Why Same-As-Cash Loans are Attractive to Your Customers
Posted July 14, 2020 by EnerBank USA
When you’re a contractor seeking to grow your business, it’s important to do everything you can to incentivize your clients. You might pour money into advertising, create a referral program, or strive to deliver phenomenal customer service.
But if you’re not offering same-as-cash financing, you’re missing out on a big opportunity for growth. When you advertise and offer your clients a choice of payment options, you’ll be more likely to lock down big home improvement projects and attract even more clients.
Here’s why all contractors should offer same-as-cash payment options to every client, every time.
1. It’s a Flexible Way for Your Clients to Manage Their Cash Flow
Sometimes clients are hesitant to take on bigger home improvements because it limits their access to cash. But a same-as-cash payment option allows them to keep their money on hand for longer, providing a bridge to future income and allowing them to grow their money while using the bank’s cash.
2. Your Clients Can Get Money Without Paying Interest
Some clients don’t want to pay interest, and same-as-cash payment options are very enticing for them. Your clients can pay the same amount they’d pay if they were putting up the cash upfront, and can avoid the pile-up of interest if they pay off the loan before the end of the same-as-cash period.
3. It’s So Much Simpler Than Other Options
Sometimes your clients just want to get started with home improvements as soon as possible. They don’t want to wait around for approval of traditional loans or home equity lines of credit. Same-as-cash payment options are convenient and flexible for funding any type of home improvement.
4. No Need for Collateral
Same-as-cash payment options don’t require any collateral, which makes them easier for any client to obtain. The loan is not tied to the homeowner’s assets or property, unlike a secured loan, such as a home equity line of credit.
Offer Same-As-Cash Payment Options Today
Contractors who offer same-as-cash loans can see their close rate increase. In fact, our data shows that when you offer SAC to your customers in your advertising, during scheduling, and in the home, you’re 14% more likely to close the sale. You’ll also see bigger jobs and reduced cancellations. All this is possible when you clear the financial barriers and let your customers use the bank’s capital — giving you a slam-dunk answer to any cost objections, and letting you focus on value.
Now that you know some benefits of same-as-cash financing, you’re probably eager to start offering these payment options to your clients. Contact EnerBank today to get started. EnerBank is the best choice for contractors seeking same-as-cash payment options, thanks to our expert support and knowledgeable team of experts. We’ll walk you through the whole process and make it easy for you and your clients to get the payment options they need.
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