Talking about payment options can feel awkward

More likely than not, you prefer the work part of your job to the administrative one (paperwork, collecting payments, etc).

For instance, you might not love talking about payment options to customers — it can feel awkward and clumsy. When it comes to bringing up financing, you might be worried about offending a customer — and you obviously never want to do that.

But you also know that giving your customers flexible payment options benefits your business greatly; it allows you to close more jobs, grow your sales and increase your customers’ satisfaction.

So how do you approach this financing conversation?

Let us give you a few tips on how to have “the talk” with your customers so you can continue reaping the benefits of offering financing without feeling the dread of talking about financing.

1) Bring it up alongside other payment options

Did you know you only have 27 seconds to make a first impression? Effective openers are crucial.

In the case of financing, you need to put yourself in your customers’ shoes. What is the tangible benefit that financing provides them? The answer is: the flexibility of making small payments over time. As such, the best time to bring up financing is when discussing payment options with customers.

However, the word “financing” may not clearly convey this benefit. Instead, you could try a synonymous phrase that does, such as “paying over time” or “paying in monthly installments.”

For instance, you could say:

“Would you like to pay all at once or pay over time?”

or

“Would you like to pay all at once or in monthly installments?”

Another way to effectively promote financing is to mention it alongside the other payment options you accept. By doing that, you are sending the message that it is an option as viable as the others, and not just a last-ditch choice for customers who can’t afford the service (which may be the perception among some customers).

You could say something like:

“Would you like to pay with cash, card, or financing?”

or

“Would you like to pay with cash, card, or in monthly installments?”

Remember that, at this stage, your goal is to inform your customers about financing. Avoid guessing whether or not they need it or convincing them one way or another — let them make the decision instead.

2) Don't give them the whole spiel — at first

Remember those openers we suggested you use in the previous paragraph? They are short, and for a reason. You don’t want to inundate your customers with information about financing before they show an interest in it. (Think about how annoyed you get when presented with an unsolicited pitch.)

If you feel compelled to be more descriptive of your financing program in your opener, keep it short and sweet. For instance, one of the things customers love the most about Wisetack is the ease of the application process. To promote that benefit, you could say something like:

“Would you like to pay with cash, card, or fast and easy financing through Wisetack?”

Even after your customer asks to learn more about financing, your spiel should not overwhelm them. Financing through Wisetack is simple, and giving too long a speech might contradict that idea. At this point, some of the key benefits you can mention are:

• The customer can apply and, if approved, qualify for a loan in less than a minute. 
• If approved, they will see multiple loan options with various APRs (starting at 0%* for eligible borrowers) and terms (3 to 60 months*).
• Wisetack checks their credit history via a soft pull, which does not lower their credit score.

Don't feel comfortable talking that long about financing? We’ve got you covered. Simply order our customer one-pagers or rack cards, hand those out to your customer and let them self-educate. The best part? We’ll send those to you for free. (You can also get a digital version in the Marketing toolkit.)

3) Be proactive

Customers might simply not know about your financing options or be too embarrassed to ask about them. That is why you need to remember to proactively bring up financing to every potential customer. You could be losing jobs (or bigger jobs) otherwise. 

Brendon Sewell, owner of Florida-based Seal Pro Painting, is one of many merchants who has had success with this approach. He explains why he does it:

“We give every single customer that wants an estimate a folder that has info about Wisetack in it. After all, who am I to determine how my customer wants to handle their financial situation and make decisions?”

(You can read more about his success with Wisetack here.)

The bottom line

Offering a new payment method can feel daunting, but the impact is worth it: your customers will thank you for offering a simple and seamless option. By bringing up financing in a tactful and judgment-free manner, you'll avoid awkward conversations, and will be sure to see the results — like so many merchants who offer Wisetack.

Want to learn more about us, or get more tips on getting the most out of your financing program? Reach out — we’d love to chat.

*All financing is subject to credit approval. Your terms may vary. Payment options through Wisetack are provided by our lending partners. For example, a $1,200 purchase could cost $104.89 a month for 12 months, based on an 8.9% APR, or $400 a month for 3 months, based on a 0% APR. Offers range from 0-35.9% APR based on creditworthiness. No other financing charges or participation fees. See additional terms at http://wisetack.com/faqs.