Best Practices for Offering Payment Options
Posted January 10, 2023 by EnerBank USA
If you haven’t been offering payment options or are new to the practice, it can be intimidating to incorporate the financing process into your sales routine. However, when you work with an experienced home improvement lender, it’s easier than you think. With Regions ǀ EnerBank USA, our products and tools are designed specifically for home renovation, which makes it a natural extension of what you’re already doing. With a variety of loans available, there’s an option to fit nearly any project size or customer’s financial strategy. As part of our research-based best practices, we recommend mentioning the availability of payment options at these three crucial touchpoints:
In Your Advertising
No matter what methods of marketing you’re utilizing, you should be mentioning that you offer financing. This shows your potential customer, even before they reach out, that you’re a one-stop shop for their project. Don’t forget EnerBank loan programs include free professional marketing materials for your use.
During the Initial Sales Call
During that first phone call, when you’re setting the appointment, mention that you offer convenient financing for their project. Refer to the availability of same-as-cash and low monthly payment choices, and then the sales rep can discuss it further in person. It may be helpful to send information that they can review before the salesperson comes into their home.
While in the Home
Many customers underestimate the cost of their project. This means that homeowners who weren’t planning on using financing may now be in a situation where they prefer it. By having an entire payment options program available, you can help overcome pricing issues early in the process. Plus, by offering a choice of same-as-cash and low monthly payment loans, you can see an increase in your close rate.
We also recommend you offer every customer a choice of our Same-As-Cash Loan or a low monthly payment loan. This pair of products has shown the greatest success rate for our contractors, leading to larger project sizes, fewer cancellations, better quality leads, and more. Even customers who were planning on paying in cash may see the advantage of the flexibility our loans provide. Assuming that a customer may not be interested in financing may cause you to leave money on the table. The more prepared you are with best practices, the more successful you’re likely to be!
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