Digital payments have become the norm for today’s consumers, as has the expectation for flexible payment options. A mobile-first approach to consumer financing is a key factor for successful businesses, especially those providing estimates for service. Water filtration companies, HVAC businesses, fencing contractors, and other companies giving in-home estimates must provide affordable, accessible financing solutions and meet the customer where they are: on mobile. United Consumer Financial Services, a leader in mobile-friendly consumer lending, provides the financing solutions you need to grow your business while better serving your customers.
Mobile-first financing is consumer-first financing, and when you partner with UCFS, you deliver both. Read on as we explore how.
The Rise of Mobile-First Consumer Behavior
Modern consumers expect seamless digital experiences. And consumers considering high-ticket home improvement purchases need payment flexibility. Research from McKinsey found that 40 percent of consumers using Buy Now, Pay Later services chose them instead of credit cards. Another 29 percent are using BNPL in place of cash or debit cards. As installment loans replace traditional payment methods for many customers, so does the demand for mobile-friendly financing platforms.
Offering mobile-friendly consumer financing streamlines the sales and purchase process, empowering your clients with the confidence and purchasing power to commit to their home projects. Mobile-first financing facilitates low monthly payments that are realistic for your customers’ budgets. It eliminates the hassle of paper applications and slow or stalled credit evaluations. Online applications through the customer’s phone or a business tablet streamline every aspect of the financing process, helping you sell more products and services as you serve more customers.
A quick recap:
- 40 percent of consumers prefer Buy Now, Pay Later over credit cards
- 29 percent of consumers choose BNPL over cash or debit cards
How Mobile-First Financing Benefits Home Improvement Businesses
Big-ticket home improvement purchases, like new fencing, an HVAC system, and whole-home water filtration, require significant financial and emotional consideration. High price tags cause sticker shock and can dissuade homeowners from following through with purchases.
When you offer an affordable monthly payment plan and break down a lump sum cost into affordable installments, you remove obstacles to purchase. And when consumer financing solutions are presented on mobile, your clients can easily and quickly apply for financing right in the palm of their hands. United Consumer Financial Services, a full-service consumer financing firm, provides simple, accessible financing solutions for companies like yours.
A mobile-first approach to consumer financing is ideal for home improvement businesses. We explore the benefits below.
Immediately Available Credit Applications
Mobile financing virtually eliminates friction in consumer application and credit approval. Instead of filling out a paper application and waiting for a credit decision, consumers can complete a mobile application and submit it instantly, with an approval decision sent in just minutes.
Mobile financing platforms allow home improvement businesses to continue the sales process on-site or as soon as an estimate is available. For example, if a contractor is in a potential customer’s home and can provide an estimate on-site, the contractor can text a link to the consumer, and the consumer can complete their credit application immediately from their phone. Or once an estimate is emailed to the customer later that day, the email can include a link to the credit application for the homeowner to complete themselves. Applying for financing, submitting the application, and receiving a credit decision can all happen in a few minutes.
Faster Approval Process
Paperless consumer financing platforms allow your customers to complete their applications and receive a credit decision quickly. Without access to financing, consumers are forced into a position where they must weigh the pros and cons of charging the project to a credit card, crunching numbers on cash reserves, or exploring bank loans. When the only payment options are limited to cash, high interest rates, or time-consuming meetings with loan officers that might amount to a denial, clients are less likely to commit to their home improvement projects.
Mobile-friendly financing with UCFS is fast, providing consumer credit decisions in just minutes. It streamlines the sales and approval process, reducing delays in decision-making and leading to quicker project start times.
Higher Conversion Rates
The high cost of home improvement and enhancement projects, like new fencing, a new HVAC, whole-home water systems, replacement hot water heaters and the like, can deter many homeowners from exploring your products or services. When payment options are limited and significantly disrupt planned budgets, homeowners are often left without realistic, accessible pathways to purchase.
But when you pair affordable consumer financing with the ease and convenience of a mobile-friendly platform, you provide every opportunity for clients to buy. A streamlined mobile experience helps bring customers through application, to approval, and finally at the point of purchase. When they see the products and services they can enjoy immediately for a low monthly payment, the choice to purchase is evident. A convenient mobile lending experience from UCFS can lead to higher conversion rates, increased average order values, and more satisfied customers.
Competitive Advantage
Competition is stiff in the home improvement industry. You likely offer many of the same products and services as your competitors. Offering mobile-friendly financing can help differentiate your business.
Consumers want affordability and convenience without sacrificing quality. By providing a fast, easy online financing application, you make payment –– a majorly stressful aspect of their project –– simple and straightforward. They can know almost immediately if they’re approved for financing, and with clear payment terms and a set schedule, consumers can set realistic expectations for loan repayment. Mobile-first financing from UCFS gives you a competitive advantage while delivering on consumer wants and needs for modern project financing.
Implementing a Mobile-First Financing Strategy
Paperless consumer financing is the right choice for your home improvement business. A mobile-first approach meets consumers where they are, streamlining application and approval so you can begin your projects –– and receive payment –– sooner.
Choosing the right financing partner is critical to implementing a conversion-driving financing program. United Consumer Financial Services, a Marmon Holdings/Berkshire Hathaway company, delivers consumer financing solutions that increase affordability and accessibility, helping increase sales.
When you partner with UCFS for mobile-friendly consumer lending, you benefit from
- Streamlined application
- Higher approval rates
- No surprise fees for you or your clients
- Affordable monthly payments that incentivize purchases and increase sales
- Promotional programs including 12-month same-as-cash, 180-days same-as-cash and 90-days same-as-cash
We provide training to empower your team to effectively present mobile financing options and offer promotional material that highlights your financing options. With over 45 years in this industry, UCFS delivers experience-based, resource-backed consumer financing solutions that serve your customers while supporting and growing your business.
Sell More with Mobile Financing from UCFS
For home improvement businesses that operate outside of an office or storefront, the importance of a robust mobile-friendly financing program can’t be overstated. Offering mobile financing is just one piece; you need a partner that can anticipate and meet your needs. A financing partner that can provide consumer material, to show the affordability of UCFS monthly payment so their purchase is more easily attainable. UCFS offers complete consumer financing solutions that help you meet customer expectations and payment preferences. Contact our team to learn more about implementing mobile-first financing and how UCFS can help you grow your home improvement business starting today.