Offer Customer Financing
Brainy Loans
Why Customer Financing Matters for Business?
Customer financing is valuable for businesses to increase sales and attract a broader customer base. Not all consumers have enough money to pay for your product or service, so offering them a payment could help you earn their business.
Here are some more reasons that consumer financing is crucial for your business success:
By offering financing options, businesses can attract a broader customer base, including those who may not have the cash upfront to make a purchase. This can lead to increased sales and revenue.
Providing financing options can set a business apart from competitors that do not offer such flexibility. It can be a compelling selling point that attracts customers.
Financing options can encourage customers to buy more expensive products or services than they originally intended because they can spread the cost over time. This can lead to a higher average transaction value.
Offering financing options can build customer loyalty. Customers who have a positive experience with financing are more likely to return to the same business for future purchases.
The list goes on, having financing options is crucial to being a successful business. Major companies such as Amazon use similar technics where they have customers buy not and pay later.
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Benefits of Financing Platform.
There are a lot of benefits to partnering with a financing platform for your business, it can help you take your company to the next level by providing your services to consumers you might have been turning down before. Not only are you able to extend your service to a larger pool of customers you are also able to increase sales and revenue.
Consumer financing platforms are a one-stop shop to provide you with all the tools you need and partnerships with lenders you might not be able to obtain. Here is some platform features your are able to get:
- Simple On-Line Application Submitted to Multi-Lender (30+ Lenders iIn Platform) – Excellent, Good, Fair and Poor Credit Profiles Accepted
- Loan Amounts up to $200,000
- Decisions in Seconds
- Funds As Soon As the Next Business Day
- Rates Start At 5.99% (Subject To Credit And Financial Profile)
- No Collateral Required
- Application Has No Impact On Credit Score- Soft Credit Pull Only
- Low Discount Rate Of Only 3.9%
- Unique Customer Loan Application URL
- Co-Branded Loan Application Web Page With Business Logo
- Instant Email Notification Of New Customer Loan Applications
- Up To The Minute Ongoing Loan Application Status And Funding Notifications
- Back Office CRM
- Program Client Resources
- One-on-One Training
- Ongoing Loan Application and Funding Support Coaching
- On-line invoicing and Payment System
- Additional Industry Specific Lenders and Solutions (Subject To Eligibility) that feature point-of-sale firm approvals and direct-to-merchant funding commitment
- Concierge Builder- Assist With Developing A Strategy For Utilizing Financing And Overall, Driving Traffic To Your Business.
- Rebate Program : $100 Earned Back To The Business For Every $20,000 In Successful Sales Through Flexxbuy’s Credit Select Plus Platform- Perpetual
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Pros and Cons To Customer Financing Platform
Just like in many areas of our lives, there are pros and cons to both. As a business, you should evaluate everything carefully and decide what is right for you as a business owner.
Here are some pros and cons to consider before partnering with a financing platform:
Pros to offering financing for your products or services.
- Sell More: The highest benefit of offering customer financing is it increases your chances of selling to the customer. Studies have shown that point-of-sale financing can increase your sales by 20%-30%.
- Increase order size: Most of us have to settle for less because we don’t have enough money. Having financing will help you upsell the customer and increase your overall company profit.
- Get paid anyway: Using point-of-sale software will help you get paid upfront and not worry about collecting money from customers after the job. No need to chase down payment, you can put your focus on your company instead.
- Return Business: Providing customers with the option to split a large bill encourages repeat purchases and incentivizes them to share their positive experiences with friends.
- Beat the competition: Competition is commonplace, and one effective strategy to outperform your competitors is by offering customers a user-friendly experience.
Cons to offering Financing for your products or service.
- Fees: Typically financing platforms will have small fees associated with their services. But most companies have low fees to justify the benefits they can have to your business.
- Training: It will take some time to get trained to use the platform efficiently, having an easy-to-use platform can help you and your team get up to speed within minutes.
With our partner’s platform, you can enjoy numerous benefits without making significant sacrifices. It’s essential to carefully evaluate your options to determine if offering financing aligns with the needs and goals of your company.
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Consumer Financing: A Fit for My Business?
