When was the last time that you went shopping for a new TV? How about some furniture? Or jewelry for that special someone? Chances are you were offered a consumer-financing payment option to help you buy what you wanted right then and there. Perhaps the availability of financing and promotional payment options led to an additional purchase, or maybe you opted for the next model up or something more in line with what you really wanted.
SEMA members participating in GE Capital Retail Bank's CarCareONE understand how offering promotional credit options can help close more sales and increase order sizes by more than 300%. Instant credit with deferred interest provides customers the ability to buy what they need immediately and pay over time. Here's how it works:
- Display consumer-financing, point-of-purchase material that informs customers of the payment options available. People are accustomed to the availability of payment options—all major retailers promote financing throughout their stores.
- Discuss financing with every customer. Those who purchase with financing tend to buy more items, buy more often and spend more on average than those who pay cash or with bank cards.
- Drive traffic to the store with promotional financing offers. Advertise the fact that credit is available, and include consumer financing messaging in direct-mail, in print and radio ads, through an on-hold message and on the company website.