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Financing
The right financing program can mean the difference between making a sale and missing an opportunity.
The key to making your credit program a success is to offer credit to every customer early in their shopping process. You’ll never know who will be interested in credit until you share the benefits with them.
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First-time home buyers can use additional buying power
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Young couples starting a family need credit
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Middle-age customers either need credit to fit bigger purchases into their budget or like the idea of using the bank’s money
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Some other couples on limited incomes need credit to fit a purchase into their monthly budget
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The financially savvy know the value of using the bank’s money
Offer credit as a service that your business provides during your business and store tour.
Example:
“Since this is your first time to our store, I would like to let you know a little bit about our business…(explain when the business was established, why customers shop with you). As you can see, we carry a wide variety of interior décor options. Let’s take a short walk through the showroom, so you can become familiar with where everything is located…(provide a short description of offerings as you pass by them and then end on the product of interest for the day). We do extend many special services to our customers as well. For example, we offer free delivery and installation as well as no interest financing. If this is something that is of interest to you, please let me know. Now, let’s focus on your needs today…”
Offering credit early in the sales process sets the stage for increased sales as you have made the idea of upgrading or adding accessories easier for your customer. It gives the customer time to think about the benefits and consider buying what they really want.
After you have worked with the customer to determine needs, and have provided choices for what will work with her application. She may be surprised at the price and you may be faced with a price objection. Here are responses that may keep the selling process moving:
Responses:
“Since it’s always best to get what you really need, our customers often spread the payments out over time rather than compromise on the product. Our company offers financing for these specific situations, and many of our customers use it for this reason. Let me show you how easy this is…”
“Considering my understanding of your needs, you many not be able to afford less that what we’ve selected. You’ll have these products in your window for a long time, and the last thing you want to do is spend less now and have to replace them sooner than you want. Making more of an investment now will pay off in the future. Get what you really need and you’ll be happy for as long as you own the product.”
Financing Benefits for your Business
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Creates a powerful up-selling tool for increased sales
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Reduces business cost when you convert bank card sales to store credit card program
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Satisfies a customer need for credit
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Enables you to compete against national chains and “big boxes”
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Generates more repeat business and customer loyalty
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Improves cash flow with 100% funding within two business days
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Eliminates risk of in-house credit
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Provides a fast, easy way to process credit sale
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