Consumer Financing Options for High Ticket Needs
Published June 06, 2024
Consumer Financing Options for High Ticket Needs
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From contractors to coaches, online retailers to service providers, small business owners from every industry are looking for ways to grow their businesses in highly competitive markets. The goal is to attract customers, drive sales, generate more revenue, and expand your reach, all while staying true to your company’s business model.
But a downturn in sales can lead to stagnant growth and a reduction in revenue threatens the long-term outlook for the future ahead. This is particularly true for retailers and skilled laborers who sell expensive goods or services that provide high value to the consumer. These high ticket sales keep many businesses thriving on an annual basis as they represent higher profit margins with increased profitability for the long-term.
However, if the customer can’t afford to buy the product or hire the service, the business is going to struggle. The customer may have every intention of making a purchase, but despite heavy interest and even a fair and competitive rate on your part, no sale is ever completed.
Is your business struggling with this reality? Are you having difficulty meeting sales projections and booking service appointments with more customers? Has your company’s cash flow been reduced to a meager trickle?
Have you waited long enough to grow your business on your terms?
The time has come to offer consumer financing through Fund My Contract. Businesses that offer in house financing options to their customers are making it easier to get ahead and succeed for the long-term.
Customer Financing with Monthly Payments
If your customers can’t afford to buy, they won’t. Plain and simple. So anything you can do to make high ticket sales more affordable to more customers benefits both you and your customers.
When you offer high ticket consumer financing options with our network of third party financing companies, you are empowering the customer to purchase the products they want and need, hiring the services you provide, and providing increased value while positioning your business as a problem solver in more ways than one – not only are you offering valuable products and utilities to your customer base, you’re putting those expensive products and high ticket services within reach when they may have otherwise been unattainable.
The biggest hurdle to converting sales is the cost. Maybe the consumer was expecting a lower price and he or she wants to shop around or they simply are unable to fit the cost of the purchase into the budget for that month and they have to wait until a later date to buy your product or hire your service.
That doesn’t help you increase sales and generate revenue. It means you’re waiting to grow your business. High ticket financing reduces the barriers to converting a sale by making the cost of the product or service more affordable, not by lowering your price and cutting into your profit margins, but letting the customer pay for their purchase over a series of monthly payments.
Your high ticket product or service may be the best on the market and offered at a fair, albeit expensive price and you or your staff may be highly skilled at promoting them to your clientele – but if the price tag makes it unaffordable to all but an extremely small fraction of your customers, then your sales will suffer as a result and your business will start to fail.
Offering financing to your customers gives them a chance to afford the cost of big ticket purchases by making monthly payments that can fit much more comfortably with their monthly budget.
That puts more money into your business and helps you grow and expand much faster. The Fund My Contract network of third party financing entities are ready to help boost sales and put your business on the winning track.
How In House Financing Can Serve Your Customer Base
There are many benefits to working with Fund My Contract to develop consumer financing programs that make it easier for your customers to support your business. You know your customers best, you know which products they want most and you know when and why they hire your services most often, you also know what makes them hesitant about a transaction and, when it comes to a price objection, you can now have the tools to solve those objections by creating a range of financing options that appeal to your discerning clientele.
That’s what makes our network of third party financing companies unique, they can work with your business to create tailored financing programs to meet the particular needs of your customers through various incentives and features that are among the most innovative financing programs in the industry.
Now your customer can have the choice to complete a sale with a financing program that features low monthly payments or a promotional interest rate that is available for a limited time which can spark an urgency in the customer to proceed with the sale. You can even offer financing that comes with flexible terms that can the customer more time to pay. Customize the payment plans your customers will want to utilize when they can’t or don’t want to pay for your product or service in one lump sum.
The Advantages of Offering Customer Financing Options with Fund My Contract
Foster customer loyalty, increase sales, and enjoy a higher average order value — these are just some of the ways your business can benefit from offering high ticket financing option alternatives to your customer base. Customers with excellent credit or challenged credit can all benefit as well, because the qualifying criteria for approvals go further than credit scores. Additional data like debt to income ratio and employment history are also factored into the decision-making process and financing terms on an approval.
But that’s just the start. Consider how your business can benefit from offering customer financing in these following ways:
Boost Sales on High Ticket Items
Healthy business growth is hindered by stagnant sales and, when it comes to making big ticket purchases, most consumers are hesitant to press forward on the sale. The customer may be able to afford the cost of the product or the rate on your labor, they just don’t have the cash on hand to pay it all upfront. More often than not, the customer will opt not to move ahead and ultimately leave you wondering how to close a sale.
