Like buying with a credit card, offering client financing allows your consumers to buy more expensive products and services and pay over a period of time rather than in one lump sum. It allows you to sell larger projects to clients who may not have the total amount saved. They have the option to pay over time while you still receive the money upfront.

Using a client financing service also means that you do not have to schedule payments, check credit scores, or calculate interest. The company does all that for you, typically for a small fee. Plus, if the client defaults on the loan or pays late, the financing company will impose penalties and pursue legal means to recoup payment.

Professionals who use a client financing company report converting more clients and securing more sales when they have the option to finance a project. Not only does the project become more affordable to a home or business owner when they can pay over time, they are also more likely to purchase a more expensive option to get exactly what they want. The average client’s order increases by 15% when they are offered financing options.

When deciding what client financing company to use, consider the fees they impose as well as if there are minimum purchases. If you want the flexibility to have clients apply from their smart phones at home, make sure your financing company offers a user-friendly mobile app.

Some common options for client financing companies are:

  • Paypal Credit- If your company already uses Paypal for online payments, you can easily start using Paypal credit. The additional service is free for businesses that already use Paypal, and if your clients pay for purchases over $99 within six months, they will not accrue any interest.
  • Financeit- This platform will finance purchases up to $60,000. There are no transaction fees and the basic program is free for your business. You will receive the total amount within two business days and they take care of collecting the payments from the client and changing interest.
  • Acorn Finance- This company specifically offers financing for contractors and homeowners. It is free to construction professionals and offers lots of options to clients. Your clients can fill out one application and compare terms and rates from several lenders. They can then make the decision that best fits their budget. They can offer loans up to $100,000 and terms as long as 12 years. Acorn does not directly finance the project, but connects you and your client with lending institutions that meet your needs for a specific project. Using a system such as this opens up a lot of financing options for your clients.
  • Lightstream- For those with good credit, Lightstream offers loans up to $100,000 and makes the funds available as quickly as the same day.
  • Greensky- They offer fixed rate installment loans for up to $65,000. With an easy mobile app for both applying and making payments, this company makes it easy to offer client financing. They have lots of payment options for your clients, including no interest if the loan is paid during the promotional period.

There are many options for client financing on the market. Check with lenders that you already have a relationship with to see what they offer and if they can compete with industry leaders. Research the options to find the one that best fits your business model and ideal client base. Look at reviews, information from the Better Business Bureau, interest rates and fees to accurately compare businesses.


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