How to Offer Customer Financing in Your Business
Wednesday April 8th, 2020
Benefits of Offering Customer Financing Services
Customer financing services can bring a multitude of benefits, no matter what sector you’re in. With today’s changing customer landscape, there needs to be a smarter way to shop, one that fits in with people’s lifestyles. From retail shoppers to private healthcare users, everyone is looking for flexible, affordable payments. Not only do people want a number of payment options to suit them, but they also want it to be a seamless experience where they feel valued and understood.
For businesses looking to attract new customers, increase conversion and tackle basket abandonment, customer financing companies can help. And setting up retail finance is a very simple process. Here are some ways you can offer finance to your customers:
1. Offer flexible payments online
One of the easiest ways you can offer finance is by adding it as an option on your website. This is done seamlessly so that your customers can take advantage of finance options without leaving your site at all. These alternative payments will automatically appear at the checkout, giving customers a clear picture of the different ways to pay. The entire purchase can be made in less than three minutes, causing no disruption to the shopping journey.
At Duologi, integration and setup is quick and simple too. We have easy-to-install plugins that work with any retail platform you are using, including Magento, Shopify and WordPress.
2. Provide customer financing in-store
As well as offering finance online, you can just as easily provide payment plan options at a physical cash desk. The experience is just as simple and shouldn’t take longer than a few minutes to complete. In-store financing should be discreet and easy to acquire without any complicated forms.
This type of financing not only works in retail shops but can also be extremely beneficial for health and beauty businesses, dental surgeries, vet practices or even legal offices.
The best customer financing services should be easy enough for all staff members to grasp the process, and basic training should be offered by the provider.
3. Let your customers know about their options
Once you have your finance options set up, it’s time to let your customers know about them. Being able to offer flexible payment plans to help customers manage their money better is a huge attraction and you should be shouting about it from the rooftops. Update the copy on your website to advertise the flexible payments and use POS and other in-store marketing to make shoppers aware of what’s on offer.
You should create a structured marketing plan to promote your finance options so that new customers who have never shopped with you before can see that your brand offers a new way to pay.
4. Train your staff on finance products
Whether you are offering finance online or in-store, it’s essential to train your staff. For in-store finance services, make sure you have enough resource so that customers can get the support they need when making applications.
You may also want to find out more about shadow limits. This allows your finance partner to check customer credit history and provide you with a maximum borrowing limit, creating opportunities for upselling and giving sales teams more scope for product recommendations.
With Duologi, we offer training as standard when you sign up with us. To find out more about getting started, take a look at how our financing works.