How customer financing can help you win new business
At Invoice2go, a Bill.com company, we focus on getting you paid faster while saving you time in your workday so you can focus on what your business needs most. Recent survey results show that businesses using Invoice2go are getting paid an average of 7 days faster and saving over 10 hours per week when compared to their old invoicing and payment processes.
We’re proud of these results, but we’re taking things one step further and helping you win more business. We’ve partnered with trusted lenders so you can offer financing to customers directly from the estimates and invoices you send.*
Ask yourself the following questions:
- Do you sell services or products that some may consider expensive?
- Have you ever lost business because of this?
If you answered yes to either of these questions, then your business could benefit from offering financing as a payment option. Market research shows that 50% of projects that cost over $5000 end up being financed in some way.^ That means that if you aren’t talking with your customers about financing, you may be missing out on business.
Below are 5 ways that offering customer financing can help you win more business:
1. Offer flexibility to receive payments faster
Having more than one payment option makes customers feel in control. Offering monthly payments as an option can make big projects feel more reasonable and more attractive.
2. Beat the competition
If your customers compare estimates before committing to a job, financing can be a differentiator from the competition.
3. Help customers say yes
Sticker shock is real. Some customers will put on the brakes when they realize how much their project will cost. Turn window shoppers into buyers by spreading out the expense, and turn a ‘no’ into a ‘yes’.
4. Avoid jumping to discounts to win jobs
Even when your picking is competitive, you'll still encounter customers looking for a better deal. Next time a customer asks for a discount, suggest financing to make the job more affordable.
5. Upsell to bigger jobs
If you show your customers “small, medium, and large” estimate options based on features and materials that you include, offering to finance can help you win more in the “large” category.
By helping your customers to access financing options, and putting more cash in their pocket, you’re unlocking a number of ways to win more business. But that doesn’t always mean taking on more jobs. It could also mean you’re taking on bigger and better jobs: We found that businesses already offering financing to their customers win jobs 23% larger on average. That’s great news for you, and great news for your customers, who can finally say yes to that big project they’ve been putting off.
*The customer financing feature is currently only available in the United States.
^Source: Certified Contractors Network http://www.contractors.net/contractors/resources/same-as-cash-financing