Why You Need Both Primary and Secondary Consumer Financing Options
Are you looking to increase your sales? Many retailers are finding that when they have primary and secondary financing options, their ability to increase sales comes much easier. Many retailers have just stuck to their primary lenders for these financing solutions, but more and more, they’re finding that they only cater to consumers with excellent credit. This is where resourcing a secondary option comes in handy – not just for your bottom line, but for the improvement to customer satisfaction.
It’s a rather unsettling situation that consumers find themselves in: they are at the checkout counter and the clerk asks them if they want to apply for a line of credit. They answer “yes,” take the time to fill out the form and find out they don’t qualify because their credit scores are “too low.” This makes consumers wary of applying again, and could have a troubling impact on their perception of your company. However, there is a way to salvage this relationship, and it has to do with secondary financing.
The best consumer credit scores are often classified in the A range. Anything below perfection is downgraded to a B or C level. While primary lenders may deny credit to these consumers, they’re not always a risk. They are perfectly capable of living up to the terms of a financing contract, but they’re not given the chance to. When you partner with a financier that works with B and C level consumers, you’re putting yourself in a position to gain more business.
One of your top priorities as a retailer is to give your customers a great experience. You likely spend a lot of time and effort arranging products in the most attractive positions, training employees to be an excellent face of the company and bend over backwards to please consumers. Even if you have a strong brick and mortar presence, you also need to focus on online marketing and sales in an effort to pull in more business.
Not all consumers are going to have the finances to come in and make a big purchase and pay in full. When you offer consumer financing, you’re giving them the option to walk out with that product while they make low monthly payments.
When you work with the right financier, you’re going to get a quick and easy application process that won’t intimidate the consumer. It’s got to be free to apply, and it’s got to be a financier that will cater to all types of consumers, even the ones with less than perfect credit scores. This is the kind of flexibility consumers are looking for.
When you partner with The HELPcard, you’re getting everything you need to make your customers feel at ease and empowered. Contact us today and let’s talk about how we’ll customize a financing program for you.