As a contractor, it’s no secret that financing likely isn’t your favorite topic of discussion. The process can be messy and leave you with a headache and stress, all which probably make you not want to offer financing options at all. Believe us, we get it. However, as technology evolves, the frustration associated with financing will be a thing of the past. So, what if we told you contractor-offered financing could be both easy and integrated into your construction project management software?
Before we get ahead of ourselves, let’s talk about the benefits of contractor-offered financing.
By offering financing options to your customers, you’ll open the door to more sales opportunities. With an easy financing program, you can help customers who are faced with unexpected hardships or with issues finding the money they need for their project.
Mitigate cash flow problems.
No matter how good business is for your company, getting paid promptly is always a top priority. Waiting for funds can delay the start of the project and limit your ability to mobilize. But, when your customer is able to receive approval in minutes and funds the next day, your cash flow woes could be a thing of the past.
With contractor-offered financing becoming more commonplace, you can expect your competition to follow suit. However, most are using traditional pen and paper loan applications. Don’t get stuck in the past; by bringing your loan application process online by using your construction project management software, you’ll save you and your customers time and effort.
Upsell and increase customer spending.
When contractor-offered financing is available, it’s easier for a customer to commit to the project and sign a contract with you when they realize they don’t need to dip into savings or take out a home equity loan. They can roll the total project cost into manageable payments, which makes that new kitchen or new deck so much more enjoyable. Plus, your customer is going to be more inclined to upgrade finishes or increase the scope if financing is on the table.
Build stronger customer relationships.
Building customer relationships is a top priority for your business (besides delivering a great project) and offering a financing program is a great way to build them. You’re helping your customers with two very personal projects – financing and home improvement – and when you deliver on both things, your customers may find ultimate trust in you and your services. And, don’t forget about the power of referrals! The more trust you build with your customers, the more likely they become to refer you to a friend or family member.
Take the financing plunge with your construction project management software.
If you’re already offering a solid financing program, then you’re likely already aware of these benefits to your remodeling business. But do you still experience financing pain points, like high merchant fees and slow paper processes? And, if you aren’t already offering financing, have you stayed away from it for a reason? Do you feel that you may rock the boat of your great sales strategy by adding unknown process to it?
We weren’t kidding when we said we could make it easier for you, though. Coming soon, you will have access to easy financing options through your Buildertrend account, and you can say goodbye to the headaches and fear of unnecessary processes. Stay tuned for more details in the coming weeks.