I continue to be amazed by retailers who hide the fact that they have consumer financing programs, as if  it’s shameful. They should join Credit Providers Anonomous! If there were such an organization, and I may just start it up, you would find retail owners sitting together confessing about how they can’t admit they have a financing program. It might go something like this:

“Hi, I’m Joe Owner of We Love Our Customers Retail and I’m a credit provider. But, I hide it from my customers. Why? Well, I just can’t stand to see them take on debt. Also, I can’t stand the thought of incurring the cost of financing their purchase. And, I hate bothering my staff to spend all that time processing the application and financing documents. So, I hide my program away in the drawer hoping that no one asks about consumer financing.” 

Yes, it would be quite a large organization if it existed. Some would justify their credit-providing problem by saying they are only thinking of their customer and how purchasing with a pay-over-time program would be bad for them. If only they understood that their customers don’t need their financial advise and, in fact, may actually benefit from using a financing program that, provided payments are made on time, will improve their credit score.

Others justify their credit-providing problem by saying they can’t offer their attractive discounts if they have to pay the cost associated with financing. If only these retailers understood that without a financing option, those shoppers in their store that want or need to pay-over-time will simply walk out and go to retailer that will offer it, thereby losing a sale.

Lastly, others will justify their credit-providing problem by saying it’s too complicating and time-consuming for their staff. If only these retailers understood that their staff’s job and pay rely on sales being made and some sales can be and will be made if a consumer financing program is available, not to mention that financing platforms and programs are now available that make the process simple and easy to use.

So, if you know a business owner who looks away or changes the subject when consumer financing comes up, try to encourage them in to Credit Providers Anonymous for help, so that they can overcome their problem and get back on the road to growing sales using a pay-over-time strategy.

~ David Weyher