Point of sale financing is a phrase that may be new to you, but it is one you will be hearing a lot more about if you haven’t already. As emerging technology has transformed the consumer finance landscape over the past decade or so, point of sale financing has emerged as an attractive option for consumers looking to make big ticket purchases. Instead of reaching for their credit cards, more and more consumers are expecting merchants to offer alternative ways for financing their purchases.
Businesses that already offer financing at the point of sale have discovered that this is a great option for their customers and for their bottom line. Here are some reasons why you should take advantage of point of sale financing (and why you should work with FinFi).
If you work with a company like FinFi, you will be able to offer financing to more of your customers. FinFi has a diversified pool of lenders covering the broadest range on the credit spectrum. This provides an increase in approval rates and ensures customers have access to the credit they need to purchase your products and services.
FinFi offers maximum approvals. This gives your customers more buying power to make the purchases they really want, right now! Because FinFi has the ability to offer better financing to more customers, you will be able to attract more customers and build better relationships with the ones you already have. Our easy, universal application gives customers access to more options faster.
As recent events have changed the way many companies are doing business these days, point of sale financing solutions through FinFi allow you to offer your customers a safe and secure way to apply for financing. Customers can see if they qualify by using one simple contactless application that can be completed from their personal device and in the comfort of their own home, if they choose.
FinFi lets you choose the lenders you want to work with and you can also select which financing programs will work best for you and your customers. By allowing merchants to customize their options, Finfi can seamlessly integrate with a variety of business models and payment solutions across a diverse array of industries.
In our ever more digitized world, customers are accustomed to convenience and speed when it comes to financing purchases. Whether we like it or not, the world has changed drastically over the past several months and the long term impact COVID-19 will have on the way we do business is still panning out. In order to stay competitive, businesses wanting to offer financing at the point of sale will need to work with a platform that is flexible and transparent. FinFi takes pride in the continuous innovation of our technology, we work hard to ensure the long-term success of our business customers.
You may have noticed more companies advertising or approaching you about offering home improvement financing at the point of sale. It seems everywhere you look, companies are offering customers new ways to finance their purchases. While point of sale lending is not necessarily new, it has seen a reemergence in popularity in recent years as newer technologies make it faster and easier. But, why should you offer this type of financing? Will it help your home improvement business? And why should you consider it if you already have a financing solution?
Debt to income ratio and credit utilization ratio; why do these two things matter and what do they mean? Both can impact what kind of loans or credit cards you are approved for, but only one will affect your credit score. Nevertheless, they are both used as indicators to creditors looking to determine whether or not you are able to take on additional financial obligations. Therefore, both of these should be taken into consideration when creating your financial plan.
Technology has dramatically changed how we shop. Not too long ago consumers could only pay cash or use a card for purchases. If you didn’t have the cash available, didn’t want to use a high-interest rate credit card, or if that card didn’t have enough available credit, you were out of luck. Today, thanks to technology, shoppers can choose an alternative financing option at the point of sale.