Top 5 reasons why financing is important for businesses

Most small businesses are starting to recognize that customer financing can help them in several ways. While it may sound daunting and hard to arrange and maintain, offering your customers a finance option is very important. If your business is not ready to take this step, perhaps the reasons below can help you determine if customer financing is worth trying!

  1. 76% of consumers are more likely to make a big-ticket purchase when offered a payment plan
    It’s simple! When buyers know they have payment plan options, they feel more confident to shop with you and even make bigger purchases more often.
  2. Financing can mean keeping all the interest!
    Offering payment plans benefits not only the customers but also your business. Customers can get the services they need now, and your business can make more than the original cost of the service by charging interest. For example, if your service cost is originally $2000, financing at 10% interest for 48 months can earn you an extra $2000 more in interest making you more than $4000! More people want financing and you also make more by providing it.
  3. Make more money without depending on new customers
    Think about how many customers you lost because they couldn’t afford your services. You probably never realized how much money you lost because you couldn’t convert interested customers into paying customers. Instead, you most likely spent more time acquiring new customers which on average costs your business five times more! But you can quickly turn those lost opportunities around. Increase the purchasing power of all your existing customers to make more money instead of depending on getting new customers. It will save you much more money in the long run.
  4. The more you finance, the more revenue you generate
    You may feel that the revenue from payment plans is too little, but is that true? Netflix currently charges less than $10 for their cheapest plans. But multiply that $10 by 200 million people and that’s a lot of money. The same goes for payment plans. The more customers you finance today, the more revenue growth you see tomorrow.
  5. A new recurring revenue stream can protect your business in hard times
    What happens if you get sick, or go on vacation? What happens if your business has to shut down for a little while? Recurring revenue from payment plans may be the only revenue you make for a while. You can predict your future passive income and enjoy greater financial security that’s guaranteed.

Start offering to finance now to your customers and you can either keep the interest you make or have your payments Guaranteed! If you are new to Denefits or need refresher training, contact us using one of the methods below:

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