Financial Freedom Through High-Ticket Consumer Financing: Achieving Business Goals on Your Terms
Financial Freedom Through High-Ticket Consumer Financing: Achieving Business Goals on Your Terms
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Businesses that specialize in high ticket sales, whether it’s offering an exclusive, in-demand product or a skilled labor service, may have interest from new customers with the expectation of completing a transaction until it’s time to actually close the deal. That’s when potential customers often become reluctant due to the size of the price tag. The hesitance comes with a variety of objections as the customer wants to take some time to think about the purchase, consult with a spouse, or elect to shop around and explore the possibility of finding a better deal from one of your competitors.
In the end, your customer has walked out the door with little to no guarantee of a return visit to convert on a sale and your business has failed to generate revenue. That can be difficult for any business in any industry, but for those businesses that offer high ticket items, the challenges can be even greater as you cater to a specific set of clients who can afford what you have to offer, they just can’t afford to pay for it in full at the time of the purchase.
So where does that leave your business? If you’re not generating any income and your customers continue to procrastinate on hiring your services or purchasing your product, you may find that you’re unable to stay in business for much longer. The name of the game is growth and taking the necessary steps to ensure that your business continues to grow is priority one.
The first step is to offer financing options to your clients through Fund My Contract. Our network of third-party lenders are ready to help you increase sales, generate income, and reach more clients who want to purchase your products and hire your services. Fund My Contract is the financing solution that promotes business growth and expansion.
Monthly Payments Make High Ticket Sales More Affordable
When you work with Fund My Contract, we connect you to a network of third party lenders who develop a range of financing programs that can meet your customers’ particular needs. Most consumers don’t have the capability to pay for high ticket items in one lump sum, even if they can afford to make the purchase or hire your service. That’s why many customers will elect to wait and put off the sale until it fits into their budget next month or they need to save their resources to better afford the cost.
But when you can extend your customer a financing solution that fits their budget and their financial situation, you’re making it easier for that customer to proceed with purchasing that high ticket product.
A payment plan makes the cost easier to manage for the customer and that puts revenue into your business much quicker, allowing you to grow your business at your pace, not someone else’s.
But monthly payments are just one of the many possibilities for high ticket financing. A customer may prefer more flexibility in reimbursement with loan terms that give them more time to make payments. Some customers may qualify for lower interest rates that can make the costs of participating in a financing program more affordable.
Our network of third party financiers have a wide array of innovative financing programs to maximize your customers’ purchasing power and those customers who know they have more time and autonomy when it comes to paying for your products or services, they tend to increase the amount of high ticket items they wish to purchase.
Fund My Contract Makes the Application Process Simple
Offering financing to your customers should come with an effortless application process because nothing can ruin the momentum of a conversion on a sale than presenting your potential clients with a burdensome set of hoops to jump through in order to complete that sale. A complicated application that’s hard to understand and complete will just result in the customer losing interest and moving on from the sale which doesn’t benefit either party to the pending transaction.
That’s why Fund My Contract has streamlined the application process with criteria that can benefit customers with an excellent credit score and even those clients with challenged credit.
How it Works
The Fund My Contract online application portal allows you to review the various financing programs that you have chosen to make available to your customers. All of the information explaining the benefits and terms and conditions associated with each financing solution is spelled out and you can answer any questions the customer may have about these financing programs.
Once the customer is ready to proceed, he or she enters some basic personal information and the amount needed for financing into the online application. This is when a soft-pull on the customer’s credit is made, it does not impact their credit history or score, and the customer learns which financing programs they are approved to participate in.
The customer chooses the program they want, the application is processed, and the funds are transferred to the customer who then applies those resources towards completing a sale with your business. Those funds can only be used for completing a transaction with your business and no one else’s. The financing programs you offer should help your business grow not someone else’s. If the transaction falls through or the customer ultimately changes their mind, the funds are not eligible to go towards any other purchase or hiring of services with another retailer, service provider, or contractor.
When the sale is complete, your business gets paid in full, upfront. The customer is responsible for making monthly payments to the lender with whom the financing agreement has been established.
The Benefits of Offering High Ticket Financing to More Clients
Working with Fund My Contract to offer financing options and increase high ticket sales brings a wide range of benefits for your business and your customers alike. Affordable payment plans can increase your business’ conversion rates and help customers manage their spending. But that’s just the start, there are many more ways that financing can be a smart solution for generating more revenue and growing your business faster than ever.
Quicker Approvals Means More Conversions
Fund My Contract has made the application process simple which means quicker approvals for more customers who want to purchase your products or hire your services. Approval criteria goes beyond just the customer’s credit profile as it also takes other factors into account such as debt to income ratio, employment history, and additional information that allows for lenders to consider all aspects of a customer’s financial situation.
This benefits the customer by giving them access to the financing they need to purchase the high ticket goods and services you sell and benefits your business by generating more cash flow.
Foster Customer Loyalty and Retention
In today’s high stakes marketplace, offering a superior product or service can go a long way towards success. But if your customers can’t afford to purchase that product or service, they can become frustrated at the cost. When you give them financing options to make the cost more affordable, your customers will not only patronize your business more often, but tell their friends and family about you.
Online reviews play such a critical part in the decision-making process of today’s consumer. Positive reviews about your product, your services, and the customer experience can do wonders for attracting more traffic to your website or brick and mortar location, increasing revenue from the rise in sales.
Protect Your Bottom Line
A business that’s having trouble staying afloat with try all kinds of quick-fix solutions that don’t usually solve anything. Perhaps the most common of these is the habit of reducing prices to attract more customers. Sure, it sounds like one of those marketing opportunities that is a surefire way to bring new clients through the door. In reality, it’s a desperate bid to avoid the inevitable as most businesses who start to cut into their profit margins are out of business in six months or less.
The trick to improving the fortunes of your business isn’t to devalue the worth of your product or labor, the best way to get more customers to convert on a sale is to offer them financing options that make high ticket items more affordable. Don’t compromise your bottom line thinking it can be the way to grow your business.
Gain a Competitive Advantage in the Marketplace
Your customers rely on the quality of your products and expertise in providing the highest level of skilled services. But when you can give them even more reasons to choose your business over your competitors by offering financing to help make purchases more affordable, it can give you a leg up on the competition by reducing the barriers to conversion and increasing the likelihood that customers will make their purchases with your business instead of someone else’s.
Reaching Your Business Goals with Fund My Contract
Achieving success on your own terms sometimes requires a little help. Fund My Contract is the financing solution that can help you overcome the barriers and obstacles that are slowing down growth and making your goals seem out of reach. Give us a call today and let’s discuss how your business can benefit and thrive from a range of financing options to boost sales and stimulate cash flow like never before. Our team of high ticket consumer financing experts can walk you through every phase of the plan, from the onboarding process to the methods for incorporating your financing options into your advertising campaigns.
Don’t wait to reach your business goals. Get on the fast-track towards achieving them with one call to Fund My Contract today.
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