The Truth About Financing
As common as financing is today, it's surprising there are still industries, organizations, and sales professionals who don’t routinely offer financing to sell their products and services. While financing adds a short step in the sales process, there are sales reps who always lead with a monthly payment option to achieve their goals. If you aren’t offering this option to your customer, here’s a list of truths that may help you reconsider.
TRUTH #1: NOT EVERYONE PAYS CASH
Those who currently buy from you may pay cash, but what about those who don’t buy from you? The truth is that 72%* of all equipment purchases in the US are financed. If you’re not incorporating financing, you’re missing out on sales opportunities.
TRUTH #2: THE BEST SALES PEOPLE SELL SOLUTIONS, NOT PRODUCTS
In today’s competitive market, it’s not enough to have the best product. The best sales professionals sell solutions, not products. A complete solution offers ease and affordability to the customer. If you don’t offer a complete solution, your competition will!
TRUTH #3: YOUR CUSTOMERS WANT TO KNOW THE MONTHLY PAYMENT
When your customers need new or updated equipment, software, or technology, they understand they must pay for it. They expect a monthly payment quoted during the sales proposal. If your customers have to ask about monthly payments, the only person embarrassed might be you.
TRUTH #4: FINANCING IMPROVES CUSTOMER PERCEPTION
Customers perceive sales representatives that offer financing as more professional, and companies with finance programs as more financially stable than those that do not offer financing. When you offer financing, it tells your customers you are providing a complete solution.
TRUTH #5 NOT ALL FINANCING COMPANIES ARE THE SAME
To have an effective financing program it’s important you have the right partner. And while all finance companies fund deals, only the best help you sell. Your finance partner should be an extension of your sales team to ensure an easy process, flexible terms, and readily available customer service.
To learn more about how an effective financing program can help you and your sales team, Contact Us at 800.234.8787 or visit our website: GreatAmerica Specialty Markets Group.
*Source: 2015 Equipment Leasing and Finance Association’s U.S. Equipment Finance Market Study
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