The Top 3 Reasons Customers Aren’t Buying From You

As an equipment vendor, you do everything you can to generate leads, make sales, and serve your customers as their go-to choice whenever something is in need of upgrade or replacement. You know there’s ample demand for everything you offer, so you probably can’t help but wonder, when your competitors are busy closing deals, if there is a reason why customers aren’t buying from you instead.

In fact, there might be several – and most are easy problems to solve with the right tools at your disposal. If you want to maintain a competitive edge, you need to be aware of anything that might be holding you back, and what you can do about it. After decades of working with leading vendors in a myriad of industries, we know that you can sell more and make more money if you take away the barriers behind these top three reasons customers aren’t buying from you right now.

#1: The customer can’t afford a cash purchase, they don’t have enough available credit, and they may not have sufficient qualifications to obtain it.

This is the single biggest limiting factor in almost every instance, regardless of a customer’s urgency or need. Without capital or credit to cover the purchase price, sales simply don’t go forward. So how are these customers able to get what they need, and how can you make a sale to someone under these circumstances?

TimePayment’s finance programs empower you to close more sales by saying yes to customers who lack the ability to pay upfront for a major purchase. This means you can confidently sell your equipment to businesses and consumers who are underserved by traditional sources of finance, opening up an enormous potential market. ..

#2: The customer needs their purchase urgently and doesn’t have time to go through a traditional credit application process and wait for approval and funding.

When a customer’s business is sidelined by broken equipment, every second counts as they work to replace it. Unexpectedly losing the equipment they rely on costs them time, money, and potentially client relationships, so they need to be able to get up and running again as quickly as possible.  Spending hours filling out applications and then waiting for days to get an answer takes time these customers simply don’t have to spare. It also acts as a barrier to entry for impulse purchases, taking valuable deals off the table by giving customers ample opportunity to change their minds. If you want to make more deals happen, you need to be able to make them happen fast.

Unlike other finance providers, TimePayment can get your customers the equipment they need right away. We offer instant credit decisions on applications below $10,000, and for transactions above that level we provide decisions in less than four hours. Funding on all transactions occurs within hours of documentation completion, so your customers get back to business – and you get paid in full – as rapidly as possible. Plus, there’s no paperwork to slow you down; from initial application to electronic signature, you can complete a transaction in ten minutes from a single web interface.

#3: The customer needs equipment that traditional lending institutions won’t finance.

Financial institutions line up for your business when you want to buy a home or a new car – things they can hold a title to and easily liquidate if anything goes wrong. For most equipment purchases, however, the only options a customer can get from a bank are small business loans, which are very difficult to obtain and usually require significant existing collateral, or personal loans, which require strong credit yet cap out at relatively low amounts. Since most businesses and consumers cannot pay cash for major purchases, you would have to turn these customers away unless you had another option to offer them.

By offering a monthly payment option from TimePayment to all of your customers, you can sell more equipment to more of your potential market – we support purchases of equipment for virtually every industry, and  with transactions starting as low as $500 even more of your customers will be able to take advantage of monthly payment financing.. We even support used equipment, and unlike the credit card companies, we don’t cut down your profit margin with transaction fees. No matter what equipment you sell or whom you sell to, offering solutions from TimePayment gives your business a competitive advantage.

To learn more about the benefits of the TimePayment Vendor Program and how you can make more sales faster by offering  a monthly payment option to your customers, contact a representative of TimePayment today.

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