Why You Need to Offer More than One Equipment Financing Solution
Small business owners need affordable equipment financing more than ever. Whether you’re looking for your first financing partner or think you’re all set with the one you have, here are some traits you should look for in an equipment financing partner—and why you might need more than one.
Give Your Customers Speed and Savings
Affordability reigns supreme in 2021—30% of customers rank it above health, experience, and social concerns when they make a purchase. Shoppers are hunting for the best deal and want multiple options, and they want to evaluate them quickly. B2B customers spend only 17% of their total decision-making time with potential suppliers, so time literally is money in equipment sales. That’s why Clicklease offers algorithm-driven decisions for customers within minutes. And, with no vendor costs and same-day funding, you’ll save time and money, too.
Provide Leasing with Multiple Options
Change is a key feature of the pandemic recovery as 44% of B2B buyers have switched vendors within the past year. An appetite for fresh choices brings more potential buyers within your reach, and offering multiple options allows them to find the best fit for their business.
Not every equipment financing solution suits every customer; some might need lower amounts and quicker approvals, while others want larger investments and longer terms. Offering multiple options keeps customers on your site.
Take it one step further and make choice a selling point: display equipment financing logos both in-store and online and emphasize that you provide multiple ways for your customers to build their dreams.
Be a Guide, Not a Gatekeeper
Customers are savvier than ever, and their hackles could jump at seeing only one equipment financing option. They wonder if you’ve chosen the best deal for them and what’s in it for you. Instead, empower your customer with multiple options and cast yourself as a guide whose sole objective is meeting their needs.
You and your customer are on the same team, weighing options together until you find the best solution for their situation. Additionally, putting yourself in this position pays dividends down the road—your customer already knows you as someone they can trust.
Increase Approvals with Diversified Equipment Financing
Different equipment financing options have different approval thresholds, and your customer might not qualify for all of them. Don’t risk it all on one financing partner—offer several avenues for your customer, especially if they face higher rejection rates because they have less than two years in business, run a side hustle, or sell primarily on shops like Etsy. Clicklease increases approvals up to 68% because it’s fast, algorithm-based, and suited to smaller amounts than traditional business loans.
Catch More Customers with Clicklease
Entrepreneurs who already use Clicklease to make payments can easily add new equipment financing from different affiliated sellers. Managing multiple equipment loans on one portal allows them to spend more time focusing on their small business. Plus, joining Clicklease’s vendor network makes it easier for customers to find a dealer whose equipment they can afford.
Ultimately, modern B2B customers want options, and offering them multiple solutions keeps them on your site and gives you more bandwidth to focus on what matters most: the relationship. Want more detail on customer leasing? Check out our free ebook for six ways to integrate leasing options.
