Brokers Often Pass on the Tougher Deals
When brokers get a tougher deal done for a customer, it’s a great thing. You’ve helped a customer in a challenging circumstance get the equipment they desperately needed and have built the foundation for a long-term relationship. But far too often, brokers pass on these deals because of the amount of work it is, and they don’t have a consistent funding source to deliver the goods.
That’s just silly.
Brokers must be able to accommodate a wide variety of credit circumstances, not just the easy application only customers. So, when a tougher credit with a story walks into the office, you need to know what to look for in a “challenged credit” lender. Here are five recommendations for success:
- The credit may be challenging, but the process should be easy. Working these deals shouldn’t take extended periods. A polished, technology-driven and quick system that gets the job done while freeing you up to help the next customer.
- Story credits don’t have to be a communication nightmare. To dig deep behind the application, many lenders take the customer and broker through painful underwriting exchanges, full of communication pitfalls. The right partner should be able to help a more challenging credit as a part of their standard business model, with a fast, simple and reliable process.
- No 2nd class citizens. Just because a business owner has had a few credit challenges, doesn’t mean they should feel judged, put down or in any way inferior. Most people and businesses have had a few bumps in the road, so freeing the owner of that derogatory feeling should be a staple of their customer service model.
- Trust & Transparency. Brokers have to know that upon introducing their customer: their valued relationship will be protected; they will always know where things stand in the process and that they can trust the partner to deliver results in a way that enhances the customer experience.
- Get paid. A consistent and trusted process has to include transparency beyond the customer experience, but also the broker experience. Easy online tools that track everything, including your payments, are a must.
Funding Equipment Should Be Faster and Easier. TimePayment has programs that can support your customers – of all credit profiles and sizes.