Enhancing Competitive Edge in the HVAC Market with High-Ticket Financing
Published July 29, 2024
Enhancing Competitive Edge in the HVAC Market with High-Ticket Financing
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It’s a crowded market, finding ways to separate yourself from the rest of the herd has never been more vital to the long-term success of your HVAC business. When the majority of your customers call for service, the result is an expense they were not prepared to cover this month. An HVAC repair or replacement job is often unexpected and the customer is left with a bill they had not anticipated trying to fit into their budget for the month.
HVAC repair bills that come out of nowhere can leave many customers scratching their heads wondering how they’re going to cover those costs, particularly if it’s during a season when they rely heavily on their HVAC systems to keep their families safe and comfortable in extreme temperatures. Most customers don’t have a contingency plan in place to pay for your HVAC company to come out and repair their heating or cooling when they need it most.
That puts your business and your customer each in an uncomfortable position. You want to get hired for more jobs and generate more revenue to help grow your business and your customer wants to hire you to repair or replace their HVAC system because it’s too hot or too cold outdoors to live without reliable, fully functioning HVAC equipment indoors.
The problem is, your customer can’t afford to hire your services. Not because your rates are too high but because the customer doesn’t have the cash available to pay for the work in full, in one lump sum, right NOW. So your customer hires a less-experienced, less-skilled HVAC company to do the work for cheap and your HVAC company has lost out on revenue from that job, preventing you from growing your business on your terms.
If only there was a solution to keep this from happening, where your business earns the revenue from that HVAC repair job and your customer gets the top-quality service he or she deserves.
That solution is high-ticket financing through Fund My Contract. Financing can make your services more affordable not by lowering your prices but by giving your customers choices when it comes to how and when they will pay for your HVAC company to do the job they need, when they need it done.
The Path to Growth with High-Ticket Financing
A customer who needs the services you provide may decide not to hire you and go with a competitor instead because they “shopped around” looking for a better deal on the services they need. Unfortunately, the deal isn’t all it’s cracked up to be as the work is inferior and the customer ends up having to spend more than expected to have their HVAC system working properly.
But when you offer financing to your customers with the help of our network of third-party lenders, you are giving your business a greater chance at success and helping your customers make the right choice by hiring your company to do the work right, the first time.
Financing allows your customers to avoid having to pay for the work up front, all at once, in one lump sum by giving them a choice of paying over low, monthly installments that are far more affordable. You can provide your customers with a menu of financing program options that make it easier for them to say yes to your quote for a quicker green light to start work.
It’s simple – a customer calls your HVAC company to come out to their home or office and diagnose why their HVAC system isn’t blowing cool air. You show up, identify the problem, and offer the best plan of attack for fixing it. The cost is fair but it’s not what the customer was expecting and so you get some hesitation in the form of a typical price objection. That’s a natural response, the customer would much rather spend that money elsewhere than fixing their air conditioning, but as the temperatures rise, it’s a necessary expense.
Before the customer decides to shop around, you can remind them of the financing programs you offer, to make the cost a little easier to manage. Low monthly installments instead of one lump sum is often far more preferable to customers who hadn’t budgeted for a surprise HVAC repair expense.
You can offer other perks as well in the form of promotional interest rates (for customers who qualify) and flexible terms for reimbursement which can give the customer more time to pay off the financing agreement.
Once the customer is approved, the financing comes through, and that money goes into your business instead of your competitor’s down the street. More steady income for consistent cash flow and a boost in sales means a robust path towards faster growth for your HVAC repair business.
Don’t watch your customers hire less-experienced contractors to do the work cheap when you can provide them with top-quality HVAC services and the most innovative financing programs in the industry with Fund My Contract.
How Financing Gives Your HVAC Company the Competitive Edge
Giving your customers an easier and more affordable way to hire your services through a Fund My Contract membership is a smart advantage in an uncertain marketplace. We give your HVAC company access to a vast network of third-party lenders, ready to help your business grow by designing and implementing financing programs that cater directly to both new and existing clientele and helps your business increase sales, foster consistent cash flow, broaden its reach to more potential clients, and deliver real customer satisfaction in today’s highly competitive market.
But that’s just the start. When you work with Fund My Contract, you are positioning your HVAC business to stand apart from the competition, to grow and expand at a much faster pace, and provide your customers with the best possible services for HVAC repair and high-ticket financing.
More Spending Power for Your Customers
Partnering with a third-party financing ally such as Fund My Contract puts spending power back in your customers’ hands as it enables them to make purchasing and hiring decisions with confidence and complete control over their financial condition. This empowers them to spend more for the things they need.