Wonder no more as consumer financing will give your customers peace of mind knowing they can make the purchase without putting themselves in financial dire straits because the cost can be split up over many payments on one of the installment loans you offer through Fund My Contract.
Better Rates and Lower Costs
Customers may decide they would rather put the cost of your product or service on their credit card. But what they don’t yet realize is that many of the programs offered by our third party financing providers have lower interest rates than most credit cards, for qualified customers.
The credit card payments your customer will be making for months, even years, to come are only going to increase the overall cost of the item they’ve bought from you, while the financing solutions you offer through Fund My Contract can have a much lower interest rate by comparison.
No More Unpaid Invoices
How much time do you spend chasing payments from customers who take forever to pay you in full, or at all, after you’ve performed the work for which you were hired. Maybe you’re still waiting to get paid on a product that you delivered last month, even last year!
Stop acting like a collections agent and let customer financing work for you by eliminating the hassles of late paying clients who make more promises than payments and continue stringing you along until you’re forced to take pennies on the dollar for the balance due.
Fund My Contract is the right financing solution for businesses who want to get paid fast because when a customer applies for one of the financing programs you offer, the funds from that financing program goi directly into your business once the applicant is approved. When the transaction is complete, and the customer gets approved for the amount they need, your business is paid upfront and in full at the time services are rendered or a sale is completed on an item.
The financing provider is reimbursed on a monthly payment plan as per the language in the financing agreement and your involvement in the transaction comes to an end once you have performed the work or the product being purchased changes hands.
Maintain Your Profit Margins to Generate Higher Revenue
When a business is failing, the owners will come up with all types of desperate attempts to attract customers in a bid to stay afloat and reverse the downward spiral they find themselves in. These actions include drastically cutting prices, offering major discounts, two for one sales, all kinds of tricks that business owners have tried for years to stave off irrelevance in a marketplace that sees the end is near, even if the business owner refuses to accept the inevitable.
It rarely works. You can’t get ahead by lowering costs and cutting into your profits so much that razor thin profit margins become all but non-existent.
What does work is offering flexible payment options that give your customers more choices, more spending power, and more value when as your high ticket items remain in demand and your business grows on an upward trend towards success.
Improve Customer Loyalty
Customer satisfaction is the backbone of the free market. When the market wants what you have to offer, your business rises to the top. But when your customers want what you have to offer but they’re unable to afford it, that can spark a backlash and, very soon, your popular item can start to lose its appeal.
The third party financing company you choose to work with in our network of lenders can help you make your goods and services more affordable with a financing solution that works for everyone. Now that your customers can afford your products and services, they’ll not only tell their friends, family, and loved ones about their experience with your business, but they’ll keep coming back to make more purchases and hire your services again and again.
Positive customer reviews and recommendations can turn a fledgling business into the most sought after brand in the business. Repeat business can increase sales in a very short period of time and sometimes the best advertising is sincere online reviews from previous clients who are more than happy to tell potential customers how much they love your product, how reliable your service can be, and how easy it was to afford the costs through your many financing options. These can certainly be more persuasive than email marketing campaigns and newsletters.
More High Ticket Sales Per Transaction
When the customer isn’t concerned about how he or she is going to pay for a transaction, they are often more willing to “splurge” a bit more when choosing brands, models, or even stacking purchases on top of one another. Monthly payment plans empower customers not only to purchase what they want and need, it gives them the freedom to get the deluxe model of that item or the platinum package of a particular service you may offer.
A higher average order value puts more revenue into your business and the customer can still have access to the financing options that can give them a choice of paying for the transaction in one lump sum or paying on a monthly financing option. High ticket programs through Fund My Contract can inspire the customer to purchase more freely and without hesitation because they can pay it all off across monthly payments.
This puts your business on the fast track to growth and expansion.
Are You Ready to Offer Customer Financing to Grow Your Business?
The time is now. Time to call Fund My Contract and ask how our network of third party financing companies can accelerate the growth of your business through more robust sales, higher revenues, and increased customer satisfaction. We are the industry leader in supplying the financing solution alternatives for businesses of all sizes in virtually every field.
The future of your company’s success rests on your shoulders and if you are struggling to reach the next level in your growth and expansion, your next move is to reach out to Fund My Contract, speak to one of our knowledgeable consumer financing experts and let’s figure out how to break down the barriers to success that are preventing your business from reaching its financial goals.
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