If you are in the dental equipment supply business where your primary customer is going to be dentists and dental practitioners, then you going to want to make sure that your target customer always has a readily available source of capital to complete any potential sales transaction.
And while dentists are typically very good credit risks who can get their own financing arranged without too much problem, the reality is that dentists are very busy people in their own right and are looking for “done for you” supplier solutions which include equipment financing options for any equipment they want to acquire.
Not only that, but supplier competition is typically very high for the dental industry, so getting the jump on the competition and getting a sale closed where financing is required as quickly as possible is a strategic advantage.
The reality is that while most dental equipment suppliers will typically have some alignment with sources of dental financing, these relationships are not optimal in many cases for a lot of different reasons.
First of all, if you are working direct with one lender, there is a number of risks you can run up against. Number one, direct lender relationships are most often for “A” credit customers and if your customer falls outside of the lender’s financing parameters, they don’t have any other options for your customer and the sale gets put at risk while the customer looks for other options which could land them on the doorstep of a competitor.
Number two, if your dentist customer has multiple locations, you run the risk of concentration issues with the lender you’re working with due to the fact that they are likely going to have a limit as to how much exposure they are prepared to have with one client.
Number three, even if you’re working with an equipment leasing broker who claims to have a number of lending sources, the reality could very well be that they only have one lending source that can do your deals with no other options to consider.
Number four, depending on your business model of product sale or service delivery, the dental equipment financing sources you are aligned with might not be making it easy for you to close the sale which is something that can likely be improved upon.
The best solution to make sure that your customers are happy and your sales are being maximized is to work through an equipment leasing broker who 1) has SEVERAL lender relationships to finance your customer requirements including both “A” and “B” credit profiles; 2) has experience facilitating dental customer financing requests and has a high success ratio. Every industry has its quirks and the dental financing industry is no different; and 3) has the capacity to provide the dedicated level of prompt customer service required to get deals closed quickly.
If you currently have a customer financing or vendor financing program in place, we suggest getting a free assessment to see how its performing and how it stacks up against other options in the market.
We provide a customized and customer focused service designed to quickly determine the best financing solution and then get financing is place so that your sale team can get deals closed and not have deals lost to the competitors from lags in the financing process.
If you’d like to know more about how our service works and how we can help you, please give us a call and we’ll go through a free assessment process of your existing financing programs to determine where we can bring more value to your customer financing options.
Click Here To Speak With An Equipment Financing Specialist For All Your Dental Customer Financing Requirements