Consumer financing is a great way to make more sales, develop relationships with your customers, and add a consistent revenue stream to your business. With those benefits in mind, it's hard to see why any organization wouldn't want to establish a robust consumer finance program. Of course, there are some challenges involved with offering financing to your customers.
For starters, there's the simple matter of time. You need your employees making sales, and while offering financing can certainly get you more sales from customers who otherwise would not make a purchase, seeing the finance process through from start to finish is time-consuming. It keeps your employees off the floor, while they assist the customer with the application process, run the application for as many lenders as necessary, and capture all required details for the purposes of later analytics and reporting. And before actually starting your program, your employees will need to be trained to take on all of these tasks. If time is money, then this cumbersome process is a money pit for your business.
Additionally, while you may have some idea of how you want to set up your reporting, building a process out is cumbersome. You have a lot on your plate running your retail business, and keeping track of the day-to-day details of your financing program will take a lot of effort and planning, especially if you have multiple locations. And you're going to delegate this process to your employees, you will have to train them to do it.
Time that you could be spending on high-level planning, serving your customers, exploring new business opportunities, and training your employees will instead be spent dealing with the daily requirements of your consumer finance program. The sheer challenge involved might be enough to make you wonder if the added revenue is even worth it.
The FormPiper Managed Service Solution
To make the most of your consumer finance program without distracting from the core of your business, you need to automate as much of that process as possible. And here's the good news: FormPiper does exactly that.
With FormPiper's Managed Services, you will have a feature-complete consumer finance dashboard at your fingertips. This one location will serve as your easy-access resource for everything you need when it comes to managing your consumer finance program.
The way it works could not be simpler. You'll start by signing up for the FormPiper dashboard and entering your employees. To complete their application, your customer will be able to scan a QR code or receive an application on mobile and fill out the form securely and promptly. Once the application is approved, your store and the customer will be notified, so you can quickly and easily complete the sale during their visit.
Once the sale is completed, we'll update the reporting platform with all relevant details, so you can track lender and employee performance via simple scorecards. Have a single store and want to dive deep? Our single-store reporting functionality has you covered, and gives you the Key Performance Indicators (KPIs) you're looking for when reviewing your finance program. Need to see data for multiple locations? Let us give you higher-level reporting for KPIS across multiple stores in pre-defined regions so you can allocate training resources as needed to the right locations.
Our processors will handle the entire application and reporting process for you from A to Z. All you have to do is sit back and enjoy the increased revenue.
Take Control of Your Consumer Finance Program
With FormPiper Managed Services, you aren't just handing off your consumer finance program to a third party; you are gaining greater control than ever of your key levers for boosting revenue and improving employee performance when it comes to closing sales. You'll have a better understanding of which lenders and employees are performing well for you, and which need a little help, so you can make adjustments and provide training as necessary. You'll be able to spend more time focusing on improving other aspects of your business and assisting your customers, as opposed to wading through sheet after sheet of reports.
In short, FormPiper Managed Services don't take away your control; instead, they empower you and put you in the driver's seat. You'll have all the information you need readily available through one convenient dashboard, with single or multi-store reporting to meet your specific needs. Knowledge is power when it comes to your business, and having the right information provided to you through the FormPiper reporting platform gives you the knowledge you actually need, and not just a bunch of fluff. And with FormPiper processors handling the application process instead of your employees, you'll save a lot of time, which equals a lot of money.
Offering consumer financing should be an easy revenue booster for your business, not another challenge you have to deal with. With FormPiper, the challenge is replaced by a convenient, repeatable process supported by accurate reporting. Let our innovative approach to Managed Services put money back in your pocket and time back on your calendar. We'll show you just how effective the right approach to consumer financing can be.
