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Why Offer Consumer Financing?

February 16, 2024

Have you ever had a customer turn down a necessary repair or replacement due to cost? Are your customers just getting what they need with the base option and not purchasing additional add-on items or services?

If you answered yes to either question, it is time to consider offering BuyFin consumer financing. Consumer financing can help eliminate these issues and put more money in your pocket.

There are countless benefits to offering home service consumer financing. Here are just a few:

Increased Sales Opportunities & More Closed Deals

Some customers may put off remodeling their bathroom or upgrading their HVAC system due to cost alone. This is where your business can help.

When you offer financing, customers who do not have the cash or do not want to spend the money are more likely to say yes to a job. BuyFin has multiple financing products that support multiple buyer types and can help them afford these projects.

If a customer is hesitant to sign on the dotted line, financing could be the thing that pushes them over the edge. Make sure you advertise that your business offers financing to help attract new or recurring business, which can help lead to an increase in revenue.

Competitive Advantage

Consumer financing can help set your home service company apart from other companies in your local market, especially when it comes to higher dollar jobs like installing artificial turf or constructing a large outdoor project like digging a pool.

These jobs are typically quite costly, so financing may be necessary for most customers. With over 40 different financing products available, including fixed rate and same-as-cash, BuyFin has options to support projects large and small, while accommodating different customer purchasing behaviors.  

BuyFin also offers first and second-look funding options through one single consumer application, meaning customers are more likely to get approved for financing when you use BuyFin, while supporting a consistent user experience. 

Closed-Loop Financing and Upsells

BuyFin offers closed-loop funding, which means all BuyFin-approved funds must be used with your business. This eliminates customers getting approved for financing and shopping around for other options. Additionally, most approved buyers are given a loan amount higher than what was requested, creating immediate upsell opportunities for your business.  

BuyFin also offers your customers the ability to make purchases against their loan amount over a 5-month period (“Purchase Window”). If the entire approved amount is not utilized for the existing project, this creates additional upsell opportunities for up to 5-months.  

Customer Loyalty

When you offer flexible financing options to your customers, you are helping to build loyalty. Your customers will appreciate that they can get financing through your company, making it easy for them to get the job done that they need with affordable monthly payments.

Providing flexible payment options shows that you understand and cater to your customer’s financial needs, fostering a positive relationship that may result in repeat business and referrals.

To get more information regarding BuyFin, click here.