Streamlining sales is a high-priority goal of every business. It’s a known fact that consumers are always on the hunt for a good deal and that they try to get the cheapest price possible. Your customers will often check out your competition to see what their options are for a competitive price. However, what most people don’t consider is that a cheaper product or service may be more expensive in the long-run.
The sad reality is that “low-cost mentality” often finds its way into larger, more important purchases such as home improvement projects. Your client will often try their very best to get the lowest price on every item. And as a contractor, you definitely shouldn’t compromise your reputation for quality work for the sake of a sale.
The best way to streamline sales and not compromise on quality is with a reliable financing option. The idea of paying a huge sum of money upfront can be daunting to any person. However, if you can show the benefits of low monthly installments, then financing can quickly become a win-win situation. Financing can allow homeowners to carry out their dream renovations without compromising on quality.
Why Home Improvement Financing is Important for Contractors
There’s no doubt that financing options have become more available for the average consumer or business. Long gone are the days when people had to save up over a lengthy period to purchase quality products and services.
Today the market is flooded with lenders who give people purchasing power. Contractors are among the group of people who benefit a lot from financing options. And, if you have customers who are looking for home improvement services, then financing is also often the best option for them.
Advantages of Financing Options
1. Customer Satisfaction
As mentioned earlier, most customers will do their due diligence by researching available options and costs on home improvement projects. Partnering with a lender can allow you to provide standard installment loans to your customers. Such flexible monthly loans will help keep your customers satisfied with your company and help you avoid compromise on job quality.
2. Advanced Technology
Financial institutions have systems to help you easily manage your financial pipeline. Examples include mobile-optimized websites and apps. As a contractor, you can use these systems to submit applications at a convenient time and place for both you and your customer.
3. Business Growth
Some financial institutions, such as Medallion Bank, provide no-cost lending for prime credit clients. They reward you for your efforts of getting qualified customers for them. They also have financing professionals on standby to assist you with anything that you need.
Additional benefits you get by providing your customers with home improvement financing options include:
- Competitive interest rates for loans up to $75,000
- No prime credit costs or contractor fees
- No prepayment penalties together with customer-friendly terms
- Low and affordable monthly payments
Medallion Bank is a financial institution that you can count on if you are determined to streamline sales. They offer a wide range of financing options for contractors and recreation dealers. If you are a home improvement contractor and need financing options for your customers today, please contact the team at Medallion Bank to get more information on a personalized plan.