More businesses are using commercial equipment financing to help them acquire the equipment and assets they need to grow and thrive. For commercial equipment vendors, it’s become increasingly essential to develop financing options for their clients.
However, not every equipment seller is ready to offer financing solutions, and sellers that do offer their own financing have to deal with the risk and hassle of evaluating applications and determining creditworthiness. But by partnering with an independent commercial equipment financing company, you can get the financing options your customers demand without the associated challenges.
Interested in providing additional purchasing options for your customers? Keep reading to learn more about the benefits of partnering with an independent equipment financing company.
5 Vendor Benefits of Partnering With an Equipment Financing Company
1. Close More Sales
The primary benefit of offering more purchasing options is that it allows you to finalize more sales. Customers who would have looked elsewhere for cheaper equipment or tried to wait until they had more spending capital may decide to purchase from you now if you can offer a financing option that fits their needs.
If you want to maximize your ability to close deals, you’ll need to offer multiple financing options. Different clients have different needs, from flexible payment schedules to quick approval and funding.
2. Get Paid Faster
Your clients aren’t the only ones who get what they need faster when you partner with Team Financial Group. Being a vendor partner means quicker approvals and expedited deals, which translates to you getting paid faster.
3. Receive Full Selling Price Upfront
Having your clients secure financing through an independent lender means you receive the full selling price of the equipment upfront. Essentially, Team Financial Group will purchase the equipment from you on behalf of your client.
4. Take the Risk Out of Transactions
Financing with Team Financial Group is risk-free. You’ll never have to worry about a client defaulting on a payment since you receive the full value of the equipment upfront. We evaluate each financing application and assume all the risk involved in the transaction.
5. Improve Your Reputation and Customer Relations
Helping clients acquire the equipment they need on their terms creates better customer relations and helps build your business’s reputation as a company that puts clients first. Offering more purchasing options and improving client relationships can also help you develop more repeat customers and improve brand loyalty.
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What Will It Look Like When I Work With Team Financial Group as A Vendor Partner?
At Team Financial Group, we employ streamlined, standardized processes when working with our vendor partners, which helps us maximize efficiency. However, we also try to balance this approach by offering as much flexibility as each vendor needs.
There are two main approaches we use in our vendor partnerships:
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Passive Partner
Some of our vendor partners prefer not to deal with the financing side of the partnership at all. When a potential customer expresses interest in financing for equipment, these vendors call us or email us and we handle everything from there. This type of relationship allows the vendor to offer financing without any hassle or additional paperwork.
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Active Lead
Other vendors prefer to take the lead and maintain more control over the financing process. We support these vendors by providing the underwriting responsibilities and lease documentation papers. The vendor then handles all communication with their client as well as the paperwork.
Ultimately, the details of your relationship with Team Financial Group will depend on your unique business needs and your preferences. Whatever you choose, we’ll work with you to develop strategies and financing plans that make the most sense for your business and your customers.
Offer Your Customers Flexible, Affordable Financing Options by Partnering With Team Financial Group
If you have any questions about what it would mean to offer financing for your customers, get in touch with us. We’d love to work with you to find a solution that makes sense based on your customer base and business needs.
Ready to get started? Give us a call at 616-735-2393 or fill out our online contact form and we’ll do the rest.
The content provided here is for informational purposes only. For financial advice, please contact our commercial financing experts.