay the full amount all at once. If your business is one that is conducive to having large customer orders, consumer financing would probably work well in your company.
Immediate payment for you
One of the biggest benefits of implementing consumer financing is that even though customers pay on their purchases over time, your business receives the full payment all at once. This could be a huge advantage for you in maintaining steady cash flow, and keeping the business running smoothly.
Incentives to buy
As a business owner, you can encourage customers to purchase even more through consumer financing, by offering incentives that will increase order sizes. For example, you could offer an incentive to take 10% off the total order amount on every purchase above a certain threshold.
Free consumer financing
It’s not hard to find a lender who will help you implement consumer financing, either for no charge or for a very small charge. This means that as a business owner, all you are responsible for is the fee for each transaction, just like you would be without consumer financing.
Consumer financing with FinCentral Capital
If your business is ready to offer customers consumer financing, we may be able to work with you to help make that happen. Contact us at FinCentral Capital so we can explore some possibilities about how to set up consumer financing for your company.