Improve Cash Flow – Payment Option Benefits Series
Welcome! You may have found yourself on our blog because you’ve been researching how your home improvement business can benefit from offering contractor financing. We know there are a lot of options out there, but not every lender is created equal. Here at Regions | EnerBank USA, we have over 20 years of experience within the home improvement industry, and we’ve done our due diligence.
Through our research*, we’ve found six major benefits of offering our payment options for home improvement contractors:
- Improve Cash Flow
- Increase Leads
- Boost Close Rate
- Grow Average Project Size
- Eliminate Discounting
- Reduce Cancellations
In this series, we’ll go over these in more detail, as well as how other aspects of our loan programs can help you further enjoy these benefits.
We’ll start with our first benefit:
How Can Contractor Financing Improve My Cash Flow?
As a part of your loan program, you gain access to several features, including ExpressSign. Not only does this simplify the application process for your customers (they can pick from three paperless methods), but it makes it easy for you to request funds.
When a customer receives their approval, they’ll provide a single signature and select whether they want to receive funding requests via text or phone call. This means no more chasing down signatures to get the money you need. Using our management system PartnerPortal, you’ll send a funding request, and the customer will approve using their preferred method. Once authorized, the funds will be sent directly to your account, usually within 24 hours.
How Does This Benefit My Business?
Often, you don’t get paid until the end of the project. This means having to juggle funds between projects or having to delay progress altogether because there isn’t enough cash to cover the next outlay for materials or labor.
When you work with us, you’re in the driver’s seat when it comes to your cash flow. You can now better manage your projects and spend less time waiting around for the funds you need. By having the ability to start and finish jobs sooner, you have the potential to increase your workload and grow your business.
Next time, we’ll talk about how offering customers financing can help you increase your leads.
Signing up for payment options is easy. Just fill out the form on this page, and someone from our team will reach out soon.
*The Brickyard Study, Commissioned by EnerBank USA, 2018
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