Proactively offering a finance solution to your customers during the sales process increases total sales by 30%
Offering financing to customers can be a powerful strategy to boost sales and make your products and/or services more accessible. One of the key steps and considerations for offering financing is understanding your customers needs and any budgetary constraints they might have. While your sales time will likely state they don’t need to offer financing as their customers are paying cash. Well, you might be receiving the cash but that “cash” was acquired via some sort of financing 70% of the time. Whether it be grants, bonds or a loan from a local financial institution, municipalities are constantly seeking ways to bridge the gap between their equipment needs and their yearly budget.
Jane Blade | Finance Director, City of Alexandria
Working with NCL Government Capital was a learning process for all of us. In the past our equipment purchases were limited to the funds we had on hand. We discovered financing opportunities that changed our traditional ways of thinking, which will open more doors for us in the future. NCL will be one of the first calls we make when the opportunity arises again.
With the NCL Government Capital Vendor Portal, providing a financing option to your customers has never been easier. With 24/7 access to our Sales Calculator, your sales team can have a customer facing quote sent off to a customer in under 5 minutes. In addition to generating quotes, our vendor portal provides training documents and videos to train your sales team on how to present financing options to customers and how to effectively promote competitively-bid financing options throughout your marketing channels.
We hear it all the time, whether it be an email, a phone conversation or talking with people at expos and tradeshows, “Our department needs to purchase X but we just don’t have the budget.” This leads to phasing or even worse, pushing off the project until the required funds are available. As everyone knows, the cost of goods has increased and will continue to increase so with every week, month or year a project is delayed, it becomes more expensive. With our Sourcewell awarded contract for leasing and financing, we provide a competitively-bid solution, usually a tax-exempt municipal lease and allow your customers to procure the equipment they need today and delay payments for up to 12 months. With a TEML, they take ownership from day one, the dealer gets funded right up front and they can utilize next years budget for the equipment they need today!
*Forbes/Forrester Research: Providing a financing solution during the sales process increases total sales by 30%
*ELFA: Over 70% of companies utilize some form of financing when purchasing equipment