“For A Vendor Equipment Leasing Program, Vendor Expectations Can Make A Big Difference”
Vendor equipment leasing programs are almost essential if you are in the business of selling new or used equipment to your customers.
Unless all your potential sales are going to be for cash, the customer is going to need equipment leasing options, which is where you vendor equipment leasing program comes in.
The first challenge for any equipment leasing program is making sure that there is a good match in terms of what the lease company programs have to offer and what the needs of your customer are.
But a second consideration, running closing behind the first is the sellers expectations of exactly what any one vendor leasing program can deliver.
When we speak of delivery, we are talking about the amount of customer information to get a deal approved, the turnaround time of the application process, and the percentage of customers that are financed from all of those that apply for financing through the program.
If the expectations are too high or unrealistic, then the customer is likely going be disappointed with the outcome at times, which can cost the vendor sales.
When you’re working in a competitive market place, like equipment resale, there is going to be a lot of competitive pressures to close the business as quickly as possible, so its easy to get into a habit of establishing expectations with the customer in regards to what your vendor equipment leasing program can deliver that are too aggressive or unrealistic.
The best way to avoid this from happening and to increase the effectiveness of a vendor equipment financing program is to invest the time with the financing company or companies you are working with to intimately learn what will be required to get financing in place as quickly as possible.
This information must be then passed on and trained in your sales reps so that the customer expectations can be kept in check which will help build and maintain the business reputation over time.
Vendor Equipment Leasing Programs Will Improve Over Time
If you have a new vendor financing program in place, the odds are that it will deliver more value the longer you work with your financing partners, provided that the program is a good fit for your business.
Any relationship takes time to develop, and a business relationship with your equipment leasing source for your customer is not going to be any different.
The more both sides learn about each others business, the better the communication and information flow will become, and when there are problems, they will get resolved faster when knowledgeable people are involved.
Unfortunately, expectations get set too high from the beginning of a relationship, causing a vendor to bounce from one vendor program to another, and not getting the true benefit from providing this service to their customers.
Business financing of any type can be challenging to get into place at times, but far easier when everyone is working together with the same information and expectations towards a common goal.
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