Customer Finance allows your customers to spread their payments for goods or services over time. This means both you and your customers benefit from an improved cashflow position.
Allowing your customers to buy on finance also means that they are more likely to buy as the monthly payment amounts are less and not prohibitively high.
In the current coronavirus economic crisis, customer finance can help your business stand out and keep operating in these difficult times.
Like you, your customers want to preserve their funds for investment, running costs and marketing.
Another aspect to consider when looking at customer finance options is that customer finance often encourages clients to take the higher value package meaning your average sale amount can increase. Moreover customer finance can help existing customers to buy more from you, more regularly thus increasing your revenue and the financial strength of your business.
Informing your customers of the tax relief benefits of buying equipment on finance can also be a factor in encouraging sales. Regarding the credit position of clients, offering customer finance options via a broker like Moorgate Finance means a wider variety of customers are likely to be accepted for finance because we have a wide range of lenders that are best suited for them. Our speed of service and specialism also makes us a key partner for lots of suppliers.
A Forbes article mentions research from Forrester which found that businesses providing customers with a financing option experienced a 32% increase in sales. The same Forrester study also reported an average increase in order value of 75%.
Offering a customer finance option also presents your business as being customer-orientated which helps to build trust and good working relationships.
It is important to present customer finance options clearly to your customers. At Moorgate Finance we specialise in helping suppliers of equipment and high value services with customer finance options to help drive business growth. We can also help you clearly explain and market your customer finance options with material and digital content so that you get the most out of your customer finance solution.