When it comes to consumer financing, a key component of your program will always be the lenders you use. You need to establish the Perfect Lender Lineup, so you can make the most of your financing program, get more approvals, and boost your revenue. But how do you maximize your lineup? And what is the benefit of switching up your lenders? Let's dive in.
How Lenders Play a Key Role In the Consumer Finance Process
This seems obvious, right? The lenders are the ones who approve your customers' applications—pretty simple. But it goes beyond that; you see, not every lender is the same, and there is really not such a thing as a one-size-fits-all lending option. Customers are all different, and they have different credit histories and fall into a variety of credit tiers. You need industry-appropriate lenders that deliver lending options across all credit tiers.
Now, you may be thinking, "Oh, that's easy. You just run the right lender for the right customer." But it's not that simple. Consumer financing is a game of averages. If you don't run as many of the right lenders as possible for every customer, every time, you will miss out on approvals. It's just a fact. On the flip side, when you do run every relevant lender, every time, you will boost revenue over time by getting more approvals, and therefore making more sales. Etch that into a wall somewhere: More approvals equals more sales.
OK, so you understand how you need to define the perfect lending lineup. But maybe the idea of actually doing so is stressing you out some. It's hard to find the time, isn't it? You're already running a business and you have a lot to look after on an average day just taking care of the daily essentials, much less worrying about adding new lenders. Fortunately, there is a solution.
FormPiper Managed Services Make It Easy
Sometimes in life, it's best to leave things to the professionals. You've got a full plate and a lot to look after running your retail business. So, for managing your lending lineup, you want Managed Services that help you maximize your lenders and scoop up found revenue. FormPiper's Managed Services deliver on all fronts.
When you turn to FormPiper for Managed Services, what was a difficult process (managing your lender lineup and running applications) becomes incredibly simple, as the FormPiper team does all the work. Your Managed Services processor will select the most appropriate lending options from your preferred range of prime, near-prime, sub-prime and no-credit-check lenders and run the application on your behalf.
Instead of worrying about adding new lenders, you'll be able to sit back and relax while FormPiper Managed Services maximizes your lender lineup on your behalf. Adding a new lender is as easy as 1-2-3, and with FormPiper's automated application process, multiple applications will be transmitted in an instant, without the need for duplicate data entry by you or your team members.
You'll make the most of your Perfect Lender Lineup with Managed Services from FormPiper, and that will mean more approvals and more revenue for your retail business. It's a great way to maximize the value of your consumer financing program.
