After the latest Matt Chatts live episode, they answered some questions from the audience on how to close customers with higher interest rates.

After the show, one contractor asked:

How to close on homeowners with higher interest rates?

Bratsis began by saying that an individual customer will adjust to whatever environment they are put into. "People adapt to their environment," said Bratsis. "When your gas prices go from $3 to $5 a gallon, that doesn't stop people from driving."

"They might complain about it, but that doesn't stop them from living their lives." explained Bratsis. "If you allow the conversation to focus on the interest rate, you're playing from behind right away."

Instead, Bratsis said to shift the focus away from a higher interest rate, and towards explaining why the interest rate is high in the first place. "We're giving you a solution to a problem you have," said Bratsis before explaining that a higher interest rate allows the amount of a monthly payment to be affordable for the customer.

Bratsis also explained that only near-prime and subprime customers are affected by higher interest rates, and that most customers that fall into those categories are already aware of their circumstances and expect to be paying a penalty for their poor credit in some way.

"What they want is a solution," said Bratsis. "It is real, but the fact of the matter is that the people that are getting those higher interest rates know that they are not prime credit customers."

'Matt Chatts' is a contractors' best resource for staying informed in the world of contractor financing. All contractors are invited to join Matthew Bratsis, Donna Decoster and their guests to interact and ask questions about the often confusing world of financing in the pursuit of better customer payment solutions.

Watch the full episode of Matt Chatts "All About the Customer Experience" by clicking here. Or, register today for the next Matt Chatts episode here or sign up to have them delivered directly to your inbox.