Consumer Financing: Benefiting Customers While Improving Your Bottom Line
Consumer financing is not just for large corporations anymore. Businesses of all sizes from every industry are using consumer financing as a way to grow their customer base and increase revenue.
What Is Consumer Financing?
Consumer finance options works on two fronts, both of which are beneficial to everyone involved. First, consumer financing offers payment options to customers. Instead of having to pay for their purchases in one lump sum, consumer financing spreads out the total over small monthly installments. This provides much greater flexibility and allows customers to purchase larger ticket items without worrying about breaking the bank. For businesses, consumer financing means there is a steady cash flow. Customers who are approved for consumer financing are locked into a system which guarantees payments on purchases, instead of having to send out reminders and track receivables across multiple accounts.
Using Consumer Finance Options For Business Growth
When a business advertises that is offers consumer financing, existing customers will happily apply. Beyond that, consumer financing can be used to grow the customer base of any business. By adopting a consumer finance program, businesses can make special offers. Incentives such as “first six months, same as cash” or “no interest for the first year” entice people to make purchases and sign up for financing options in order to take advantage of big savings.
When customers apply for financing, everything is handled with a simple phone call. Someone in the business calls the financing organization and gives the information from the customer’s application. A quick credit check is performed, which determines the amount of financing available to the customer, as well as the amount of each monthly payment. The entire process only takes a few minutes, and approvals can be completed while the customer waits, or while they shop.
What Businesses Offer Consumer Finance Options?
From small niche start ups to large manufacturers, distributors, and even medical providers, every industry offers consumer financing. Since we live in a world where consumers will shop around for the best deals, offering financing options will act like a beacon to grow your customer base. What was once the domain of big box stores is now available to entrepreneurs across the board.
Start Growing Your Business Today
BG Capital Funding Group offers the most versatile and effective financing program for consumers, to businesses of all types. Contact our offices today to get started.