The market size of home improvement stores, measured by revenue, was $251.7 billion in 2023. These businesses constantly seek ways to increase sales and boost customer loyalty. One strategy that has become increasingly popular in recent years is offering deferred payment options to customers.
Read on to learn why home improvement businesses are embracing deferred payment strategies.
Deferred payment plans allow customers to spread out the cost of their home improvement project over time, which can make the project more affordable and easier to budget for. Instead of having to pay a large sum of money upfront, customers can make smaller, regular payments over time.
Deferred payment plans often offer customizable payment plans to fit customers’ specific needs and financial situations. Customers can choose a payment plan that suits their budget, making the project more accessible.
Deferred payment plans can be more accessible to customers than traditional financing options, such as loans or credit cards. Credit cards often come with interest rates that are high and additional fees, while loans require a credit check and may not be available to everyone. Deferred payment plans, on the other hand, may offer lower interest rates or no interest for a certain period of time, making them a more affordable option for customers.
Offering deferred payment plans can help home improvement businesses increase sales by making their services more accessible to customers. By offering customers the option to pay for their projects over time, businesses can close more deals and generate more revenue.
Deferred payment plans can help businesses build customer loyalty by providing convenient and affordable payment options. By establishing a relationship with their customers that extends beyond the completion of the project, businesses can foster repeat business and positive word-of-mouth advertising.
Deferred payment plans can help businesses manage their cash flow more effectively. Instead of waiting for customers to pay for the project upfront, businesses can receive regular payments over time, reducing the risk of cash flow problems.
By partnering with a deferred payment provider like Breeze Lease, home improvement businesses can offer their customers a seamless and hassle-free payment experience. Deferred payment providers offer specialized financing services that are specifically designed for the home improvement industry, making it easier for businesses to offer these payment options to their customers.
As more home improvement businesses embrace deferred payment strategies, a new industry has emerged to provide specialized financing services. Companies like Breeze Lease are leading the way in this space, offering deferred payment options designed for the home improvement industry.
Breeze Lease, for example, offers a variety of payment plans that can be customized to fit the needs of both businesses and customers. Their platform also includes tools for businesses to manage payment plans and communicate with customers throughout the project.
By partnering with a deferred payment provider like Breeze Lease, home improvement businesses can offer their customers a seamless and hassle-free payment experience while also benefiting from increased sales, customer loyalty, and improved cash flow.
Are you looking to boost sales and build customer loyalty for your home improvement business? Breeze Lease is there to let you start offering flexible payment plans that work for your business and your customers. Get in touch today to avail the benefits of this popular payment strategy!