Effective October 1, 2021, EnerBank USA ("EnerBank") merged with and into Regions Bank. Learn more here

EnerBank Blog

A Choice of Payment Options Helps Close More Sales

Posted September 5, 2016 by EnerBank USA

a choice of payment options helps close more sales

Consumers today do lots of research before they hire a home improvement contractor. The internet makes it easy for potential customers to know almost everything about you before they sign on the dotted line.

They want to know about projects you did in the past. They read reviews about your company on websites like Angie’s List. And of course they want to know how much you charge.

But whether your price is affordable or you are the most expensive contractor in town, many people will not hire you unless you offer them different ways to pay. That’s where a partner like EnerBank USA comes in.

If you are a home improvement contractor who does not offer payment options with a specialized lender, and who only accepts cash, you may be missing out. It is important to remember that every customer’s financial situation is unique and by offering a choice of payment you become a total solutions provider.

In fact, most consumers expect a lot of flexibility when buying something as expensive as home improvements. They don’t want to skimp or settle — and the right payment option could turn a small job into someone’s dream project. You will never have to make risky assumptions about your customers if you offer payment options and you will never miss out on a job because you do not offer flexible payment solutions.

Two Ways Customers Pay

In working with home improvement contractors, we have found that they have two main ways that customers pay:

  • Cash or Same-As-Cash Financing
  • Loans with low monthly payments

By offering flexible payment options, your company appeals to both. You empower customers when you offer convenient ways to pay. For example, customers who pay with cash are less likely to splurge on larger projects when they have already decided on a fixed budget. A Same-As-Cash Loan is probably exactly what they need to upgrade a $5,000 job to $8,000 or $10,000. Meanwhile, low monthly payment customers will jump at the chance to increase the size of their jobs as long as you offer a low-interest or zero-interest payment option that suits their needs.

Both scenarios are possible when you partner with a home improvement lender like EnerBank USA.

Spending on home improvement projects has increased in 2016 and many homeowners prefer a choice of Same-As-Cash or low monthly payment loan options when it is time to pay for the project. According to Home Advisor, a nationwide digital service that provides homeowners with the tools and resources to select a contractor for their next home improvement project, up to 75% of home improvement projects over $2,500 are financed. Offer convenient payment options and you will receive a larger piece of that spending pie.

Knowledge is Power

Offering a choice of payment options through a partner like EnerBank USA will allow your customers to enjoy a total solutions package. They will like convenient Same-As-Cash or low monthly payment loans and other benefits like these:

  • Quick and easy loan application process with credit decisions in minutes
  • No closing, appraisal or application costs
  • No high default APRs for late payments
  • Payment options than do not affect home equity or credit lines
  • No prepayment penalties
  • Best service in the industry

Maintenance Free for Contractors

Any home improvement contractor benefits from offering payment options, no matter the location or project type. But while the option to finance a home improvement project makes the process easier for customers, the process must also work for you — meaning it is profitable without taking too much of your time.

Partnering with a specialized bank is important because they make sure your customer has a great experience with their loan products which reflects positively on the contractor and increases referrals and repeat business.

Here are some additional ways a partner like EnerBank USA makes financing projects easy for home improvement contractors like you:

  • Freedom of Choice (you choose payment options that work best for your business)
  • 100 Percent Financing (full financing for more than 100 eligible home improvements)
  • Unsecured Loans (specifically built for home improvement projects only)
  • Online Tools (help you monitor and track results)
  • Dedicated Relationship Manager (someone available to you who is dedicated to your success)


Imagine financing 50 percent of your jobs. Think of all that new business.

If you are a home improvement contractor who does not offer a choice of payment options, both cash and financing, and who is not partnered with a specialized lender, then you might be missing out on a lot of sales. Offer each customer a choice of payment options and explain the value of payment options from when you set up the initial sales call to the time you present the estimate and watch your business grow!

Contact EnerBank USA today if you are ready to begin offering your customers a choice.