Don't Let Your Consumer Finance Program Be An Obstacle

Almost everyone has dealt with something that is supposed to be a solution, but ends up becoming a problem. For example, think about any time you’ve had car trouble. A car is supposed to be a convenience; it should get you from point A to point B, at the very least, and ideally should also be fun to drive. But when a car breaks down, it goes from being a convenience and a solution to being an inconvenience and a problem. It becomes an obstacle, which can end up disrupting your entire routine.

As another example, think about a prominent failed advertising campaign (there are examples in the news all the time). An ad campaign should attract new customers to a business, or, at the very least, represent a company’s brand in a positive light. But, as we know from seeing high-profile ad campaigns that cause controversy, fail to represent a brand appropriately, or otherwise go off the rails, bad advertising can end up accomplishing the opposite of what it is intended to achieve (contrary to a famous saying, not all publicity is good publicity).

To get a little more specific to the retail space, let’s consider the example of a consumer finance program gone wrong.


When Consumer Financing Goes Wrong

Offering consumer financing to customers is supposed to accomplish several goals. First, it provides flexibility to customers who are looking for options when considering making a purchase. Even customers who are fully prepared to buy a product or service same day with cash on the barrelhead may be enticed by the greater flexibility afforded by consumer financing.

Second, it brings in more revenue to a retail business. Retailers that offer consumer financing (especially those that offer it to every customer, every time), are going to close more deals and bring in more revenue in the long run than those that do not.

Finally, consumer financing helps build lasting customer relationships. Customers who are able to make their purchase on their terms using financing – and who have a good experience with the consumer finance process – are likely to think of that same retailer again when they want to make another purchase in that vertical.

All of these are strong benefits of offering consumer financing. However, when a consumer finance program is poorly run or implemented, those same benefits can be flipped into negatives. This can turn a financing program from a helpful solution into an obstacle.

If, for example, the financing application process is overly time consuming, it can negatively impact the customer experience. No one wants to wait around forever for their application to be approved. If the process of filling application forms to multiple lenders is a manual one, you could have a customer waiting around getting antsy as they hope for an approval. You run the risk of them pulling out of the deal, or, nearly as bad in its own way, going through with it and then never giving you their return business.

As another example, think about the data you gather from your consumer finance program. If you have to pour a lot of time into collecting reporting data, or, worse yet, lack of means of adequately gathering and formatting that data, you aren’t going to be able to optimize your finance program effectively.

As the frustrations mount, you could find yourself in the unfortunate position of running a consumer finance program that is a burden, rather than a boon. You may end up dreading dealing with financing at all, and begin to deemphasize consumer financing as part of your business model. This will, without a doubt, cost you revenue in the long run. It will also create a negative contrast between your business and any of your competitors that offer financing options – especially ones with smoothly functioning finance programs.


FormPiper Clears Your Consumer Finance Obstacles

If the above scenario sounds like a drag, well, it really is. No retailer wants to be in a place where their consumer finance program has become more trouble than it’s worth. Fortunately, there is a straightforward way to solve this problem and make any consumer finance program beneficial and not burdensome.

FormPiper is a complete consumer finance automation solution that restores consumer financing to its proper place in the sales process, where it is a benefit and not a pain in the neck. With managed and self-managed services available, FormPiper streamlines the application process – so you can avoid duplicate data entry – and provides customized data and reporting through a single convenient dashboard. With convenient customer-facing applications that your customers can fill out in-store or at-home, from any device, FormPiper makes applying for consumer financing a breeze and ensures that neither your customers nor your employees will ever dread the financing process.

You pour so much of your time and energy into your retail business. You care about your customers and your team members, and you want to ensure the best customer experience possible, and the highest possible revenue for your business. With that in mind, it only makes sense to take advantage of the best modern consumer finance automation solution. With remarkable speed and ease of use, robust security and compliance standards, a strong lending network (and the ability to add your lenders upon request) and the technology to transmit data to multiple application forms with the press of a button, FormPiper is the perfect choice to transform a trouble consumer finance program into a big help for any retail business.

Recent Blog Articles

New call-to-action New call-to-action plans

Ready to double your finance revenue?

Download the TOP finance companies for your industry.