When you start a business, it can be hard to figure out what types of payments you’ll accept. Most business owners would prefer direct payments via cash, check, or card, but that’s not always realistic. When a thousand dollar bill arrives, most homeowners can’t pay it right away. So if you want to grow your business, you need to be flexible. One of the ways to do this is by offering HVAC financing.
If you’re thinking that it’s more hassle than it’s worth, think again. When you offer financing, you open the door for many more customers to choose your HVAC company over the competition.
Many of the jobs that you complete stem from unplanned emergencies.
What does this mean for your business? The truth is, many people have to save up money for big expenses, such as HVAC jobs. When there are emergencies, homeowners have to quickly figure out how to pay for this unexpected expense. Not everyone has the money for these emergencies, so it can be helpful to offer financing.
Your customers should be able to get what they need, without having to worry about how they’re going to pay for it.
The HVAC industry delivers something very important: comfort. Your customers are calling on you to restore or maintain comfort in their homes and lives. If you want to help your customers get the work done that they need, you should offer financing. This will allow you to help your customers and still get paid without them stressing over the cost, or turning you down because they just can’t afford it right now.
A majority of customers prefer to work with companies that offer financing.
When customers are looking for a business to work with, they’ll ask a lot of questions, especially if they’re about to spend a lot of money. Not only do they want to choose a company they can trust, but they also want to know they can get what they need without worrying about paying for it. They are more likely to go with a company that offers multiple ways of payment, including financing. If a homeowner who can’t afford a huge bill calls on you and your competition for an estimate, and you offer financing but your competition doesn’t, who do you think they’ll choose? You — every time.
People spend more money when they can finance their purchases.
This is true in the HVAC industry, and it’s true everywhere else. Customers tend to spend about 30% more when they can finance something instead of paying for it upfront. This means you can offer upgrades and better equipment to your customers, and more than likely get a green light from them because they aren’t being required to pay for it all at once.
Recommendations can grow your business.
Homeowners talk. If your AC goes out and you haven’t had a maintenance plan going with a trusted HVAC company, what will you do? Probably ask your neighbors who they rely on. If you’re their key HVAC provider, then they’ll recommend you. And if you offer financing options to the homeowner who contacted you on a neighbor’s recommendation, then you’ll probably close the deal. Word of mouth is still the biggest way to grow your business, and your flexibility will be a big plus to homeowners. When you enable them to get what they need through financing without blowing their budget, you’ll get more referrals and grow your business.
Offer HVAC Financing Today to Grow Your Business Tomorrow
If you’ve been on the fence about offering financing for your HVAC business, hop off it! When you use HVACBizPro, our all-in-one HVAC business software, you’ll have access to all the tools you need to grow your business, including HVAC financing. To learn more, give us a call at 904-299-8103, or view our free software demo!