Borrowers are Seeking Vendor Financing, and Vendors are Seeking Reliable Partners
Consumers today expect financing options. Long gone are the days when banks were the sole source of funding. In fact, some would argue that big banks have held on so tightly to the old ways of financing business equipment that they have become consumers’ least favorite source. Whatever the reasons, there is an opportunity for vendors to move into that space where banks once ruled. Vendors who don’t are leaving money on the table.
Why are Consumers Turning to Vendor Financing?
Banks are notorious for hoops through which applicants must jump. And, many applicants won’t meet banks’ stringent requirements for a loan. With vendor financing, consumers have more flexibility, especially when the vendor works with a lending partner committed to closing sales.
Consumers can explore financing a higher priced piece of equipment rather than settle for less expensive machinery priced within the bank’s approved amount. This is a win-win for both vendor and consumer since a higher sales price results in a higher revenue per sale for the vendor and the customer obtain the equipment best suited for his or her needs.
Why are Businesses Partnering with Reliable Vendor Financing Companies?
With the right partner in place, there are several ways vendor financing benefits your business.
Expanded customer base. By offering in-house financing, more consumers across a credit score spectrum will be able to finance directly through you.
Control over your financing program. An in-house vendor financing program lets you control how your customers’ purchases are financed. Partner with a company, like Global Financial & Leasing Services (GFLS), who will tailor a financing program that works for you and your customers.
Be more competitive in a competitive marketplace. Consumers shop around, and when all things are equal, will choose the best offer. Having a finance partner in place means application decisions are made quickly, helping consumers get the equipment they need faster.
Choosing the Right Financing 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 vendors as a primary or secondary financing partner. Thanks to our streamlined processes, your buyers will have a financing decision in less than 48 hours without any extra burden on your team’s shoulders.
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. In the end, your sales reps can focus on closing sales, not finding financial solutions.
Five reasons vendors choose GFLS:
- They can sell more equipment and help increase profit margins.
- They can close sales quickly because we are a motivated credit team who provides fast approvals.
- They can expand their sales offers to buyers who don’t have capital on hand.
- They get a tailored program at no cost to them.
- They receive 100% payment of the invoice via wire or ACH.
Our team works with vendors in a variety of industries and can help you provide the financing your customers need to keep your financing in house and your customers happy.
Submit an Equipment Vendor application today. If you have questions, contact our team for answers.