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Why Customers Prefer Financing Over Cash

May 13, 2024

In today’s consumer landscape, your business’s payment options are crucial in shaping your customers’ purchasing decisions. Cash and credit card transactions have typically been customers’ preferred payment methods. Nowadays, more and more customers are turning to financing as their preferred method.

We will dive into why customers choose financing over cash for large purchases and why your business should have this payment option. Payment plans are flexible and can help your customers handle their finances better.

Financing solutions offers a range of competitive advantages for your business, such as:

  • Gaining the opportunity to upsell and increase your revenue.
  • Growing your customer base by appealing to new customers who need repair financing.
  • Increasing your average ticket size.

Reasons Consumers Prefer Financing Purchases Over Cash

  • Flexibility: Financing allows customers to spread the cost of their purchase over time. This helps to ease the financial burden compared to paying a lump sum upfront with cash.
  • Budget Management: Financing enables customers to manage their budgets more effectively. They can break down larger purchases into manageable monthly payments, aligning with their cash flow and spending patterns.
  • Affordability: Financing options make expensive purchases easier for customers who may not have the cash on hand. This gives them the option to invest in higher-quality products or additional services they did not think were possible.
  • Preserving Savings: Financing allows customers to not have to touch their savings or emergency funds. This provides them with a safety net for unexpected financial needs and allows them to get their needed repair.

Explore BuyFin Consumer Financing for Contractors

Increase your average ticket size, close more jobs, and make your customers happy with BuyFin Consumer Financing. BuyFin offers financing solutions for contractors. With customers now preferring financing over cash, it is a no-brainer for your business to start offering loan programs.

BuyFin has you covered! Our contractor financing for home improvement loans, swimming pool loans, artificial turf financing, or other home improvement projects is just what your business needs! Start with BuyFin today, and a member of our team will reach out to you.