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We are considering offering financing to our customers via a third party online company.
We are looking into the same thing. I hear good things about it.
We use Synchony bank. We pay 7-8% to offer their 0% programs. We donít do a lot, 1 or 2 a month.
Or maybe you offer a discount to those that pay with other methods? Just curious.
Me too, what Gary asked
We started taking credit cards and on our first estimate is says that we take them but there will be a fee added to cover our cost. A lot of people don't mind. If they can get 0% credit card or financing for a year or more its still cheaper than 401k loan or something like that. I would like to see how people would take the 7-8% fee though.
Yes 8% is a big amount.
Itís just a part of doing business
Do you finance in house or use a bank?
I recently did my HVAC and a bunch of plumbing. I applied for the 0% thinking the price was the same, the contractor gave me 8% off for cash so I paid for it out of pocket, I just wanted to hang onto my cash if I could pay 0% but its not a real 0% financing.
Someone has to pay, no free lunches!
I got a 0% card for carpet after we agreed to a price. In that situation the credit card would make their money if I didn't pay off in 18 months.
For the HVAC they advertised 0% interest but they from load the price to pay the fees and interest.
The finance company makes their money on both ends! The difference is the carpet company has absorbed that cost throughout all of there jobs and made it a part of how they do business. The HVAC example given is the guy who says ďIím not paying 8%Ē and adds the cost onto just that job.
We have considered this in the past. Worth looking into.