Offering your customers a finance option, also known as Vendor Finance, can be an extremely scary prospect for business owners. However, it is actually a very simple system to set up which gives your business an extra element of sellability and appeal to customers. It’s also something the team at LUV Asset Finance are very experienced in facilitating!
To provide you with some incentives to set up your financing system, here are 5 reasons a small business should consider implementing finance systems:
Giving your customers the availability to spread the costs of purchasing, they will have greater financial freedom. This means they can purchase more items, for the same overall price and profit for you, but reduced upfront cost. So, you’ll sell more of your product or service, leaving you with more monetary income and potential to offer more in the future at a higher price.
It’s no secret that when customers see a finance purchasing offer, they automatically view you as a ‘bigger’ company. This can have some very positive effects on your company image in the eyes of the consumer as customers are more likely to part with their money when using a service that appears better established. Offer finance and your customers won’t worry about the problems associated with buying from a small business.
One of the biggest issues small business face is cash flow. By offering a finance service, you will get paid for your product or service straight away. That also means that you can reinvest your money into other areas of your business such as new equipment, helping you establish a more secure cash flow as well.
In the modern era of buying and selling, the vast majority of your customers will be looking to have the option of a finance option for their purchasing (people want to get the things they want and spread the cost to make it more affordable). So essentially, you’ll be able to increase your customer appeal and enhance your customer interaction as you discuss your service more.
An what is one of the best things about financing your products to customers? It’s extremely easy to set up… when you work with an experienced financing company like LUV Asset Finance. Simply, all you will need to do is developing your business with no time spent chasing customers for payments. We’ll do all the heavy graft when it comes to the launch of your financing scheme and ensuring its smooth transaction for you and your customers.