If you only offer 0% Interest Loans (ZILs), you may put customers in a box, making it difficult to shift to a different payment option that might better fit their needs. Offering promotional financing, such as deferred interest and low monthly payment options, helps you provide more value for your customer and allows them to turn a simple project into a dream project.
Deferred Interest Financing —Great for Cash Buyers
Cash buyers could write a check today for their project, but if you offer them promotional financing payment options, they often spend significantly more, especially if they can do so without paying interest.
What’s a Deferred Interest Plan?
de∙fer - v - To put off (an event or action) to a later time.
Simply put, your consumer won’t pay interest on their purchase IF they pay it off within a specified time frame (the promotional period).
Leverage Reduced APR Financing
Longer-term, reduced APR plans are great for buyers who are looking for an affordable payment. These customers prefer to manage their financing based on their monthly budget. Reduced APR financing helps them reach a payment amount that fits both their budget and their lifestyle.
Reduced APR plans also can help your sales consultants close more deals and increase their average ticket size by upselling project additions.
Article Provided by Greensky. The innovator of mobile point-of-sale financing. GreenSky® helps you delight your customers and grow your business from day one with the most powerful tool you can possess: The ability to increase your customers’ buying power.
GreenSky® was founded on the idea that payment, credit and commerce could be enhanced using technology delivered via an elegant user experience. We believed payment and credit could be an asset that empowers and enables commerce, not a distraction or impediment. Today, GreenSky® delivers a service that helps business grow and delight their customers.