Inflation in the United States continues to rise, having hit a 40-year high in the month of July. Prices of consumer goods and essentials such as gas are giving many consumers a bad case of the inflation blues, and, as of the writing of this article, there does not seem to be immediate relief on the way.
It’s affecting all levels and layers of our economy in an obvious way, and it’s something we all have to deal with. But in the midst of the gloom and doom, there are bright spots as well, silver linings to these cloudy times. One such silver lining is the increased buying power and significant flexibility that consumer financing offers.
As a desire for financing options increases along with inflation, many consumers are wondering if financing is right for them. And the right consumer finance options can, in fact, empower them in a difficult economy. Here are a few ways consumer financing does just that.
Expected or unexpected, budget-altering purchases are a fact of life. Whether it’s a sick pet in need of emergency veterinary services, a sudden need for new furniture before or after a move, or an automotive repair service that can’t wait any longer, things creep into our monthly expenses and disrupt our plans. As a retailer, you know that’s the case for your customers. And when a customer needs a product or service, but maybe isn’t in the best position to purchase it outright, consumer financing provides a way to bridge that gap.
While many customers choose and will continue to choose consumer financing as a convenience, others see it as being closer to a necessity, and the frequency of the latter scenario will only increase in this economy. By offering consumer financing to your retail customers, you are providing them with a way to get the products and services they need without buying them upfront, and building a stronger customer relationship in the process.
Credit scores are based on a number of factors, but consumer finance loans can absolutely have an influence on them, particularly as relates to payment history. Building and maintaining strong credit is hugely important right now, and savvy consumers are well aware of the benefits of a better credit score and how consumer finance loans can influence that. Customers who may not have normally financed a purchase may be looking to do so in order to build credit at a time when having a strong credit score is clearly valuable.
Even an average consumer finance program is better than none at all, but in the best-case scenario, your consumer financing process and program will be better than average; it will be excellent. All the benefits of a consumer finance program – from increased revenue to better customer relationships – get even better when your program runs smoothly and efficiently. FormPiper helps deliver that robust, smooth consumer finance experience by streamlining and automating the most laborious parts of the consumer finance process through managed or self-managed services.
By enhancing your consumer finance program with FormPiper, you’re putting yourself in position to win big. The economy might take some time to return to some semblance of normalcy, but, with a strong consumer financing program and FormPiper, you can start building relationships with loyal, satisfied customers today.