Offer Your Customers an Installment Plan, and Get Paid In-full

 

The cost of well drilling or repairs can cause your potential customers sticker shock. But you can ease the pain by offering them an installment plan.

 

There are some great third-party financing options that will allow you to extend your customers financing. They take on the financial risk, you get paid in-full, and your customer gets an installment plan that makes the job affordable.

 

The benefits of offering an installment plan:

 

• Offering financing can give you a competitive advantage over your competition, as you are providing a service that others may not. And it may help you close the sale.
• You get payment in-full within 2 to 3 days of service and the financing company takes on the financial burden.
• You will not have to worry about potential bounced checks or chasing down payment.

There are a few cons to third-party financing, such as the reputation of the financing business can affect the reputation of yours. There can also be additional fees to third-party financing, so make sure to account those into the cost of doing business.

 

Some options that would work well in the water well industry are Square Installments, Flexxbuy, Aqua-Finance and Greensky, but there are dozens of other reputable companies offering financing services. Here are a few articles that we thought would be helpful when researching third-party financing:

 

Why Should Your Business Offer Financing to Customers?

The Small Business Guide To Customer Financing Programs

How to Offer Customer Financing to Convert More Buyers

Introducing Square Installment Plans

 

(Square has temporarily suspended its installment program due to Covid-19. Check back with them on their status).

 

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The material on this page is presented by Webtrol, Weber Industries, Inc., for general information purposes only and not intended as a basis for making any business, legal, or other decisions. Any reliance you place on such material is therefore strictly at your own risk.