Questions Vendors Should Ask When Choosing Equipment Financing Programs
If you’re an equipment vendor that is looking for a financing program to offer your customers, there are some questions you have to ask yourself before you jump into a new relationship.
How An Equipment Financing Program Affect Your Bottom Line?
As an equipment vendor, your main goal in teaming up with a vendor financing provider is to boost your bottom line. You should choose a program that targets your customer’s needs that leads to more sales. It is not just about rate. There is more to consider than just the rate. It’s about establishing relationships with vendors. We want to help them grow their business by offering rates that are competitive and credit policies that are flexible enough to get customers approved quickly.
How Does An Equipment Financing Program Help My Cash Flow?
Taking on your customers’ accounts receivables requires time and energy, which could easily affect your own cash flow. When you decide on who your finance provider is going to be, make sure to ask when you’ll actually receive the payment on behalf of what your customer purchased. This will allow you to buy your customer’s time without hurting your own business’ cash flow.
How Does This Program Help My Customers?
Having your customers identify the true value of an equipment financing program over paying with just cash is vital. If they understand, they could start using financing to purchase more equipment. Financing can help smooth out a customer’s cash flow and make them more likely to purchase equipment. Vendors, not having a program puts them at a disadvantage to those that do. Some customers expect that the vendor is going to provide a financing option for them. If a customer is shopping equipment, having a competitive, no-hassle financing program can help close the sale.
Customers are not going to come back and tell you they bought from someone else because that vendor got them financing.
Will This Interrupt My Day-To-Day Operations?
Offering financing as part of your sales process should make your operations go faster.
Your goal is to improve things, not to go back in time. Integrating your new vendor financing program with your technology can also be a challenge, but it could lead to more sales down the line. Make sure it’s an easy integration that makes it simple for you and your finance provider.
GSG Capital is the right choice. email@example.com