8 Minute Read

Getting new roofing, hvac, or remodeling leads is one thing, but turning those leads into paying customers is another.

No matter how solid your contractor marketing strategy is, how much you’re killing it with Instagram and Facebook advertising, or how often customers go out of their way to refer you, you still have to master the art of closing deals.

One of the simplest ways to accomplish closing more jobs is by offering home improvement customer financing. Here’s why… 

If you haven’t already, sooner or later you’ll face a situation where a homeowner asks for a bid and then is surprised by how much the job costs.

Anytime that happens, homeowners have two choices: 1) cutback on the project scope or 2) do it in phases.

Neither is a great option for the homeowner or you.

For them it means having to settle for less than desired products or repeated disruptions of their home life. And for you, it means missing out on a higher overall project cost and having a less satisfied customer or worse-case, losing the deal altogether.

Offering customers payment options and financing increases closes and job sizes. In fact, studies show that offering financing increases close rates 18% and job sizes 30%. 

Now you might be thinking, “yeah this all sounds great but how can I offer financing to customers?”

After a quick google search and some phone calls, your next question might be, “there are so many options to choose from…which solution is the best option for me and my customers?”

No worries! We have answers…

Although there are many factors to consider, we’ve identified four questions to determine the best fit for your business and your customers.

1. 1. What kind of technology can support my business?
   2. What is included in the financing programs?
   3. How will offering financing impact me as a contractor?
   4. How will payment options affect my customers?

Below goes over these 4 key points as well as recommendations on how we can help you with this directly at no risk to you!

HOME IMPROVEMENT TECHNOLOGY

In today’s age, contractors can use their phones, iPads, tablets and other devices to improve their customers’ experience. Customer financing for contractors looking to grow their sales rapidly, is a valuable tool. This is especially true when you can price a job on the spot or show the customer how the finished renovation will look.

Make sure your financing partner can offer technology to support your needs as a contractor. Consider a partner and equipment that will provide some of the following:

• • The ability to submit applications
  • Fast approvals on those submissions
  • The option to satisfy any potential stipulations
  • The ability to send loan documents for signatures
  • Basically you need a one-stop solution to help you close more deals and increase revenue. Make sure you have access to reliable technology before you pursue any other questions.

FINANCING PROGRAMS

The next step is to determine if the lender can offer customer financing for contractors looking to get a leg up on the competition. Home improvement job types can range and not all lenders offer financing for every home improvement project, such as:

• • Residential solar installations
  • Siding or roof replacements
  • Energy-efficient windows
  • Bathroom additions
  • Basement remodels
  • Kitchen remodels
  • Deck installations

And those are just a few of the trending home improvement projects in the U.S. So as you look for a lending partner, make sure they have financing options available for all the project types you specialize in. Also keep in mind that some financing programs have conditions to ensure long-term success.

CONTRACTOR BENEFITS

Experienced contractors can really enjoy a wide variety of benefits from high-quality financing. Here are a few things you can expect from a reliable lender:

Guaranteed Payment for your work – Get Paid On-Time, EVERY TIME

When you do business with customers financing and a reliable financial partner, they should ensure that you maintain that business once a customer is approved for the funds. If not, you’ll be stuck with helping customers earn funding and choosing to do business elsewhere. 

A reliable partner will not only be able to help facilitate funding to help ensure YOUR customers do business with YOU but also will ensure that you receive the funding within 2 business days at the latest.

Dedicated Account Manager and Friendly Customer Support 

Home improvement projects are time-consuming and the last thing you want to deal with is financing issues. A reliable lender will ensure you have access to a dedicated account manager and customer service specialist whenever you need support.

Unfortunately, a good amount of lenders will send you straight to a robot to navigate through your concerns. If that frustrates you, look for a lending partner that will provide a real person who is personable and provides responsive support for all your needs.

Many Offerings to Choose From

If you work with a lender that has a strong reputation, you can have peace of mind for every home improvement project you work on. More importantly, they should be able to provide multiple options (i.e. second and third look options if necessary) that accommodate your business, no matter the size. The more options the better, you should NEVER lose a deal to credit worthy customers.

CUSTOMER BENEFITS

Think of these customer benefits as a way to close more deals. You can explain these benefits to them and ease their mind to help you increase sales.

Low monthly payments

Increasing your customer’s buying power is the key to customer financing for contractors trying to close more deals. You can offer a standard installment loan, featuring affordable monthly payments and competitive interest rates for prime credit customers at no cost to you. But there should also be options available when you need to close a difficult sale.

Quick in-home approvals

We all know that giving the customer extra time to think about the cost of a project can lead to lost deals. By getting fast in-home approvals through streamlined technology, you can significantly increase your revenue.

As soon as you find a lending partner you can trust, start to market payment options to your customers. People will be much more likely to do business with you if they know they can rely on financing for their next home improvement project.

HERE’S HOW PAYMENT PILOT CAN HELP YOU START GETTING MORE BUSINESS…

Sign up for a FREE consultation and learn how to offer customer financing! Our consumer lending programs provide your customers extra incentive to do business with you right away.

Get started in 2 steps: 

1) Click “Get Started” below and Fill out the Payment Pilot form and

2) Sit tight! Our team will contact you within 1 business day

Here is What’s Covered and Offered to You on Your Call:

• • How You Get Paid On-Time, EVERY TIME at No Risk to You
  • Loans from $500 to $100,000 (Approvals from 550 FICO)
  • Instant Pre-Approvals
  • 100% Funding in 1-2 Days
  • No Dealer Options Available
  • Installment Loan Plans from 4.99% APR
  • No Interest, No Payment Plans Available
  • 6/12 Months Same as Cash

Our commitment to servicing our customers goes above and beyond what most merchants are used to:

• • No Auto Attendants. 24/7 live person answering phones.
  • No Long-Term Commitments. Without locking you into a restricted contract.
  • Wholesale Pricing on All Equipment.
  • Unparallelled Access to Our Service and Tech Department. Call/email/text/chat to be connected instantly during normal business hours.

Already Offering Financing? No Problem! Our Second and Third Look Options Ensure you NEVER Lose a Deal to Credit Worthy Customers!