Consumer financing can be a valuable option for many businesses, but it might not be the right choice for your business. This can depend on many factors, here are some considerations to help you determine if consumer financing is right for you:
Consumer financing is more commonly used in industries where customers make large, high-ticket purchases, such as electronics, furniture, home improvement, automotive, and healthcare. If your business falls into one of these categories or involves substantial purchases, consumer financing might be more applicable.
Assess whether there is a demand for financing among your customer base. If your customers frequently inquire about financing options or if your competitors offer financing, it’s a sign that it could benefit your business.
Consider your business’s cash flow. Offering financing may provide an opportunity to increase sales by allowing customers to make purchases they couldn’t afford outright. However, you must also ensure you have the financial capacity to manage the associated costs.
Evaluate your profit margins. Consumer financing typically involves some level of cost, such as interest or fees. Ensure that your profit margins can absorb these costs without eroding your profitability.
Think about how consumer financing might impact the customer experience. Clear and transparent terms, as well as easy application processes, can make financing more attractive to customers.
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Point Of Sale Financing FAQ
What is Point of Sale (POS) Financing?
POS financing is a payment option that allows customers to spread the cost of a purchase over time, often with fixed installment payments or deferred interest.
Is Good Credit Required for POS Financing?
The credit requirements vary among financing providers. Some may offer financing options for customers with less-than-perfect credit, while others may require good credit.
What Are the Interest Rates and Fees for POS Financing?
Interest rates and fees can vary widely. Customers should review the terms carefully before choosing POS financing to understand the total cost.
Can Customers Pay Off POS Financing Early?
Many POS financing agreements allow customers to pay off their balance early without penalties. This can save them on interest costs.
What Happens if a Customer Misses a Payment?
Missing payments can result in late fees or penalties, and it may negatively impact the customer's credit. It's essential to communicate with the financing provider if facing financial difficulties.
Is POS Financing Secure?
Reputable POS financing providers use secure technology to protect customer information and transactions. Customers should look for secure payment options when using POS financing.
Disclaimer: Financing Platform Offered by Brainy Loans
Brainy Loans offers financing options to customers through its trusted financing partners. By choosing to use the financing services provided by Brainy Loans, you acknowledge and agree to the following:
Independent Financing Provider: Brainy Loans acts as an independent intermediary between customers and third-party financing providers. The financing options offered are provided by external financial institutions and not by Brainy Loans.
Creditworthiness Assessment: The approval of financing applications and the terms of financing are determined by the third-party financing providers. Brainy Loans is not responsible for credit decisions or financing terms and cannot guarantee approval.
Interest Rates and Fees: Interest rates, fees, and repayment terms for financing are established by the financing providers and may vary. It is your responsibility to review and understand the terms and conditions provided by the financing provider before accepting any financing offer.
Financial Responsibility: You are solely responsible for all financial obligations associated with the financing arrangement, including repayments, interest, and fees.
Privacy and Data: Brainy Loans may share your information with third-party financing providers for the purpose of facilitating financing requests. Your privacy is important, and Brainy Loans is committed to protecting your personal information. Please review our Privacy Policy for more details.
Disclosure of Affiliation: Brainy Loans may receive compensation from financing providers for facilitating financing arrangements. This compensation does not affect the terms of your financing agreement.
Legal Compliance: Brainy Loans is committed to complying with all applicable laws and regulations governing the provision of financing services.
Dispute Resolution: Any disputes related to financing services should be directed to the financing provider in accordance with their dispute resolution procedures.
By using the financing services offered by Brainy Loans, you acknowledge that you have read and understood this disclaimer and agree to its terms and conditions.
Please carefully review all financing agreements, terms, and conditions provided by the financing provider before proceeding with any financing application.
For inquiries or assistance related to financing, please contact Brainy Loans customer support.
Disclaimer: We make every effort to ensure the accuracy and currency of our information. However, the information presented may differ from what you find when you visit a financial institution, service provider, or product site. We do not provide warranties for any financial products, shopping products, or services. When reviewing offers, please carefully read the terms and conditions of the financial institution. Pre-qualified offers are not binding. If you notice any discrepancies in your credit score or report, please contact TransUnion® directly. Our partners compensate us for featuring their products on our site, and this may affect the products we write about and their placement on the page. However, this does not influence our evaluations, and our opinions rema
