Vendor Financing Benefits Vendors and Their CustomersEven in a booming economy, closing sales on large equipment or machinery can take time and finesse. In a down or uncertain economy, making sales is even harder. A combination of comparison shopping, exploring purchase options and choosing the right equipment is standing between you and your customers regardless of the state of the economy. However, if you are not offering an easy and affordable financing program, you risk losing sales.

Putting a vendor financing program in place takes choosing an established and trusted partner, like Global Financing & Leasing Services (GFLS). Founded during The Great Recession, we’re no stranger to financing equipment leases in both up and down economies, as well as approving applicants with less-than-perfect credit. Since we specialize in equipment vendor financing in several heavy equipment industries and work with all customer credit tiers, GFLS can tailor a financing program designed to help you sell more equipment.

Increased sales are attractive advantages to offering a vendor financing program. However, they aren’t the only benefits to both vendors and their customers.

 

Offering vendor financing opens up more buying options for customers.

Without the restraint of a large cash outlay or the inconvenience of going through the traditional bank loan process, customers can “afford” to look at and finance a more expensive piece of equipment rather than settle for with a smaller cash payment or a bank approved amount. A higher sales price equates to a higher revenue per sale for the vendor and the best equipment for the customer.

 

Retain control over your own vendor financing program.

Working with a partner, like GFLS, to create your vendor financing program lets you retain control. Our team works with you to design a program that creates a win-win for you and your customers. We’ll take your best interests and preferences in mind, so you can offer your customers terms that work for everyone.

 

Take advantage of the fact that many business owners can’t or don’t prefer to obtain a traditional bank loan.

By offering vendor equipment financing, you’re saving customers the hassle of doing the legwork to find financing on their own or going through the long, arduous process of applying for bank loans. Some customers’ credit scores exclude them from obtaining traditional equipment financing. Others need equipment quickly and have little tolerance for waiting for traditional banks’ approvals. When your vendor financing program is inclusive and fast moving, customers appreciate your willingness to meet them where they are.

 

When all else is equal, a vendor financing program can be the deciding sales factor.

In areas where customers see little difference between their equipment options, having a vendor financing program could be the deciding factor in choosing to finance equipment with your company.

 

A vendor financing program supports customer loyalty.

When customers have financed equipment through you before, chances are higher that they will return when the time comes to upgrade and/or add equipment. Customers gravitate toward the known, and having gone through the vendor financing process with you before, they know what’s expected.

READ: Why Equipment Vendors Outsource Customer Financing to GFLS

 

Choosing the Right Partner is Key to a Successful Vendor Financing Program

Talk to our team about how you can increase your sales without taking on financial risk. GFLS works with many vendors as their primary or secondary financing partner. Thanks to our streamlined processes, your customers will have a financing decision in less than 48 hours without any additional work on your internal staff’s part.

Our strong connections to publicly traded financial institutions means you can expand your target customers from “A-type” credit applicant’s to “B-type” and “C-type” credit and startups. Let vendor sales representatives focus on finding sales opportunities, not financial solutions. That’s what GFLS is for.