The Impact of HVAC Financing on Your Business’s Bottom Line
Published August 13, 2024
The Impact of HVAC Financing on Your Business's Bottom Line
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Customers who need work performed on their HVAC equipment may be putting it off because they’re worried they won’t be able to afford the cost. That puts your HVAC business at risk of becoming a statistic among failed contractors in the HVAC industry. A lack of consistent cash flow can have a significant negative impact on your HVAC business operations and finding ways to generate more leads, put more jobs on the books, and bring in a steady income is paramount in today’s highly competitive marketplace.
The most effective solution for generating steady sales and revenue is offering your customers financing options through Fund My Contract. Most customers who require your services don’t have the available cash on hand to pay for the work they need performed in one lump sum. When you present the customer with an estimate, as fair as the price may be, the cost may likely be more than they can afford to spend at the moment. So the customer puts it off until later, but how much later and how much longer do you want to wait until you generate an income that will help your business thrive and grow?
Financing options not only put the cost of the work within reach for your customer, but it also helps to increase customer satisfaction which can help generate new leads on potential future clients.
Your customers trust you for your expertise in repairing their HVAC systems and authoritative advice on energy efficient practices to minimize energy consumption and saving money on their heating and cooling bills.
Now just imagine how much more of an impact you can make on the customers in your community when you can give them alternatives to paying in full through innovative financing programs with Fund My Contract.
Significant Cost Savings and HVAC Financing
Customers looking for a way to lower their electric bills will often review their current expenses and consider ways to tighten their belts and reduce their spending. For many consumers, that means renovating their homes to cut costs by replacing doors, windows, and HVAC systems that don’t run efficiently as they should.
But new HVAC equipment can be expensive and even repairing and replacing worn out components of an existing system could represent a significant allocation of funds that were meant to go elsewhere. Some customers may even dip into their savings to get the job completed and putting the cost on a credit card will only increase the overall expense through the financial burden of an interest rate, which can be as high as 29.99%.
Customers want to save money and you can help them enjoy significant cost savings in more ways than one by offering HVAC financing to make those costs more affordable. Our network of third-party lenders are ready to work with your HVAC company to develop the most beneficial financing options to meet your customers’ needs. Build out one or many financing programs that offer low monthly payments at competitive rates and flexible financing terms that make it easier for your customers to hire your HVAC services, maintain their equipment to keep it highly efficient, and save money all around in the long run.
Key Benefits of Financing Through Fund My Contract
HVAC contractors like yourself have been trusting Fund My Contract to overcome business growth challenges through some of the most innovative financing programs in the industry. That’s because financing offers so many benefits to stimulate sales and revenue through empowering customers by putting more spending power into their hands.
Here are just some of the reasons today’s business owner will choose Fund My Contract as their financing ally in the HVAC sector:
Quicker Conversions
Your customer has approached your business requiring the products and service quality you provide. But when the estimate is presented, the customer may hesitate to move forward or delay the job to a later date. In either instance, your business is left without income.
But presenting financing options with that estimate can make it easier for your customer to see how he or she can spread the cost out over a series of low monthly installments and terms that work for their financial condition. That can spur a quicker decision to proceed with the project because the customer doesn’t have to pay the full amount all in one lump sum, making the job more affordable to fit into their monthly budget.
Maintain Healthy Profit Margins
Every HVAC job is different as the cost of parts and labor can fluctuate. But when fewer customers are in a position to hire your services, that can start to put your business in a free-fall and many business owners who find themselves in that unenviable position will take steps to reverse this downward turn by cutting their prices. Unfortunately, that doesn’t often work as your costs aren’t getting any lower and reducing rates can have a significant negative impact on the company’s bottom line.
HVAC financing can help avoid making these desperate efforts for attracting customers by giving them more choices of how to pay for the work they need instead of reducing prices to untenable levels.
The same goes for those customers who like to haggle and bargain their way to a better deal. A customer who expresses a cost objection to your estimate for the work they need will often look elsewhere for HVAC technicians offering a better price and that often means the quality of work is consistent with those lower rates.
In the end, the customer will likely need to have a more skilled HVAC contractor like yourself come in to fix the damage the previous HVAC company made. You can help defray those costs for the customer by giving them an opportunity to pay for your services over monthly installments instead of having to pay a second time, in full, to get their HVAC system running smoothly.
Boost Customer Satisfaction
A customer who has a faulty HVAC system in the heat of summer or the chiiling cold of winter only wants to live in comfort once again. But when they can’t afford to cover the costs of the work in one lump sum, they’re left with few options to beat the heat or conquer the chill. But when your business offers financing options through Fund My Contract, they are given the opportunity to have the work performed at the highest service quality with your HVAC contracting business.
They were able to get their system fixed and pay for the work in monthly payments that are easy to afford. They’re going to tell others about the positive experience they enjoyed with your HVAC services provider. Excellent reviews catches the eye of more potential customers who are looking for a reputable and highly-skilled HVAC company. That puts more money into your business and helps it grow.
HVAC Equipment Financing with Fund My Contract
Your customers can rely on your business to provide all of the necessary services to help them repair or replace their HVAC equipment. Fund My Contract makes it simple. Our online application portal asks your customers for some simple basic personal data and the amount needed for financing. Once that data is entered into the portal, the customer learns if he or she is approved in a matter of minutes. From there, a more comprehensive examination of the customer’s creditworthiness is determined and credit score is only one component of the decision process. Other factors are considered to make it easier for qualifying customers with lower credit scores to get the funding they need for their HVAC system projects and generating the revenue your business needs to grow.
Give us a call today and let’s discuss how our third party network of lenders can help boost your HVAC company’s business growth so you can succeed in the HVAC market on your timetable. We can put your business in touch with lenders who are ready to customize the ideal financing options that best suit your customers and put your HVAC business on the fast path to reaching your business objectives.
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