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MYTH #2: YOU DON’T NEED TO OFFER FINANCING TO EVERYONE

Even if customers need financing, surely you don’t need to offer it to every customer, right? If a customer needs or wants financing, they’ll ask for it. Or if they don’t ask for it, you can offer it at the end to save a sale.

The trouble with this thinking is that it puts the payment decision in your hands, not your customer’s. Sure, customers who know they need or want financing will ask for it. But what about the customers who would use financing but don’t think to ask for it?

While unplannedHVAC and home improvement repairs have typically come from emergency savings, the truth is 81% of Americans didn’t increase their emergency savings in the past year (with 57% attributing inflation as the cause).So, your customers who typically pay in cash?Maybe they can’t afford to do so now. Or if they can afford it, financing may still be easier on their bank account and less stressful.

That leads us to our second point: even if your customers don’t need financing, they may still want financing optionsfor various reasons.Financing has become as common as cash, card, or check. It’s no longer reserved for large purchases like homes or cars; it’s used for everything from groceries to cell phones.

Plus, many customers understand the time value of money (or the idea that the money you have now is worth more than the same money in the future). By financing and keeping some money in their pocket now, the customer can invest that money, save it, or put it to better use than it would be tied up in a large expense. (Tip: Read our blog on same-as-cash loans for advice on appealing to this kind of customer.) 

MYTH #2: YOU DON’T NEED TO OFFER FINANCING TO EVERYONE

Even if customers need financing, surely you don’t need to offer it to every customer, right? If a customer needs or wants financing, they’ll ask for it. Or if they don’t ask for it, you can offer it at the end to save a sale.