As a dealer, you wear many hats. You’re a brand ambassador for the equipment you sell who’s capable of describing what makes each product valuable. You’re a customer service representative that’s tasked with meeting customers’ needs and elevating their experiences. You’re also a salesperson who’s comfortable with contracts, negotiations, and marketing.
You’re all these things and more. But are you well-versed in selecting and offering customized financing options to prospective buyers? If not, you can relax because you don’t have to be. Rather, you can join forces with a finance business partner like PEAC Solutions to start improving customer relationships — and closing more deals.
Why Offer Financing to Your Customers?
You may be wondering why you need to offer equipment financing, especially if your customers have never asked about it before. The answer is simple: Few customers will broach the subject. They’ll just assume you don’t offer financing and tell you they can’t afford to purchase the equipment they want.
The reality is that many equipment dealers either don’t offer financing or fail to talk about it as an option. Consequently, customers won’t ask even though they’re accustomed to using buy now, pay later services in their personal lives. However, if your sales team members make it clear that a buy now, pay later option is on the table from the start, more leads may use it as a method to finance equipment. After all, you’ve given them an opportunity to buy what they need even when they don’t have the capital on hand.
The bottom line is that when you offer financing to customers, you position your business as forward-leaning and adaptable. This helps your customers see your team in a more positive light. After all, you’ve seemingly thought of everything.
Steps to Offer Financing to Your Customers
You don’t have to become a lender in order to start offering equipment financing. A lending partner like PEAC Solutions can handle all the backend work for you. All you need to do is just follow these three steps:
- Contact us today.
Bringing equipment financing to your customers requires an initial discussion with us. Don’t worry about the time commitment, though. We know you’re busy, which is why most of our consultation introductions take less than 30 minutes.
Feel free to ask all the questions you want. We will, too. The more we understand your business and offerings, the better partner we can be.
- Make it official.
Becoming a PEAC partner doesn’t take long. When you’re ready, we can set you up with an account on our secure, proprietary platform.
The platform’s user interface is designed to be streamlined and intuitive. In the future, every time a customer is approved, it will show up in your account. About 24 hours after final documentation has been signed and received, you’ll receive funds.
- Introduce customers to equipment financing.
As mentioned before, customers won’t assume that you offer financing. You’ll need to mention it during your initial sales conversations. We’ll provide you with digital collateral to help your team answer questions that may arise about PEAC’s financing application and approval process.
Generally, after customers submit their five-minute applications through the unique URL you give them, they can expect a response within two hours. All approvals, documentation, electronic signatures, and corresponding onboarding measures are handled internally through PEAC Solutions. All you need to do is wait for a PEAC-generated purchase order, issue an invoice in response, and get the money from the sale.
The equipment dealing business is getting more and more competitive. With PEAC’s capital solutions, you can edge ahead of the pack. Contact a representative to learn more.