An equipment financing program can be a very critical element to a solid sales process for an equipment reseller or equipment dealer.
The ability to introduce the customer into a relevant source of equipment financing can make or break the deal at times.
Sometimes this is because the customer has a very tight time schedule and requires the financing quickly to secure the equipment and meet that requirement.
Sometimes its because the competitor also offers equipment financing programs and if yours fail to deliver, the competitor is more than happy to step in and save the day.
The first major benefit is completing sales as quickly as possible. Any time a sale has to be delayed for financing, there are a number of things that can happen to the deal and most of them are going to be bad. Not only could you loose the customer to another vendor financing program, but you’re tying up assets that could potentially be sold to someone else.
The financing process can be frustrating to your customers at times, so if you’re making it easy for them another key benefit is customer satisfaction which may not only lead to potential incremental sales in the future, but also some goodwill in the form of word of mouth advertising.
When a well suited equipment financing program is in place, you can also include it in your company promotions providing more sales punch to any of your marketing messages.
The flip side of all the benefits is what happens when you don’t have an equipment financing program in place or a poorly functioning one.
And there are different things that can cause a lack of performance in this regard.
For instance, you could be working directly with a leasing company that does not have the type of turnaround time your sales process requires.
Or the equipment financing program is limited to only one lender that can’t cover off the majority of your requests for financing.
Regardless of the reason, if you’re customer cannot get timely access to credit terms and conditions they are prepared to accept, there may not be a sale, which will impact your inventory turnover and bottom line profit.
If you’d like to inquire about an equipment financing program for your customers or get a second opinion on the one you already have, please give us a call for a free program assessment.
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