5 Reasons Your Small Business Should Offer Customer Finance
Date: 14 February, 2019
As a smaller business, the thought of offering your customers a finance option can seem rather daunting. It might seem like something difficult and hard to arrange, when it actually couldn’t be simpler.
There are many benefits to offering finance, we’ve pulled together our top 5 reasons your small business should be:
1. Customer Satisfaction
Most customers expect to see a monthly payment option to be provided as part of a professional proposal. There may be customers who want to buy your products but can’t afford to purchase upfront, meaning a finance option would increase your customer appeal. Offering finance also encourages greater interaction between you and your customers, improving retention and encouraging repeat business.
2. Better Business Image
A common perception is that only big companies can offer finance on their products and services. Customers are more likely to purchase from brands they feel are well established and can offer this payment option. By offering finance packages for your customers your business will omit any small business uncertainty by establishing an impression of a larger business. And in doing so, you will benefit from converting more customers by closing more deals, and your business will enjoy further growth.
3. Improve Cashflow
As a small business, you want to ensure as many customers as possible can purchase your product or service. By using finance, you get paid straight away, meaning you can reinvest in new equipment and develop a more secure cash flow in a shorter space of time.
4. Increase Deal Sizes
By spreading your customers’ costs over a repayment term, they will have financial headroom to increase their order values and volumes. You will be able to offer higher spec solutions with minimal increase in monthly cost to your customers. This means you can focus on the benefits of your solution rather than the cost.
5. Simple Set Up
If you work with an experienced finance company, such as Reality Finance, you won’t have to do anything at all to get set up to offer your customers finance on your products or services. Enter into an agreement with your finance company and they will do the additional legwork to ensure a smooth transaction for both you and your customers. It’s a simple, beneficial service that all businesses should consider, as there’s no time wasted working out terms or chasing clients for payment. All you need to focus on is building your business.