Are brokers overlooking the super-small ticket?
Businesses are thinking small—at least when it comes to financing.
- Our recent survey found that small-business decision makers are 82% more likely to finance an equipment or technology purchase under $15,000 today than they were in 2018.
The big picture: Payments are paramount. In a slowing economy with inflation concerns, labor shortages, and banks tightening credit, more companies are more likely to finance smaller-ticket purchases.
By the numbers: Small-ticket purchases also attract less competition.
- 6.3: Average number of competitors for a single $85,000 excavator deal:
- 1.6: Average number of competitors for a machine attachment finance opportunity
- 1.2: Average number of competitors for a commercial microwave
- 40% higher: The average broker commission rate for transactions under $15K compared to those over $50K
If there’s a) less competition to attain a stream of business, and b) more opportunity to earn a higher rate of fee income per deal, shouldn’t you be looking for c) the right lender to help you earn this transaction flow
TimePayment can help. With flexible monthly payment options for equipment needs starting at $500 and reaching to $500,000 and beyond, you can trust our innovative technology tools and creative capital solutions to give customers the options needed to scale up with confidence.
Take action: To discuss a vendor opportunity, reach out today. Or sign up now to get started.
*2023 Sawbux Greenwich Study of Commercial Finance Decision Makers
