How Home Improvement Financing Can Boost Your Contracting Business
Published September 09, 2024
How Home Improvement Financing Can Boost Your Contracting Business
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Potential clients who want to hire contractors will often have big ideas without available cash on hand to pay for the work in one lump sum. The customer will receive a bid on the project from your business (and perhaps many others) and soon realize they must wait to proceed because they can’t afford to cover the costs of parts and labor once the services have been rendered.
So they wait. That means your business and many of your competitors are waiting until the customer has the resources to complete the purchase and give the greenlight.
But your business can gain a competitive edge on the other guys across the street and generate more revenue by offering home improvement financing options to the customer so they can pay for the work over time instead of all at once. Fund My Contract is the industry leader in contractor financing programs and our network of third-party lenders have been working with contracting businesses of all sizes to give customers access to the funding they need and increase their spending power through financing options that help your business grow.
Traditional financing avenues such as construction loans or cash-out refi’s from banks or credit unions can have customers paying more for the work than need be in hidden fees and high interest rates. The same thing goes for credit card payments. Your customers shouldn’t have to take on serious debt with high interest just to refurbish or remodel their homes.
Customer financing with Fund My Contract gives your customers access to financing options without the exorbitant fees and additional costs and your business can increase revenue, improve cash flow, and even enhance customer satisfaction. When you can meet all the needs of your customer in providing high quality home improvement services and the financing programs to help them pay for those services, your contracting company attracts more sales and jobs quickly which fuels business growth and expansion.
The Benefits of Customer Financing with Fund My Contract
Contractors who offer home improvement financing increase their chances of closing a sale and generating income faster and more consistently than contractors who choose not to offer financing options to their clients.
If your contracting business can use a significant boost by turning potential customers into paying customers, but you’re not 100% sure yet if financing is the right decision for your contracting business, consider all of the following ways that contractors like you can benefit:
Faster Conversions
The sales process can take a long time but if your business isn’t seeing any significant progress towards growth, it may be that you’re letting too many customers walk out the door. That’s why financing should be a crucial component of your sales pitch from the first interaction with the customer all the way until they’re ready to hire you.
Contractor financing is geared toward generating more revenue for your business by reducing one of the biggest hurdles to a conversion – paying in full. Your customer may feel uncomfortable spending a large sum of money all at once, our network of third-party lenders can offer financing programs that let your customers pay for the work over low monthly payments.
Financing makes the work more affordable since the client doesn’t have to pay in full when you book a job and make the sale. That makes it easier to generate more revenue to help your contracting business thrive.
Gain the Competitive Edge
Customers will often shop around for the best deal on contracting work. They may come to you for a quote and, despite giving them a fair bid on the job, the customer will continue to keep looking for a low price on quality work. There are many contractors in your area who perform similar work, they have great customer reviews, and their bids are also commensurate with market trends.
The big difference between you and the other guys down the street? You offer financing to allow customers to pay for the work in installments. That makes it easier for your customers to greenlight the project and put your contracting business to work. When the customer has to pay the full amount upfront, it can make them think twice about approving the job to go forward but with financing available, the money doesn’t have to be spent all at once and that can put your customer at ease.
Easy Financing Process
When you work with Fund My Contract, we make the application process easy. When the customer wants to participate in one of the financing programs you offer, he or she simply fills out basic information through our online portal and an approval decision is made based on the customer’s financial information including debt-to-income ratio, employment history, amount needed for funding, and other factors that go beyond credit score. This helps your customers get the approvals they need to hire your business to perform the home improvement work in which you specialize.
Increased Customer Satisfaction
When your customers are happy, your business succeeds. They recommend your services to friends and colleagues and the happier they are, the more likely they are to refer your business. The quality of your work is second to none, but if you can offer customer financing options to those customers to make it easier to hire you to perform that high-quality work, customer satisfaction increases even more. That leads to more sales and more opportunities for robust business growth. Prospective customers may even become repeat customers over time.Explore Contractor Financing Options through Fund My Contract
Reach out today and speak with one of our financing experts who can walk you through the membership process and give you access to our wide network of third-party lenders who are ready to help you succeed by increasing sales and generating more revenue through construction financing. Customers want options and affordability is a major issue. When you can help them get the best quality work at an affordable price that fits in any monthly budget, you’re positioning your contracting business to succeed faster than ever before. Working with Fund My Contract will help you achieve those goals.
Why wait, reach out today and let’s talk about your success.
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