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3/12/2019

Integrating Financing Into the Sales Process

In business, it’s better to be proactive than reactive. 

This is especially true in sales. When a prospective customer is interested in what you’re selling, you don’t want there to be anything that keeps them from making a purchase. 

Adopting financing into your typical sales process and offering options upfront can help relieve customers’ concerns about payment. Not to mention, it can help you close a deal faster.  

Think about when you go shopping for a car. Whether you’re buying or leasing, monthly payments and financing are almost always emphasized upfront instead of the full purchase price. 

We know, we know. You’re not running a car dealership. That doesn’t mean you can’t borrow some of those tricks for integrating financing into your sales. 

Let’s examine a typical sales process to identify where exactly financing options fit in.

Prospecting

In this first step, you will typically search for prospective customers and evaluate their needs. This initial work will help you start thinking about how your products or services can meet those needs.

Preparation

Before you contact the prospective customer, you should collect all available product information and research the market to prepare for your sales pitch. In this stage, you might create a sales presentation tailored for the individual’s needs.

Approach

You’ve done the upfront work and now you’re ready to make contact. Whether this happens over the phone or over email, you want to use this opportunity to begin developing a relationship with the prospective customer. Put the benefits of your products and services at the forefront of the conversation so the prospect knows you want to help them, not bother them.

Presentation

By focusing on the intersection of value and needs, you can transform your presentation from a monologue into a two-way conversation. Keep things interactive while you demonstrate how what you’re selling can fulfill the desires the prospect has expressed to you. Consider including a section on the payment options you can offer to help them make the purchase.

Handling Objections

Now a challenging but critical stage: listening to the prospect’s questions and responding to them. Here is where financing can help you address any monetary concerns. 

Share how different payment options could work for the prospect’s budget. Let them know you can work with your lending partner to customize the terms to meet their needs.

Once you’ve introduced financing as a potential payment option, you can identify if the prospect is truly ready to buy. If he or she is still hesitant to commit, you know you’ve got more selling to do on the product itself.

Closing and Follow Up

You did it – you’re ready to turn this prospect into a customer. Finalize his or her choice of payment and create urgency to bring the deal to a close. 

Your job continues after closing, however. Establish regular follow up contact with the customer to nurture your relationship, encourage repeat business and gain referrals. 

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