Does Your Business Need To Provide A Customer Leasing Program For Your Customers?
Business to Business customer leasing for equipment that you may be selling has been around for a long time, but still completely understood by most businesses selling products that would qualify for lease financing.
The premise is to have equipment leasing options readily available to your customers in the event they require financing to complete a purchase transaction. Regardless of the industry, whether you need medical leasing or manufacturing leasing and anything in between, a customer leasing program is possible to arrange and put into place.
And while there are lots of leasing companies out there, its not always so easy to get a system in place that actually helps you make sales.
First of all, working with only one leasing company in many cases is a complete waste of time if your customer profile is broader than the lease financing requirements of that particular company.
As an example, if you have an “A” credit leasing company ready to take customer applications for financing, but the customer has “B” or “C” level credit, then its not going to do any good at all and may even cost you the sale.
Even if you have a setup that is working reasonably well, there are likely other leasing options you could add to the mix that you customers would appreciate and that would also potentially increase your sales closing ratios.
Get A Customer Equipment Leasing Program or Vendor Financing Program That Meets Your Business Needs.
The most effective customer equipment leasing programs are administered through a leasing broker that is set up with leasing companies capable of servicing the credit needs of your customer profile.
The best run programs provide your customer leasing requirements to the broker who quickly reviews the information and then redirects it towards the most relevant leasing source in order to increase not only the speed of the overall process, but the chances of short term approval success.
Even when customer equipment leasing programs are set up in this manner, they many times are not run by leasing brokers with enough experience to really add value to the process and/or do not have a broad enough spectrum of leasing sources to adequately cover off the needs of your target market.
If you’d like to set up a customer equipment leasing program for your business or would like to improve upon what you already have, I suggest that you give us a call for a free assessment of your options.