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Contractor financing can allow your business to close more deals and keep all the money while improving customer satisfaction. It provides your customers an affordable financing option to pay over time and is 100% free for you. As a result, your business can be more profitable while being a more valuable option for customers. It really is a win-win for everyone involved! AcornFinance.com is a reliable company that simplifies contractor financing. Simply apply online and be up and running in 24-hours. Keep reading to learn more about contractor financing.
What does contractor financing mean?Do you ever dread telling customers their total, fearful they won’t have the cash to pay for it? Using contractor financing allows you to get paid upfront while allowing your customer to pay over time. Companies that offer contractor financing essentially act as a bridge that connects customers with financing options.
What are the benefits of contractor financing for your business?
Offering contractor financing can give your business a competitive edge while becoming a more valuable option for customers.
Let’s look at how your business can benefit from contractor financing.
#1. Close more sales
Providing customers a way to afford your product or services is the secret to closing more sales. It can also discourage customers from shopping around for more affordable options.
#2. Guaranteed payment for your work<
Even though your customers get to pay over time, you will be funded upfront for your product or services using contractor financing. You don’t assume any liability if your customer defaults on payments in most cases.
#3. Increase average job size & revenues
Offering contractor financing can help your business increase its average job size and revenues. It’s much easier to close someone on “$20 more per month” versus “an additional $2,500 upfront.” Statistics show that about 50% of homeowners finance renovations and repairs over $5,000.
#4. Improve customer satisfaction
Contractor financing can improve your customer experience. Knowing you can afford the product or service you’re shopping for can put customers at ease. This allows them to get exactly what they want for a monthly payment they can afford. Overall, this can improve their experience and satisfaction levels.
#5. Reduce job cancellations
The stress of limited cash flow can cause customers to put off projects and cancel appointments. However, contractor financing can help reduce job cancellations. Customers may feel more committed at the time of making the appointment and arranging financing. They may also feel more excited and less stressed about the financial portion of the project.
#6. Be a more valuable option
Customers shopping for expensive products or services may seek out a company that offers contractor financing. By offering contractor financing your company can become a more valuable option.
What are the benefits of contractor financing for your customers?
Contractor financing can not only benefit your business, but your customers too!
Let’s look at how your customers can benefit from contractor financing.
#1. Simplifies financingContractor financing can simplify financing for customers. If you don’t offer it customers are forced to secure financing on their own and hope you can work with their loan. Going through the motions together can simplify the financing process for your customer and your business.
#2. Easier decision makingCustomers can experience easier decision making knowing they are not responsible for paying cash upfront. This can provide them more flexibility during the design and shopping phases. In addition, when it comes time to finalize the deal they should have less to think about. All they have to do is sign and keep up with their affordable monthly payments.
#3. Faster job start
Lenders that partner with Acorn Finance must deliver funds within 48-hours of approval. This can speed up your job start date while increasing customer satisfaction.
#4. Allows for better quality and larger projects
Often times you may struggle to make a project fit within your customers budget. Contractor financing can remove these struggles and allow you to do better quality work.
What are the drawbacks of contractor financing for your business?
Compared to the benefits of contractor financing there are very few drawbacks in our opinion.
Let’s look at the drawbacks of using contractor financing.
#1. More time with customers
More time spent with customers can be viewed as a positive or negative. While it can improve customer relationships it can also take away from helping new customers. However, at the end of the day if contractor financing increases revenues then it should be worth the time.
#2. May require more staff
In order to increase sales you should have a well-trained employee(s) to consult customers on financing options. Acorn Finance provides specialized regular training to help keep your staff up-to-date. In addition, they provide monthly data analytics. The training and analytics costs you zero dollars.
What are the drawbacks of contractor financing for your customers?
Similar to the drawbacks for your business, there are few drawbacks for your customers.
Let’s look at the drawbacks for customers using contractor financing.
#1. May need credit to qualify
Acorn Finance offers financing options for good and bad credit borrowers and has a high approval rate. However, in most cases some kind of credit is needed to qualify.
#2. Taking on debt
Customers will be taking on debt by financing renovations or repairs. The good news is that Acorn Finance offers very competitive interest rates and terms. This can help keep monthly payments down. Some lenders do not have prepayment penalties so customers can pay their loan off faster.
How can a contracting business offer financing?
Offering contractor financing is quick and easy using AcornFinance.com. To get started, simply apply online to register your company. Acorn Finance offers straightforward and competitive financing options while partnering with reliable lenders. Your business can be offering contractor financing within 24 hours using Acorn Finance.
What lenders does Acorn Finance partner with?
Acorn Finance partners with reliable lenders that can offer competitive financing offers to good and bad credit borrowers.
Here are some of the lenders Acorn Finance partners with.
Does Acorn Finance require lenders to meet certain requirements?
Lenders that partner with Acorn Finance are required to meet certain requirements to improve customer satisfaction.
Lenders that partner with Acorn Finance must meet the following requirements.
#1. Quick application process
Lenders must be able to provide a quick application process that lasts 2 minutes or less.
#2. Fast pre-approval
Lenders must be able to pre-approve borrowers in under 10 seconds. Your customer will receive multiple pre-approval offers allowing them to choose the one that is best for them.
#3. Quick funding
In most cases, lenders are required to deposit funds within 48-hours of approval. Prior financial issues such as bankruptcy can interrupt this process.
#4. Eradicate of all completion certificates
You set the contract with the customer and receive funds from the lender.
#5. High loan amounts
Acorn Finance requires that lenders must offer loans up to $100,000.
#6. Borrower credit score not affected by application
Acorn Finance requires that borrowers credit scores must not be affected by applications.
Does Acorn Finance charge money for financing to customers?
Acorn Finance does not charge customers for financing. The lender that funds the loan typically pays a small percentage to Acorn Finance. However, this does not affect the customers loan or terms.
Does Acorn Finance charge dealer fees?
Acorn Finance is 100% free to contractors and charges no dealer fees. AcornFinance charges lenders a small fee to make money.
6 Reasons why contractors love Acorn Finance
Acorn Finance is a leading provider for contractor financing that is committed to satisfying you and your customers.
Here’s 6 reasons why contractors love Acorn Finance.
#1. No dealer fees
Acorn Finance is 100% free for dealers. Instead of charging dealer fees they charge lenders a small fee.
#2. Competitive payment options
Acorn Finance partners with multiple lenders to increase the competitiveness of their offers. Loans up to $100,000, with terms up to 12 years and rates as low as 4.99% are available.
#3. Doesn’t impact credit scores
Customers can apply online and receive pre-qualified offers without affecting their credit score.
#4. Easy to activate
Contractors can apply online and be up and running in 24 hours.
#5. Quick funding
In most cases, funds are available within 48-hours of approval.
#6. Free data analytics and ongoing training
Acorn Finance provides specialized training on a regular basis and monthly data analytics. The data analytics can help you identify weaknesses or insufficiencies in your sales and marketing practices. Acorn Finance will provide training to help rectify any issues.
In conclusion, contractor financing has more pros than cons. It can increase your sales and revenues and is 100% free for your business. Partnering with a reliable company such as Acorn Finance can make all the difference for you and your customers. They strive to go the extra mile providing support and training while partnering with top-rated lenders.
Ready to increase your sales? Get started at AcornFinance.com.