For my last post in the “don’t be afraid of offering customers financing” series, let’s tackle the final objection – not feeling all that comfy with a third party in the mix.
This objection I understand to a degree. Obviously, the more layers or entities you add to a transaction, the less control you think you have. And, you want to be certain that whomever you decide to partner with is a reliable company who will treat your customers well.
So let’s look at those two aspects, starting with “adding someone else to the mix”.
I want to tell you not to worry about this at all – here’s why: There’s probably already a third party in the mix. Unless your client is the US Treasury Department, they aren’t printing their own money (so we hope!) And since most companies don’t like paying cash, they are almost certainly going to a bank or an equipment financing company anyway, whether you are aware of it or not. In fact, you partnering with an equipment financing company can actually make things easier for your clients – it gives them a solid financing option right then and there.
Now let’s talk about the second aspect – is the equipment financing company reliable? This is a very valid objection, and I want to go on record saying that yes, you should do your homework and choose a financing partner that you feel will treat your customers like gold.
So how do you find out what kind of company your prospective financing partner is? Well, like you would research any other company: How long have they been in business? How responsive are they? How easy are they for clients to use? Do they invest in themselves, and have a nice, modern website and first class marketing materials? Do they have tools for you? And, the ultimate acid test: How do they treat YOU? These things all matter.
In the end, partnering with an equipment financing company can really be beneficial, and as I’ve outlined in these past few posts, there’s pretty much zero downside. And there’s certainly nothing to be afraid of.
Next up – let’s talk some benefits of partnering with an equipment financing company.