Your customers might not always have the funds available to make the purchases they want, or they may not be willing to spend large amounts of money and run the risk of using their cash reserves. However, by offering finance, you will give them more confidence to purchase your product or services as they know that they won’t have to pay everything back all in one go.
How does offering finance benefit your business?
Offering finance not only benefits your customers, but it will also benefit your business. Take a look below to learn our top 5 reasons why you should be offering your customers the chance to make purchases using finance.
1. Boost sales
Through offering finance, it will help your business to increase the number of sales that you make by removing the most significant obstacle when people are shopping: the price. A study conducted by Forrester found that when organisations offer finance, they can increase their sales by 32%.
2. Increase customer satisfaction
As mentioned previously, the biggest obstacle when people are shopping is the price of the product or service. With customers being able to spread the repayments over a period of time, it will make your business more appealing, thus leading to more interactions and an increase in customer satisfaction.
When there is a high level of customer satisfaction, there is a great deal of trust between your business and your customers. This ultimately increases the possibility of positive word of mouth being generated about your company.
3. Attract new customers
Giving your customers the ability to make purchases using finance allows your business to expand its reach and attract new potential customers. It will enable them to break down the costs into manageable payments, meaning they have the available funds to make larger purchases or even make multiple purchases. This will ultimately make your business more favourable compared to others.
4. Encourage repeat business
The prospect of paying for your products or services using finance can encourage and persuade customers to keep returning to your business. Once customers know that you are offering finance, they are more likely to keep coming back rather than going to a new store and making a large purchase that must be paid in full.
5. Easy to set up
There is this misconception that implementing finance into your business takes time and is confusing, but this is not true. At Buyline, our team of specialists can help your business set up flexible finance options with ease. All that is required is some information regarding your company, the owners and other key individuals and filling out our application form. From this, your business will be able to offer finance in-person, over the phone or online.
Contact us today via the email below to start your finance journey and help propel your business to the next level.