When a customer knows he or she can pay for goods and services over time, across low monthly installments, they are less worried about the cost of the transaction and more focused on ensuring they have the right parts and the best technicians working on their HVAC equipment. So they’re more likely to add more services to the bill and purchase higher-quality parts and components to make their HVAC systems run smoother, cleaner, and more efficiently.
That puts more money into your business. Customers want the best and when they can get the best at a cost that won’t break their monthly budget, they are more willing to increase their spend.
Financing programs through Fund My Contract can make it all possible. Offering financing options to your customers eases their concerns and increases their satisfaction in your business.
Quicker Transactions, Fewer Objections
Your services have garnered the highest customer reviews and ratings and that’s because your HVAC company provides some of the best repair and installation services in your region. But despite your competitive rates and your glowing reviews, some customers are still reluctant to move forward with a project and that can leave your business waiting for a sale that never comes.
But with financing programs through the Fund My Contract network of third-party lenders, the reluctance, hesitation, and waiting for your customer to say yes can be drastically reduced as financing makes the costs more affordable. Low monthly payments and flexible terms are just some of the components that can be featured in your financing programs that cater to the specific needs of your clientele.
Greater Customer Loyalty
Giving your customers what they want is the foundation of any successful enterprise. When you can provide quality work at a fair price and give your customer a variety of options to finance the job over a series of low monthly installments instead of paying the full price of the bill in one lump sum, the word is going to spread fast. Happy customers are eager to tell others about their positive experiences with your business (and even quicker to inform about their negative experiences). Offering financing to your clientele is a feature of doing business with your HVAC company that previous customers are going to discuss in their customer reviews and word of mouth conversations with friends and colleagues.
Consider how many customers are dealing with larger repair issues all because they put off or ignored issues with their HVAC systems when they were smaller and easier to fix. Customers will appreciate your financing options to cover the cost of a small repair before it becomes a much larger and more expensive issue. That also fosters customer loyalty and appreciation. Best of all, you gain your customers’ trust.
A positive experience on all fronts will attract new customers but also keep your existing customers returning to your business when they need more HVAC services performed on their systems and equipment. Customer loyalty is a cornerstone of success in any industry, the happier your customers, the more they continue patronizing your business.
Healthier Profit Margins
Reducing the rates you charge doesn’t reduce your costs. Yet despite that obvious fact, small business owners struggling to keep their doors open will opt to lower their prices to drum up more customers and attract more business. The problem is, slim profit margins only speed up the inevitable towards failure.
High-ticket financing avoids all of those problems. Customers who want new HVAC systems in their homes and existing clients facing unexpected repair costs can engage your services and purchase the products they need without delay because they can space the cost out over smaller multiple payments instead of one large payment upfront.
Generate Revenue Faster
Faster revenue means faster business growth. But too many HVAC company owners are out there chasing down late payments and invoices in arrears. You don’t have time to be a collections agent and an HVAC technician. The latter is your chosen line of work and you need to be spending all of your time focusing on your customers. Working with our network of third-party lenders takes the pressure off your business as late payments and unpaid invoices are a thing of the past.
Financing puts revenue in your business almost immediately after you close a sale. Once the customer is approved and financed, those funds go directly to your business for a sale or services rendered. Those funds are only approved to be used with your HVAC company, that financing can be applied to any other products or services with another business or service provider.
That means your business is earning income quicker on more jobs as more customers hire you to do the work that you’ve built your reputation on. You receive the full payment upfront, all at once, the customer makes their monthly payments to the lender with whom the financing agreement has been executed and it’s the lender’s responsibility to ensure the customer is making payments on time and at the agreed upon schedule.
Enhance Your Competitive Edge Today with Fund My Contract
Every business is looking for that competitive edge and when your HVAC company gives customers more choices and greater spending power, that edge becomes even more enhanced. Partnering with Fund My Contract is the place to start because customers are looking for HVAC service providers right now, in your area. Financing can make them more likely to hire you to perform the work they need. Put your business in a position to achieve your goals on your timetable and on your terms. It’s never too late to accelerate the growth of your business, expand to more markets, and increase your earnings to outpace your projections.
Fund My Contract is dedicated to helping you reach your business growth objectives which can be extremely difficult in a highly competitive market. Gain that competitive advantage by making it easier for your customers to afford your services and products and engage those services and purchase those products over and over again.
Reach out today and let’s talk about how your business can outshine the competition and keep you moving on the road to success with high-ticket financing through Fund My Contract.
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