With the economy still reeling from the COVID-19 pandemic, small business owners need affordable equipment financing more than ever. Whether you’re looking for your first financing partner or think you’re all set with the one you have, here are some traits you should look for in a financing partner—and why you might need more than one.
Provide Customizable Financing with Multiple Options
Change is a key feature of the pandemic recovery as 44% of B2B buyers have switched vendors within the past year. An appetite for fresh choices brings more potential buyers within your reach, and offering multiple financing options allows them to find the best fit for their business. Not every loan suits every customer; some might need lower amounts and quicker approvals, while others want larger investments and longer terms. Offering financial flexibility and customization satisfies your customer’s desire for options while keeping them on your site.
Take it one step further and make choice a selling point: display financing logos both in-store and online and emphasize that you provide multiple ways for your customers to build their dreams.
Be a Guide, Not a Gatekeeper
Customers are savvier than ever, and their hackles could jump at seeing only one financing option. They wonder if you’ve chosen the best deal for them and what’s in it for you. Instead, empower your customer with multiple financing paths and cast yourself as a guide whose sole objective is meeting their needs.
You and your customer are on the same team, weighing options together until you find the best solution. Additionally, putting yourself in this position pays dividends down the road—your customer already knows you as someone they can trust to help navigate their next purchase.
Increase Approvals with Diversified Financing
Different financing options have different approval thresholds, and your customer might not qualify for all of them. Don’t risk it all on one financing partner—offer several avenues for your customer, especially if they face higher rejection rates because they have less than two years in business, run a side hustle, or sell primarily on shops like Etsy. Clicklease increases approvals up to 68% because it’s fast, algorithm-based, and suited to smaller amounts than traditional business loans.
Catch More Customers with Clicklease
Entrepreneurs who already use Clicklease to make payments can easily add new financing from different affiliated sellers. Managing multiple equipment loans on one portal allows them to spend more time focusing on their small business. Plus, joining Clicklease’s vendor network makes it easier for customers to find a seller whose equipment they can afford.