Are any tool dealers making money selling shop owners big ticket items like tire service equipment, compressors or lifts? Is it not worth the time, effort, or headaches? Or am I missing an opportunity? If there’s money in it, where do I start? ”Are you stepping over dollars to pick up...
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Credit card financing is another option for shop owners or technicians. Although interest rates can be steep, your customer may have an offer for very low or zero percentage teaser rates for a short period of time. The downside? It will cost you a couple points to process his credit card on your merchant account and your customer could be socked with huge interest rates if he can’t pay off his purchase before the promotional period ends.
A better option may be for you to establish a relationship with a financing company. Your customer benefits from the ease of financing and you can be involved in the process, so you don’t have to send a customer away and wait for him to get approved.
Companies like Everlasting Capital (everlastingcapital.com) offer for financing what Expedia.com offers for travel. It gives your customers options.
A dealer can establish a no-cost account with a company like Everlasting Capital and process a customer’s application over the Internet. Customers can choose from a menu of financing options based on their preferences and credit rating.
It takes from a couple minutes to approve the average purchase under $10,000 to a couple hours to approve most purchases over that amount. Everlasting Capital offers financing options for anything from capital equipment for shop owners to personal equipment for a technician, according to company president Josh Feinberg. The minimum financed amount is as low as $500.
There are many options available through financing companies, including traditional financing, leasing with a buyout and lease-to-own options without a buyout. Everyone’s situation is different, so there isn’t a best option that fits everyone. But leasing can often offer lower terms and tax benefits. (It’s best for them to ask their accountant about tax benefits).
Don’t let all the options overwhelm you. Your job isn’t to be a financial expert; it’s to give your customers options so they can choose what’s best for their situation.
A company like Everlasting Capital makes it possible to get financing for your customers.