The furniture industry is a truly unique one, in many ways. When customers buy furniture, they are typically expecting it to last for a long time. It's a major investment, and in a time when many customers don't have a lot of cash in the bank, it's something they take very seriously. When they walk into your furniture store, they are looking to buy a quality product from someone they can trust.
You and your sales associates know how important it is to establish rapport and mutual trust with customers, and you've no doubt given a lot of thought to how you go about selling your furniture. You also probably understand the value of a consumer financing program for getting more sales and boosting your revenue. After all, there are a large number of customers who either prefer to finance or are unable to make their furniture purchase without a financing option.
That’s all well and good, but there is one major problem, and that is that the traditional consumer financing process is laborious and could be costing you sales. Here's how.
How the Old Consumer Finance Process Is Holding You Back
Time is money, and while a customer may take their time making a furniture purchasing decision, they want to be helped in a timely manner, and they especially want to complete their purchase promptly once they have made up their minds. The traditional consumer finance process slows that sale to a crawl. Let's say you want to run multiple lenders. Guess what? That means duplicate data entry when putting the application through to each lender. If an application is rejected, that means another form has to be filled out, all while the customer is standing there, and becoming more and more frustrated.
Then, let's say your customer just doesn't get any approvals at all. Well, that's embarrassing for them. After that, they might not even want to come back to your store. And at the same time, it reinforces the thought in your employee's mind that they should not waste time trying to run applications for credit-challenged customers.
In that sense, it's hurting both your financial bottom line and your future revenue potential by limiting the number of customers you run applications for and get approvals for. That's money out the door; there's no other way to put it. You hate losing revenue from damaged products, so why should revenue lost from an outdated financing process be any different?
FormPiper Does Things Differently
There is a better way. With FormPiper, your employee or Managed Services processor will transmit all applications to your Perfect Lender Lineup with a single click, avoiding the time-consuming and laborious process of filling applications one at a time and waiting for approvals.
Additionally, FormPiper enables you to quickly run applications for all lenders, so you can maximize your approvals. This helps you make the sale, and it also helps the customer get the furniture they want.
In an industry like furniture retail, where customers buy based on trust in the product and in the people selling it to them, it is essential that your consumer financing process reflects the customer-centric values of your company. FormPiper simplifies and automates consumer financing, allowing you to focus on serving your customer. It's a great way to set your business apart in the furniture industry and gain a big edge on the competition. Your customers are sure to appreciate it, and your employees will no doubt appreciate the time it saves them throughout every step of the consumer finance process.
