Vendor financing is ideal for companies that sell high-priced equipment. Most small business owners aren’t in a position to buy these items outright (or prefer not to), making some type of financing an essential component of closing the deal. Learn how you can increase your equipment sales by incorporating a lender partnership into your website.
1. Customize Financing Options
As an equipment vendor, when you don’t offer any type of financing through your company or website, you let control fall out of your hands. Your customer becomes solely responsible for figuring out how to finance the purchase, which can be limiting to say the least. With a vendor financing program in place, you can take advantage of an experienced relationship manager who can help your customers navigate the equipment financing process. They can walk your customer through different loan and lease options to find a way to make the financing work.
2. Advertise Monthly Payments
Vendor financing also allows you to advertise examples of monthly payments. A potential customer might think they can’t afford your equipment when looking at the total price, especially if you specialize in high-priced items. But if you’re able to show them a few scenarios with accurate rates and terms, they might change their mind. Equipment vendor financing can also help you showcase the differences between leasing and purchasing equipment with a loan. It’s a great ancillary service that allows you to better demonstrate your expertise in the field.
3. Make the Financing Process Easy
An equipment vendor financing program allows you to offer your customers access both offline and online. You can put a link directly on your website so you can create a straightforward path from browsing to purchasing. Your sales team can also help guide customers to your preferred financing company and have downloadable forms on hand to get the process started.
By eliminating all obstacles to purchase your equipment and positioning yourself as an expert in all areas related to your product, you can quickly boost your equipment sales. All it takes is a trusted partnership with the right equipment vendor financing company.