How Field Service Finance Companies Help Streamline Cash Flow for Contractors
How Field Service Finance Companies Help Streamline Cash Flow for Contractors
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Contractors in any field of expertise often face challenges to maintain the financial stability of their business. Whether it’s trying to navigate rising project costs, managing inventory, keep competitive rates, or preserve healthy profit margins, all while exceeding customer expectations to ensure continued success, contractors have a lot on their plate.
Among the biggest and most exhausting of tasks that many contractors still contend with is how to manage cash flow when clients can’t or won’t cover the costs of the work that has been performed. Late payments and unpaid invoices on work orders can turn a general contractor into a collections agent in their spare time. But, unfortunately, most contractors don’t have the kind of spare time needed to chase after income owed on payable bills that remain delinquent.
This can have a negative impact on company cash flow and have an adverse effect on the successful operation of the business by potentially jeopardizing other projects in the pipeline.
A lack of income isn’t just attributable to clients who are late on their payments, it’s also a component of new customers who want to hire your services but have reservations due to the cost and their ability to afford them.
Fund My Contract is the field service finance company that can help you overcome these challenges by helping you offer unique and innovative financing programs that meet the needs of your clientele and reduce barriers to conversion. Our network of third-party lenders are ready to help you improve cash flow and keep your business on track towards continued success and healthy growth.
Financing Offers Effective Cash Flow Management
Generating revenue to help your business thrive and expand is paramount to the success of any enterprise. It also requires an accurate and practical cash flow forecast to plan for spending and ascertain the true financial health of the business. Cash flow problems are among the top contributors to the ultimate failure of most small businesses.
Those problems often arise when the business fails to generate revenue. When customers are unable or unwilling to hire your services because they can’t afford to cover the costs of those services, wouldn’t you make every effort to eliminate that obstacle so you can generate the kind of revenue that fosters growth?
Financing programs through Fund My Contract is the solution to making your rates more affordable without lowering them. Cutting into your profit margins is no way to expand your business, you need a reliable and sustainable strategy for profit and growth and financing offers the best and most sensible answer to your cash flow challenges.
Financing helps you reach a wider customer base and allows more potential clients to become paying clients even when the costs of your contracting services might normally prevent them from moving forward with a renovation or construction project. Most customers who need your services don’t have the available financial resources at the ready to pay for the work in one lump sum. As a result, the customer may decline to move forward with the job or respond with a “let me think about it” which, in reality, typically means that he or she is seeking out other estimates and lower rates from less qualified competitors.
When you offer financing programs to your customers, the objections to cost can be fully eliminated from your customer interactions with a variety of possible arrangements that give your customers the opportunity to pay for the work over a series of low monthly payments, flexible payment terms that give your customer more time to pay, and even limited-time promotional interest rates (for those who qualify). You decide which programs to provide because you know your customers best.
Improve Cash Flow with More Spending Power for Your Customers
Working with a field service finance company gives your customers more control over their financial decisions which strengthens their purchasing power. Contractors can convert more sales and book more projects when financing is available. That helps to manage cash flow and generate more revenue to help with business growth.
Our network of third party lenders works with you to create financing plans that cater to your customers and help your business meet sales projections with consistent cash flow because your customers are more confident they can afford the costs of your services. They no longer have to be concerned about the financial commitment to hiring your business, they can make spending decisions with confidence knowing they no longer have to pay for the full amount of the work in one transaction.
The ability to pay over time can be a powerful influence on a customer’s purchasing decision. He or she feels at ease with a financing arrangement that fits in better with their monthly budget and that can even inspire the customer to spend more money with your business than if he or she didn’t have access to financing programs like those you can offer through Fund My Contract.
Faster Payments for Streamlined Cash Flow
Consistent revenue from more jobs is the ideal combination to help you manage cash flow with certainty. But that’s often easier said than done as economic conditions change, customers face adversity in their financial situations, and overhead costs rise on an annual basis. The bottom line is simple – in order for your business to grow, you need to generate the kind of revenue to support a robust pace of expansion.
When you offer financing programs through Fund My Contract, you are positioning your business to generate more income at a faster pace, not just because you are giving more customers the access to financing options that will help them to hire your services with less reluctance, but the rate at which your business receives payment on those services is also accelerated.
You no longer have to worry about chasing after late-paying clientele and invoices that go unpaid for months on end. Fund My Contract’s third party lenders give your customers the options they want for their financing needs and your business gets paid in full once the work is complete.
Consider this – a customer wants to hire your business but doesn’t have sufficient funds to pay for the cost of the work in one lump sum transaction. You or your representatives offer various financing options and the customer decides to apply for one of them.
Fund My Contract makes the application and approval process easy. Once the customer is approved, the funds go into the customer’s account and that money goes directly into your business when accounts payable bills the customer for the work. Those funds may only be used to hire your business and the services you provide, the money can not be spent anywhere else for any other purpose.
The Fastest Approvals in the Industry
When you choose the right field service finance company to work with your business, you want one that is going to make it easy for your customers to get the funds they need for hiring your services. Fund My Contract has simplified the application process to prevent your customers from waiting around for an answer on approval.
Our financing model places a greater emphasis on speed and convenience with an online application portal that asks the customer to fill in some basic personal information and the total dollar amount needed to cover the costs of the work you are about to perform.
In minutes, the customer can learn which financing programs they are eligible to access along with the features and benefits that suit their needs best. Approvals can be determined in a matter of minutes and that puts you all that much closer to completing the transaction that will bring in more income.
Fund My Contract was created to help small business owners like you generate revenue and drive business growth faster.
Improve Sales and Customer Satisfaction with Fund My Contract
Why wait to succeed? Financing programs through Fund My Contract can fuel success one customer at a time as you book more jobs with a wider range of clients. Best of all, when you offer financing, you are providing an additional service beyond your chosen trade as you offer access to customers who couldn’t hire your services due to cost.
Think about how all those happy customers will react when they can pay for the work over time, on their terms, and without the higher additional interest costs that often come with credit cards and bank loans.
Now your business can thrive as positive customer reviews and feedback spread across your entire online presence. Remember, most online customers will read the reviews of other customers who have used your services in the past to decide whether or not to hire your business. Financing through Fund My Contract can improve customer satisfaction amongst your clientele, attracting more business from new customers seeking out the services in which you specialize.
Everybody wins. Call today and speak to one of our financing experts to learn more about how Fund My Contract can benefit your business through increased revenue, streamlined cash flow, and faster expansion and growth.
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