We wondered what happens when a business owner has a question about offering finance to their customers, but doesn’t know who to ask….besides ChatGPT.
So we looked at some of the questions that come up again and again.
Here are a few we’d expect to see in a ChatGPT conversation, and what we’d actually say at Ideal4Finance.
1. “Will customers actually use finance if I offer it?”
This is probably the first thing we’d want to look at.
There’s no point adding finance to your checkout if your customers aren’t going to use it.
The answer can vary hugely between businesses, which is why looking at your own customers and the way you sell is more useful than a generic industry benchmark.
2. “Does offering finance mean I have to deal with the customer’s credit?”
Not in the way you might think.
When a customer applies for finance, the lender handles the credit assessment and the credit agreement. Your role is to offer the finance option and follow the process that comes with it.
The exact setup depends on the finance product and lender, so it’s something we’d explain before you get started.
3. “What happens if a customer gets declined?”
A declined application doesn’t necessarily mean the customer has to walk away.
What happens next depends on the lenders and finance options available to the business.
That’s one of the things we’d talk through when setting everything up, so your team knows what to do if an application doesn’t go through.
4. “Do I need to offer finance to everyone?”
You can’t simply decide which customers you think should or shouldn’t be offered finance.
There are rules around how finance is promoted and offered, so getting the process right matters.
We can talk businesses through what’s involved and what they need to consider before they start offering it.
5. “Is it actually worth offering finance?”
We wouldn’t tell every business that finance is automatically the right answer.
It depends on what you sell, who your customers are and how they currently pay.
The useful conversation is looking at your business and working out whether finance could genuinely add something to the way you sell, rather than adding it just because everyone else is.
Get in Touch
Ready to offer finance to your customers?
Call 020 3841 2817 or email [email protected] and our team will guide you through the process.
