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Business Financing Solutions: Fueling Your Growth

For businesses offering high-ticket items or services, navigating financing options is essential. SavvyWP simplifies your journey with three compelling Business Financing alternatives tailored to your unique needs.

1. In-House Financing:

Unlock New Avenues for Business Expansion

In-house financing is ideal for businesses selling premium products like furniture, appliances, electronics, or home improvement services. SavvyWP offers expert guidance, helping you establish a credit policy, and set flexible terms for partial payments.

Business Financing Benefits:

  • Control Over Financing: Tailor your financing options to align with your business strategy.
  • Streamlined Payment Processing: Simplify payments with QuickBooks Online’s automated invoicing and reconciliation, giving you more time to focus on growth.

2. Third-Party Consumer Financing:

Empower Your Customers with Flexible Payment Choices

Third-party financing has become the go-to choice for businesses, especially online retailers. SavvyWP works with renowned providers like AfterPay, Affirm, Klarna, PayPal, and Quadpay to offer your customers interest-free payment options.

Benefits:

  • Enhanced Customer Experience: Attract more customers by providing interest-free installment plans.
  • Hands-Free Management: Let third-party providers handle credit checks and payments, reducing your administrative load.

3. Layaway:

Revive a Classic Payment Method

For some businesses and customers, layaway remains a convenient option. SavvyWP assists you in implementing layaway plans, where customers reserve products with partial payments and receive them once paid in full.

Benefits:

  • Risk Mitigation: Reduce the chances of non-payment as customers must complete payments to receive their items.
  • Interest-Free: Customers appreciate avoiding interest charges while paying for their desired products.

Pros and Cons of Offering Customer Business Financing:

Benefits:

  • Boosted Order Values: Customer financing leads to a 15% increase in average order size, translating to higher revenue.
  • Reduced Hassles: With third-party providers, you can focus on growth instead of account management.
  • Higher Sales Closure: “Buy now, pay later” options make purchases more accessible, increasing sales.

Drawbacks:

  • Fees and Costs: Financing services often come with fees or percentage-based charges.
  • Minimum Transaction Limits: Some providers require a minimum transaction amount for financing options.
  • Customer Acquisition Expenses: While financing attracts new customers, assess its ROI to ensure it aligns with your goals.

Cost of Customer Financing:

The cost varies based on your chosen financing method:

  • In-House Financing: Incur costs for credit checks, payment collections, and administrative resources.
  • Third-Party Financing: Pay fees as a percentage of each transaction or flat monthly rates.

SavvyWP helps you navigate the financial landscape, enabling you to offer financing options that align with your business goals. Unlock growth, empower your customers, and elevate your business with SavvyWP’s Small Business Financing Solutions.

Ready to Empower Your Business? Connect with SavvyWP Today!

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