So, you want to start offering consumer finance to your customers?
Good choice. Consumer financing allows customers to set up a payment plan to buy your product or service. It’s great for business because well, customers love having the ‘buy now, pay later’ option. Consumer financing is designed to convert shoppers into paying customers. By rolling out a payment plan, you are giving customers the chance to buy something they need but otherwise cannot afford. It is also a great way to develop your customer service and build a loyal customer base.
Consumer financing works for all businesses, whether big or small. But, the real question is, how do you find the right consumer finance loan provider for your business?
Well, to get you started, here are five factors to consider when choosing Point of Sale Financing partners.
Omnichannel
The first thing you want to consider is whether or not the Point Of Sale (POS) Financing partner supports multiple online and offline channels. Some retailers are solely reliant on eCommerce while others have brick and mortar stores, and some have both. Finding a partner that provides you with a fully integrated system that can be used in both physical and online stores will not only help streamline internal processes but will also provide a seamless user experience for customers in your store or on the website.
24 Hour Support
Customer support is crucial and should be top of mind when making your selection. In the event that things go wrong, you want a POS finance partner that is available to handle your query on any given day at any given time. lack of support could cost you some valuable sales, and with that in mind, you want to ensure that your staff always have access to assistance when they need it.
Easy To Use Management Dashboard
When it comes to providing loans, you want to make sure that you have access to all the relevant information. In addition to that, you also want to ensure that the information you are looking for is correct, fully automated, and displayed in a single place. Point of Sale Financing partners like ChargeAfter.com provides merchants with an easy to use management dashboard that provides live performance reports, detailed transactions, historical transactions, refunds, and more as they occur.
Instant Responses To Applications
Instant gratification is something most customers have come to expect, and it is no different when it comes to applying for financing. As a merchant, you want to ensure the process of applying for the loan is as easy as possible. This means looking for partners that require as little detailed information as possible without having to leave your store or website at all. In addition to the application, you also want to look for POS financing partners that provide instant approvals. Ideally, you want to ensure the entire process of landing the loan takes a few minutes from start to finish.
What Are The Benefits of Consumer Financing?
Consumer financing is beneficial to both you and the customer. here are a few reasons why:
Increased sales. Customers are more likely to buy from a store that offers a ‘buy now, pay later’ option. They get the goods they want, and you get the sale.
Better customer service. A happy customer turns into a loyal one. It costs you much less to keep a customer than to attract a new one. You can offer special deals and incentives to keep them around.
More business. Sometimes people are hit with expenses they hadn’t planned for. And as you can imagine, most people cannot afford to spend large amounts all at once. The more payment options you offer, the more likely a customer will spend their money with you.
More time to focus on your business. Chasing people for payments is a nightmare and time-consuming. Plus, it makes you lose focus. When you choose the right finance provider they can collect payments for you, so you can focus on your business.
If you think about it, it is a win-win situation. You release the customer from a financial burden, and you benefit from the sale.
The Bottom Line
Ultimately, offering consumer financing will benefit your business, no matter how big or small.
Now that you have an idea of the factors to consider, all you need to do now is decide which partner would be best for your business and your customers!