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. “How do I start offering finance to my customers?”
ChatGPT will probably give you a list of things to consider, find a lender, check the regulations, add an application process to your website…
All true, but it doesn’t tell you what that actually looks like for your business.
The answer is different for a furniture shop, a solar installer and a dental practice. That’s why we’d want to understand what you sell, how your customers buy and how you currently take payments before talking through your options.
2. “Will offering finance actually help my business?”
There’s no point pretending the answer is automatically yes.
It depends on your customers, your prices, how you sell and what happens when someone can’t pay upfront.
Finance can give customers another way to pay and can help prevent a sale being lost purely because of the payment method. But whether it makes sense for your business is something worth looking at properly.
3. “If my customer’s finance application is declined, am I stuck?”
This is one we hear a lot.
A declined application doesn’t necessarily mean the end of the conversation. Depending on the finance setup and lenders available, there may be other options.
The important thing is understanding what happens next and making sure your team knows how to handle it.
4. “If my customer doesn’t pay, do I have to chase them?”
This is a big one.
When finance is provided through a lender, the customer’s credit agreement is with the lender rather than you.
Exactly how this works depends on the finance product and arrangement, which is why it’s worth understanding the process before you start offering it.
5. “Is offering finance a lot of hassle?”
This is probably where Google and ChatGPT can make things sound more complicated than they need to be.
There are rules to follow. There are customer checks. There are processes that need to be in place.
But that doesn’t mean you need to become a finance expert.
That’s part of the reason businesses use brokers. We can explain what’s involved, work through the options and help you understand what offering finance would actually look like for your business.
So, is ChatGPT useful?
Absolutely. It can give you a starting point.
But it doesn’t know your customers, your sales process, your industry or the questions you get asked every day. And sometimes, you just want to talk to a person. That’s where we’re happy to help.
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.
