There are different reasons for the immense popularity of credit cards all over the United States, as well as why consumers prefer businesses that offer this method of payment.
Basically, it allows them the convenience of purchasing products and services now and paying at a later date, allowing them to make bigger and more purchases; and even helping them build their credit.
All these said, you, as a business owner yourself, should already recognize the benefits of adding credit to your list of payment methods. However, credit card payments are not the only ones you should consider though; you should also think of integrating a broader in-store financing system.
Like credit, this increases your customers’ purchasing power, which can benefit your business immensely.
The benefits, in a nutshell
When you offer this type of financing service to consumers, you give them the same benefits that their credit cards do: greater purchasing power, along with several other useful features.
And with enhanced buying abilities come higher on-looker/browser to paying customer conversion rate; improved sales for your business; stronger client patronage and loyalty; more repeat buyers; and, ultimately, higher revenues.
Greater purchasing power and its converting power
One of the primary functions of customer financing is to layout the groundwork for converting browsers into paying customers. Many consumers nowadays hesitate to make purchases, especially of bigger ticket items, because it means shelling out a considerable upfront payment.
So when you offer financing for your products or goods, they will feel more inclined to transact with you, since they do not have to pay a large fee just to take these items with them home. They can “buy” it now and then “pay” later.
Furthermore, you can also offer them the option to enroll in a monthly payment plan, which makes the shopping experience even more favorable to customers, since they don’t have to pay for everything in one go.