All businesses need ways to stand out from their competition, attract customers, and convert them into clients. This is especially true in the home improvement market. Whether a home owner needs a new roof, replace an old inefficient furnace, or finally add central air conditioning, they need to find a way to do it that doesn’t max out their credit cards or make them take out a second mortgage.
Offer Customer Financing
Offering financing options to customers for those high-ticket purchases is a win-win solution for both the merchant and the customer. Offering customers an updated method to “BUY NOW and PAY LATER” – a strategy perfected by brick-and-mortar retailers before credit cards, may be just the competitive advantage you need in a competitive market.
Modern “Buy Now-Pay Later”:
Online Credit Applications
Now you can provide potential customers with financing options right at the point of sale. You no longer worry about getting paid. By offering customer financing, your customer goes online and knows in seconds if they qualify for a loan.
Affiliate your business with a financing company that provides immediate online customer loan approvals. Your potential customer fills out an online loan application and knows within seconds if they qualify for a short-term loan and choose their monthly payment options.
The Benefits of Online Customer Financing
Online customer financing
Attracts more potential customers
Converts more potential customers to clients
Increases the price/scope of the project or sale
Develops customer loyalty
But most important, the merchant carries no receivables – you get paid by the finance company.
Interested? Here are the Facts
EMPOWER Lending Alternatives™ can be your gateway to a simpler solution to raise sales while lowering receivables with our customer financing solutions.
When is the merchant paid?
Typically, the merchant gets paid upfront in full, or 50% upfront and 50% upon completion. This will depend your type of business and your agreement with the financing company.
Who carries the credit risk?
The financing company owns the payment/credit risk.
How does it work?
Step 1 – You contract with our customer financing company and get setup with an online loan application webpage for your business.
Step 2 – Your customer uses the online loan application webpage for loan approval and payment options.
Step 3 – Your customer selects their payment option and completes the loan process.
Step 4 – You provide the goods and/or services and get paid according to your agreement with the financing company.
Step 5 –The financing company collects the payment from the customer and charges a fee for their services.
Why should I consider using EMPOWER Lending Alternatives™ as my financing partner?
Here is why you should consider EMPOWER Lending Alternatives™ as your financing partner:
The usability of the service – we work with you to set up your online loan application page so it seamlessly fits into your payment process.
Payment terms and risk – we spend the time you need to understand when you will get paid and any fees involved.
Branding and Customizations – we work with you to customize the online loan application page to compliment your branding and business online presence.
Managing customer complaints – we clarify with you how things would work with customer project issues.
Payment terms for customers – we explain what would happen if a customer is unable to make a payment, or how much a customer will be charged. We work with you to match you with the financing partner that provides the best deal for your customers.
Availability of customer service and support – we pay extra attention to how the financing company treats you and your customers. We know all positive and negative experiences with the financing company will also be associated with your brand.
The customer experience is the key competitive advantage, and financing companies help simplify financing as much as possible. Customer financing is available today within seconds at the click of an online button.
Merchants and home improvement contractors offering online customer financing solutions see a rise in their conversion rates. Online customer financing turns more potential customers into clients.