A Business Credit Cruch Survival Guide

A company relies on a fresh circulation of new and existing clients to survive. During tight economic periods, customers may not have access to immediate funds for medical, dental, or even veterinary emergencies. Imagine the stress of not being able to for care for one’s family or pets during a time of need. Here are some ways for businesses to help potential customers finance their costs and lead to deeper customer relationships.

Manage accounts efficiently
The best way for companies to leverage business credit options for customers is to have smooth workflow processes and organized accounts in place. Make sure that customer profiles, transactions, and histories are easily viewed before offering payment services. As clients apply for financing options, a business should be able to look at a customer snapshot and recommend solutions based off historical purchases and needs. Well-kept records can help a business predict future buying behaviors, credit needs, and purchasing trends. Invest in a good CRM solution to help keep this activity organized, maintain regular communications with clients, and keep records up-to-date.

Let a Payment Plan Service Do the Work
Extend Credit can do all the work for a business. Gone are the days of chasing after clients on overdue invoice payments or worrying if a repeat customer can afford a solution. Payment plan services free up time, by automatically qualifying credit applicants, processing payments, and sending overdue bills to collection agencies. These services are an invaluable addition to a company’s support team, allowing clients to finance larger purchases and pay over longer periods of time. Investing in a single payment plan service can prevent fees from several collection agencies and financing plans.

Customize Plans
For companies looking to embrace payment plans, share the news with loyal clients to learn which rates and terms work best. Businesses can set the terms, creating interest rates, payment time frames, and terms that fit their clients’ specific needs. For products or services that need to be renewed regularly, low monthly payments and interest rates can encourage customers to refresh their purchases frequently. Connect with new and repeat client to craft financing plans that meet their needs.

Show the Value of Financing
For many potential clients, paying up front is not a sound option. They may be able to acquire better medical or dental treatments by paying a bill off over the course of several months. In the long run, this gives clients more options, so they don’t need to choose the lowest-end solution. Financing allows individuals to build new credit histories or raise credit scores, so long as they make timely payment. This can be crucial for students who have new credit records, future homeowners, and others who want to boost their existing credit.

Financing and payment plans can add greater flexibility to client billing, allowing customers and businesses to reap the benefits. Organize accounts, research customer needs, and customize plans for success. Save time and use a payment service to take care of installment processing and collections. This will allow a company the time to build better products, cultivate future client relationships, and grow.

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