What is customer financing? – Have you come across TV commercials that promote financed offers? These commercials, for instance, auto dealership commercials or big box commercials, extensively use customer financing to attract potential customers.

How will you gain if companies offer customer financing? – Customer financing helps in disintegrating big purchases into affordable weekly and monthly payment options.

How do businesses gain when they offer customer financing? – Well, when products become easily available, a bigger audience will reach out to buy them, and that increases sales and brings in the moolah!

What are the best customer financing companies and programs that are available? – The best customer financing companies and customer financing programs include the following –

• Paypal Credit – They allow shoppers to buy products on websites like eBay, Best Buy, and Target. They don’t charge any interest on purchases over 99$ for six months. They provide customers with Periodic Credit line increases.
• Amazon Credit – Among the customer financing options, mention must be made of Amazon Credit that provides 40$ Amazon gift cards to customers for their approval and three different Amazon credit options for varying durations. All you need to do is avail of their credit option on their website.
• ViaBill – This financing company helps customers break down purchases into four equal monthly payments with no additional interest. All you need to pay for the purchase on time.

A recap on the customer financing options that businesses can provide their customers – If businesses want to increase their revenue, then they need to offer open credit lines and allow customers to pay in installments. It is that simple.

Now that we know about customer financing and the customer financing programs and companies that provide customer financing services, let us look at the five best things about customer financing.

Customer Financing helps drive the process of sales – Imagine a situation where a customer, you have completed your research on the best customer financing programs and customer financing companies and have also selected the best one out of them. However, suddenly you are met with unforeseen administrative costs or installation costs. The business will lose sales this way. Won’t they? In such a situation, customer financing helps you in selecting the best customer financing options that will cover every unforeseen event. All that is needed is for your application to be approved so that payments can be processed smoothly and sales can go through.

Customer financing attracts more customers and increases sales – Just as customer financing is beneficial for a customer to purchase what they want without having to wait, it is also beneficial to businesses. Wondering how? Well, it helps businesses attract more customers, and as per reports published by Forester, businesses that offer customer financing services sell 20-30% more than businesses that don’t do so. Customers benefit when they can pay for big purchases like electrical appliances in installments rather than paying every single penny at one go. This helps businesses increase their sales and remain in business for a long time.

Customer financing helps in having loyal customers and more referrals – When customer financing companies provide the best customer financing services to their customers, customers keep coming back to them and remain with them for as long as possible. With increased loyalty comes responsibility. When customers are confident about their customer financing companies and customer financing programs, they not only tend to come back but also refer them to their friends, relatives and acquaintances. After all, sharing is caring! Not only do you care, but your customer financing companies do the same too.

Customer financing will increase the value of sales that is beneficial to both customers and businesses – With customer financing, not only is there an increase in sales but also in the average order value of sales. Studies suggest that there is a 15% increase in the average value of the order for customer financing companies that provide customer financing services. How does this work? For instance, you sit with your broker, and after careful assessment of your credit plans, you find out that your purchasing power is more than what you expected it to be. In other words, you can borrow more than what you initially planned to borrow.

Customer financing facilitates faster payments and an increased flow of cash – A readily accessible upfront payment after applications are approved makes things so much easier. When the payment default risk is with the lender, businesses can rest assured as customer financing will not hamper business cash flow.

Conclusion – As a customer, when you are looking for the best customer financing programs, go for those that focus on providing the best customer service along with other benefits, as discussed above. As a business, if you want to gain an edge over your competitors, provide customer financing today.