“Lease Financing Programs For Your Dental Equipment
If you’re selling dental equipment to dentists and dental labs, there is a good chance that most of the time your customer is going to want to consider lease financing the dental equipment instead of draining their available cash flow.In order to be set up for success in this regard, it makes a great deal of sense to have a vendor financing program in place with one or more leasing companies that finance the types of assets that you’re selling.
The good news here is that dental equipment is typically a highly sought after lease among leasing companies, so there tends to be a lot of different options available to the customer and rates are also very competitive.
The challenge in vendor leasing programs for dental equipment purchasing customers is that competitor will also have vendor programs and there can be real differences between what you have set up and what your competitor down the road has set up.
If you are uncompetitive with respect to either rates and terms, or delivery of the equipment leasing service, it can equate to lost sales, margins, and profits at the end of the day.
With Vendor Leasing Programs, Speed Can Be Very Important
So as we have mentioned, from a rate point of view, most dental equipment leasing offers are going to be very competitive, one to the other.
But rate alone may not be the most important aspect of what a vendor program needs to deliver.
In many cases, dentists are going to be too busy to shop around for rates anyway, and unless you are selling a big ticket item, the difference in rate from one offer to another is not going to amount to a lot of additional cost.
For dental equipment leasing programs, the most important aspect for many suppliers and their customers is speed.
Basically, how fast can an application for financing be put together, submitted, processed, and funded?
For some sales processes, due to the high level of active competition going through the customer’s door on a regular basis, the whole vendor leasing program may need to be completed from beginning to end in 2 or 3 business days.
If you’re not set up with a leasing agent who can provide dedicated and responsive service to your customers, or working with a leasing company that is committed to meeting your requirements as well, a lack of speed in getting deals approved can cost you sales today and repeat sales from the same customers tomorrow.
So if you current have an equipment leasing program set up for your customers, is it fast enough and getting a high enough percentage of approvals, or is it costing you sales.
The best way to know for sure is to give us a call and spend some time with us going through your customer requirements and what you’re going today to try and help them get lease financing in place to complete the sale.