You may be hesitant to promote financing on the web pages for equipment that you sell, but promoting financing options is actually a good thing, because it helps expedite the sales process. Here are three reasons why your website should promote financing options.
1. Small business owners are strapped for time and are looking for “one stop shop” solutions when researching equipment.
Most small business owners browsing equipment on your website are busy people who are already overwhelmed with information. They want to find product specs, capacity, cost, servicing plans, and other important information that helps guide their purchasing decisions. Choosing to finance equipment purchases over paying in cash is a common business decision to prevent cash flow from constricting, take advantage low monthly payments, and other reasons. Your website could likely be the only place that they’re going to look once they decide they really want to buy that equipment.
Having a financing option promoted right on your website could make them buy immediately, instead of having to put more time and effort into researching different lenders and offers. With a one stop shop approach, your hard work in getting quality leads to your website won’t be in vain and is likely to turn them into paying customers.
2. You get paid upfront.
The burden of cash collection falls to the financing company with a financing arrangement. The customer will find out if they are qualified for financing their purchase and the terms are laid out by the lender rather than creating more receivables that could go unpaid. The risk is loaded off onto the financing company, not the seller, and offering buyers an expedited way to find out if they can finance their equipment purchase will increase sales.
3. The financing company can become part of the sales process.
The financing company can inadvertently serve as another closer for the sale. Once the lender determines that the customer is eligible for credit, they too want to close the sale immediately. Because the financing company also wants to issue the loan and begin collecting on it, their representatives can help your customers overcome any potential objections they have to completing the sale, such as impacts on cash flow and business efficiency. The financing company can become a valuable resource in helping you determine why customers would or wouldn’t want to complete their purchases, and provide insight on how the sales process can become more efficient and what kind of information the customers should have beforehand.