Interested in Offering Financing to Your Consumers? What to Know to Start Cashing in

If you run a small business where you sell consumer goods, offer a trade service or materials, or do something that sometimes requires your consumers to get financing, you could be making money on the financing. Instead of having the consumers go straight to a bank or financial institution to borrow the money, you can file the application for them and have them go through your business, allowing you to profit as a referral. Here are some things to know before plunging into this business venture.

Have All Office Employees Trained

You want to have any person that may have to use the program trained so they are familiar with it and knowledgeable about it, along with any managers who may not work directly with the consumers. A consumer financing training program will allow the staff to learn how the system works and what to do if they have a problem, and it will make for a smoother transition in the office.

You want to be able to get your consumers approved and financed, so improve the chances and make it easy for the consumer by having highly trained staff. The service provider for the financing should have a training program or training professionals that can come to your location and do a training day.

Start a New Marketing Campaign

Let your consumers know that you are offering financing by launching a marketing campaign. Great tools for this include the following:

  • Social media options like Twitter, Facebook, Instagram, and more
  • Radio networking, both local and satellite
  • Ads during local streaming television providers

You want banners around your property and cards mailed out to all of your customers.

Reward Consumers for Financing with You

One of the most important things that you should do is reward consumers for financing with you as an incentive for them to do it. You can have a reward when they apply, so even if they don't get approved it wasn't a waste of their time. Then if they do get approved, you can offer a much larger reward. Ways to do this at an affordable cost include buying things like electronics or gift cards in bulk or taking money off the sale price, or another payment incentive.

A lot of you consumers may love the convenience of being able to sit down right then and there to fill out an application and to get a fast approval to purchase what they need. Not only are you making money on the loan that they are taking out, but also you are selling more. Look into consumer financing implementation training today.