If your company relies on small businesses to make equipment purchases or leases, it’s smart to stay on top of industry trends. Keep reading to find out the most popular leased items and see if your product type made the list. Then, explore vendor financing options that can help move your small business clients through the sales funnel, both quickly and efficiently.
With constant technology changes, many small businesses opt to lease both their software and hardware rather than purchase it outright. Not only does this save the business money in upfront payments, it also allows a trade in for newer equipment, once the lease period is over. Equipment vendors offering IT products should certainly consider this trend when determining financing options for their customers.
Commercial vehicles are extremely popular across industries, whether the vehicle is for food and hospitality, agricultural, or other businesses utilizing delivery, or employees who drive frequently. Another interesting trend, however, is the use of leased vehicles by local municipalities. Whether it’s for service vehicles or garbage trucks, cash-strapped cities and counties often prefer to lease instead of buying when stewarding taxpayer money.
Vendor financing for leased medical equipment is a huge opportunity, particularly considering the growth of the healthcare industry in recent years. As Baby Boomers continue to age, medical practices need more equipment; however, it makes more financial sense to lease rather than purchase outright. This is due to both the cost of purchasing and the constant advances in medical science and technology.
The restaurant industry can be a volatile one, making financing tight at the beginning of any company’s inception. Also, the nature of the business is inherently heavy in assets, making it necessary for owners to stretch their early capital as far as possible. On top of that, equipment leasing can be much faster than small business loans from traditional financial institutions, causing restaurateurs to lean more towards a leasing option.
Equipment leasing is now a large market for small businesses seeking vendor financing. Providing versatile options for your customers can be a smart move in securing deals for your product, no matter what industry you serve. Consider signing up with CMS Funding as a vendor to offer added flexibility to your clients!