What is a Field Service Finance Company and How Can it Help Your Business Grow?
What is a Field Service Finance Company and How Can it Help Your Business Grow?
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Residential and commercial contractors are looking for immediate solutions when it comes to increasing business growth. For many contractors, bringing on a service finance partner can lead to profitable growth by addressing the barriers to conversion that prevent customers from closing a transaction.
The role of a service finance company is to enable contractors to reach a wider customer base by making the costs of products and services more affordable through financing solutions that meet the needs of the customer while generating more sales and revenue to meet the business’ needs as well.
Fund My Contract is the field service finance company that helps your business grow and succeed by offering financing solutions that gives customers an easy and affordable way to hire your services to perform home repairs, home improvement jobs, solar installations, or whatever it is that you specialize in as a trusted service provider.
What is a Field Service Finance Company?
When it comes to products and services of high dollar ticket value, customers don’t often have access to available cash for purchasing those items in one lump sum. The customer may be able to afford to cover the costs, he or she just can’t cover them in full, upfront. So that can keep those products and services out of reach to those customers. They have no choice but to wait until they are able to afford the product or the service they need.
If the customer can’t afford to pay for the cost of the services your business provides, then your business is not only shutting out a portion of your potential customer base but your business isn’t generating any revenue during that time either.
But it doesn’t have to be this way.
That’s because a field service finance company can provide contractors with the ability to bring in more customers who can afford to pay for the goods and services they need with financing programs that allow for those customers to pay over time instead of one lump sum.
At Fund My Contract, our vast network of third-party lenders is ready to work with your business to develop the best and most effective financing plans that make it easier for your customers to say yes to hiring your business because they aren’t forced to take on a hefty expense at a time when they likely weren’t expecting it.
Now, instead of hearing a customer tell you that he or she wants to “think about it” or they need to wait a few weeks or even a few months because they don’t have the cash on hand to cover the cost, you can walk the customer through a set of preferred financing plans that cater directly to their financing needs.
You may offer financing solutions that come with low monthly payments or limited time low interest rates for those who qualify. Some customers would rather have greater flexibility of terms that give them more time to pay. Each financing program strives to give your customer access to your quality services at a price that fits easily into their monthly budget.
Best of all, your business benefits from the financing options presented as one of our third party financiers is responsible for funding and collecting reimbursement on the programs you offer. Your business gets paid upfront, the customer reimburses the lender as per the financing agreement.
It’s a buy now, pay later arrangement that helps your business generate more sales and revenue.
How Can It Help Your Business Grow?
Home improvement contractors enrolled in the Fund My Contract membership program enjoy access to our network of third party lenders who are the industry leaders in helping small businesses like yours succeed with some of the most innovative and unique financing solutions on the market today.
There are many reasons to partner with a nationally licensed sales finance company like Fund My Contract to help profitably grow your business faster:
Improve Cash Flow
Contractors can face many challenges in their day-to-day operations. The most difficult among them is consistent cash flow and when your business is struggling to make ends meet because of low sales and meager revenue, financing programs through a field service finance company like Fund My Contract can have a significant impact on maintaining your bottom line.
When customers can’t pay for the work they need, they postpone the project or find another service provider with lower rates (and the quality of work to match). Financing solutions can increase revenue, improve cash flow, and put your business in a more favorable position to thrive and grow.
Increase Ticket Value
When you give your customers access to financing, you give them more spending power and that leads to more sales and increased ticket value. A customer may think twice about accessorizing, adding more services, splurging on deluxe packages, or choosing higher-quality products because he or she knows they have to pay in full at the time of the transaction.
But with available financing programs, the customer knows he or she can pay over time across low monthly installments and that makes them more comfortable about spending more with your business.
Scale Business Operations
If your business is generating more revenue from more sales, that helps your business expand and you can invest more resources in hiring staff, purchasing equipment, bidding on more jobs, and building your business infrastructure on a more reliable track towards increased growth.
Fund My Contract is dedicated to helping contractors expand their businesses by making their services easier to afford over time instead of paying all in one lump sum.
Get Paid Quicker
Contractors who use Fund My Contract get paid quicker because we make the financing process easier for your customers and your business. When the customer is approved for the financing that he or she needs to hire your services, you book more jobs faster and get paid when the bill is due. No more chasing after late payments and unpaid invoices in collections, your business is paid directly when the services are rendered.
You get paid in full, the customer reimburses the lender and your business enjoys more revenue to increase growth and expansion.
Convert More Transactions
Offering consumers financing options to help them afford the services they need from your business allows you to convert more transactions, generating more income and keeping your contracting business on the fast tracks to success. No more waiting for customers to have the available cash on hand, now they can finance the work they need and pay over time and your business doesn’t have to wait to enjoy profitable growth.
Enhance Customer Satisfaction
We make the financing process easier with our online application portal that can get your customers faster approvals and start the ball rolling towards scheduling more jobs and earning more income. When your business offers financing along with the primary services you provide, you act as a one-stop shop to present a truly exceptional customer experience.
Customer satisfaction is paramount to success in today’s marketplace. Positive word of mouth through five-star ratings and customer reviews help your business grow because they attract more new customers. Recommendations are helpful, but today’s customer conducts all of their business online and when he or she sees enthusiastic feedback about your business, they are more likely to reach out to you about new work. Consumer financing can be a valuable ally for gaining those new clients.
Gain the Competitive Edge with Fund My Contract
Businesses that are located in a crowded region with a lot of competition need every advantage they can gain. Fund My Contract can give your contracting company that edge by making it easier for your customers to hire your services with financing options that are easy to manage and affordable for any budget. Why not reach out today and find out how a field service finance company like Fund My Contract can enhance customer satisfaction and accelerate the growth of your business?
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