- Agencies are available to help you and make it easy to offer financing. However, consider carefully as these services may be costly and can delay when funds paid by customers make it into your hands.
- You may be able to work with a bank to offer financing. You may want to look for a local bank since large chains can be less willing to work with small businesses.
- It can be a great way to grow your customer base, but once you advertise that financing is available, it might be difficult to go back to not offering a financing option in the future.
Offering financing can involve taking on more work and risk, as well as change your cash flow a bit. However, if this is something that will help your services or products be more attractive in the market place and enable customers to buy from you, this could be just what your business needs to grow more quickly. Whether or not you should offer financing will depend on your small business, your industry, and your customers.
Toffer Grant is PEX's Founder and CEO. He founded PEX in 2006 as a prepaid card solution for small businesses. His background in the prepaid industry began at Clarity Payment Solutions, where he initiated 65 prepaid card programs in consumer, corporate, and emerging verticals of the prepaid card industry.