The modern business climate is cutthroat, margins can be small and competition is fierce. Not only that, but customers have become savvier than ever, and therefore, sales are harder to close. No industry understands these facts more than equipment dealers/vendors.
Financing options are vital to closing deals, increasing market penetration and controlling your sales region and customer base. As such, most equipment dealers/vendors understand the importance of offering a finance program to their clients and utilize their vendor financing operations to finance their clients. If you’re unsure about how these programs impact your business, we’ve put together this handy guide to explain vendor financing.
How Does Vendor Finance Work?
Vendor finance programs are merely leasing / financing options made available by Lease Genie to aid and increase equipment sales by you, the equipment dealer/vendor.
For instance, a small construction company needs to purchase a bulldozer for a new project. While business is booming for him, he still doesn’t have all the cash needed for a heavy equipment purchase. In order to complete the bulldozer sale, you partner with Lease Genie, a vendor financing company. Upon approval, they pay you cash for the equipment, and your client pays the finance company (Lease Genie) over a set term.
What to Look for in a Vendor Finance Program?
Now that you understand a little bit about vendor financing, you’ll need to know what to look for in a vendor finance partner. Financing, leasing and loans can be a tricky business.
The important qualities to note are honesty, integrity and communication, along with credit scores and the type of customers you sell to. Customers with less than stellar credit can be tough to finance. A vendor finance program with the ability to lease / finance all credit levels and all types of business equipment is important when selecting a lease / finance partner.
Check for excellent reviews and a high rating with the Better Business Bureau. You can simplify the buying process even further for your customers by offering flexibility and ease in how they apply for financing. Lease Genie Equipment Finance will make life easier for your customers and make selling easier for you, the equipment dealer/vendor.
Become Our Partner Today
If you’re looking for an honest, reliable dealer/vendor financing program in Omaha, NE, and the surrounding areas, contact us. Lease Genie specializes in providing financing for all of your clients. If finance companies who only work with “A” clients are hurting your sales, please reach out to Lease Genie today!