It’s not easy being a business selling big-ticket goods and/or services. Wouldn’t it be great if every customer paid cash for their purchases? Or at least had room on a credit card to swipe and be done? But, that is not how many consumers like to purchase things that cost several thousand dollars. They like POT.
No, I’m not talking about cannabis! I’m talking about paying-over-time for purchases. This helps consumers budget their expenditures and manage their cash flows. Sure, they could wait while they put a little bit of cash from their paycheck away and then eventually make the purchase. But, the needs and desires of the American consumer mean that they want to (and will) pay over time so that they can get the product or service now. Therefore, if your business cannot accommodate this reality, you will lose sales to those that can!
Don’t limit your sales because you don’t help your customers finance the purchase. Allow them to purchase in the manner that best fits their need or desire. Providing a pay-over-time method for purchasing your goods or services is smart business. But, how you do this will determine whether you gain more business or just create frustrated customers and employees.
David has developed extensive experience in technology, retail, and consumer finance. SweetPay is his latest venture in these areas, designed specifically to help small businesses compete more effectively with consumer finance offerings. Previously, David founded and is currently Chairman of LendPro LLC, the innovator and leader in consumer credit waterfall technology platforms. LendPro was conceived in 2011 from his retail showroom floor kiosk business, Showroom Technology. He has worked with and sold consumer lending solutions to thousands of retailers, from Top 100 home furnishings chains to small regional stores. David also has held leadership positions with several large, publicly-traded software companies.