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Grow Business By Offering Payment Options

Posted August 11, 2020 by EnerBank USA

grow your business

As a home improvement contractor, you’re always looking for new ways to grow your business. You might feel like you’ve done everything under the sun to bring in more clients, and now you’re ready to offer financing to your customers. Smart move!

By offering payment options to your contractor clients, you can expect tremendous growth. Here are just a few of the many benefits of offering payment options.

1. Nearly Instant Approval

Both customers and contractors get frustrated when they have to wait around for loan approval. Many customers don’t know how they’ll fund their home improvements until the last minute, and waiting for that funding to come through can be agonizing. But when you offer various payment options to your customers, they’ll get approvals within just a few minutes, any hour or day of the week. Instant approvals mean you’ll have happier customers who will spread the word about your business and be less likely to cancel their projects.

2. Lower Interest Rates

Sometimes homeowners opt to pay for their home improvement projects using a credit card or HELOC, meaning they’ll be paying high interest rates and be required to have some type of collateral. By presenting them with another option, you’ll be more likely to secure their business. Contractor payment options are usually lower interest and don’t require any collateral. You’ll be able to get started on the project sooner and have more satisfied customers.

3. Customers Have More Control over Their Funds

Your customers want flexibility and control when it comes to their cash flow. They don’t want to be tied down by monthly payments and expensive loans. This is why offering payment options is so important for any contractor. You’ll empower your customers to choose what they do with their money. They can use their funds for other necessities or put it toward future expenses.

4. Shift the Focus from Cost to Value

Many homeowners are playing a major guessing game when it comes to the cost of their home project. And usually, those guesses are far below the actual cost of the project. Homeowners might be discouraged when their contractor tells them the true cost of their renovation, but if you offer your own funding, you’ll shift the focus from cost to value. Homeowners will be willing to spend more money simply for the convenience and ease of payment options.

How Can I Offer My Customers Financing?

Clearly, offering payment options is the route to go when you want to bring in more customers and secure bigger home improvement projects. So at this point, you might be asking yourself, “How can I offer my customers financing?”

EnerBank has you covered with payment options that are proven to boost your close rates, job sizes, and total sales. Contact us today to find out more about your growth potential or ask us any questions you might have about contractor payment options.


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