For businesses, staying profitable requires constantly searching out ways to grow or expand revenue. Beyond just producing a good or service that is in high demand, businesses need to adapt to changing economic conditions and consumer behaviors to protect their revenue streams. Today, we’ll show you how you can grow your business with PayFina.
One major bottleneck in revenue growth is consumer finance. You can have the perfect product and all the capacity you need to deliver it economically, but if there’s a shift in consumer spending or the availability of liquid funds among your customer base, you’ll suddenly face challenges meeting your sales needs.
The growing industry of Point-of-Sale financing offers innovative ways to break through this bottleneck by making affordable credit widely available to customers.
But first, let’s take a step back.
What is Point-of-Sale Financing?
Point-of-Sale Financing isn’t a new concept — it’s just an expansion on the long-standing practice of letting customers pay for products and services with credit instead of cash on hand. As a general concept, businesses have been using consumer credit for a long time. Car dealerships, orthodontic practices, and other similar businesses have employed payment plans in order to make their expensive products more widely available to consumers of all types.
The idea behind Point-of-Sale Financing is to extend this practice to all kinds of businesses — even ones that don’t have the time or resources to run their own credit department. With advancements in technology, it’s now much easier for a customer to apply for and get approved for credit in a matter of minutes, which means credit repayment plans can be generated right on the spot that the sale is made without having to go through a lengthy underwriting process.
Now, any business that could benefit from extending credit to their customers can benefit from it. It’s never been easier to grow your business with POS financing.
OK, So How POS Financing Grow Your Business?
Every business — and every customer base they serve — is different, so every business has its own unique needs when it comes to consumer credit. That said, there are some general benefits that apply to most — if not all — businesses looking to grow their revenue. This includes:
- Enable More Sales
Put simply, if your customers don’t have the money to purchase your offerings, they won’t be able to buy them — regardless of how much they want to. Instead of turning away potential sales, Point-of-Sale Financing gives you the ability to make the sale while setting the customer up with a fair and transparent payment plan. So if there’s time when consumers are feeling a pinch on available liquidity, flexible and attractive credit plans ensure you can continue serving your customer base and producing your product without interruption.
- Build Customer Satisfaction
Providing customers with a wide variety of payment options leads to a boost in customer satisfaction. It allows you to meet their needs by providing them with your product or service while also reducing the financial strain of making the purchase or the headache of seeking out more expensive financing options like payday or title loans.
- Improve Your Cash Flow
Instead of waiting around for customers to save up enough money to buy your product, Point-of-Sale Financing allows you to get paid immediately for your sale. That means your business will have the revenue it needs to keep producing and growing.
Credit That Works for Everyone
PayFina has built an exciting new platform that can bring the revenue-generating capability of Point-of-Sale Financing to every business — big or small. To read about PayFina’s history — and the innovative features and services we offer — check out our article on the story of PayFina’s founding. Are you ready to grow your revenue using PayFina? Enroll your business today!