Enhancify's recent news & articles

I don't offer financing because it seems 'sketchy'

July 21, 2022
I don't offer financing because it seems 'sketchy'

This is the exact text one of my colleagues received this week. So let's play a game.

We get it. Most of Enhancify's partners are home improvement pros. And I don't have the data, but I don't think most of them got their degree in finance. The good news is that financing doesn't have to be "sketchy" or "confusing". It's actually pretty simple.

And when you work with Enhancify, we make it even easier for you.

So, here's the game. Below are a few things contractors have told me over the past month. If you agree with them, give yourself a point.

"I like cash paying customers"

Who doesn't? Great news: we help you create cash paying customers. That's really it. I bet you don't care if your customer borrowed money from their savings account, 401K, or from Uncle Ted. If you're like most home improvement professionals, you just want to make sure the check clears.

Now, not all lenders or lending platforms are alike. If you want to see what's the best for you, check out this article "What you need to know about offering financing to your customers." With a partner like Enhancify, we don't put a bank between you and your customers. We arm you with a one-stop shop to make it convenient for your customers to borrow money from the top lenders in the country.

Again: we help you create cash paying customers. You can treat them exactly the same as you do every other customers that pays you with cash, check, credit card, or Bitcoin - because when they finance through the Enhancify platform, that's exactly how they're going to pay you.

GAME: Do you want to get paid cash, check or credit card? If yes, give yourself a point.

"I need to collect deposits"

Most contractors want at least 30% up front to start a job and get a customer scheduled. Our lenders provide your customers cash to pay for their project within days, and allows you to collect a deposit and maintain your normal payment schedule.

Keep in mind, there are some lenders out there that will hold your money until the project is complete and the customer gives them approval to release the money to you. But, that's not usually beneficial for contractors. And why complicate it?

GAME: Do you want to collect deposits, and maintain your current payment structure? If yes, give yourself a point. Did you know that about 65% of all home improvement projects last year were financed? If you don't think your customers want to finance, read this short article "How to offer financing to my customers."

"I don't want to be responsible for someone else's loan"

You're not a bank. Why should you take on the risks? There are many contractors that do in-house financing. And I've heard all the horror stories. You are running a successful business, and you shouldn't become a debt collector.

When you offer Enhancify to your customers, you don't take on any additional risk. You are not responsible for the repayment of the loan or on the hook if the loan isn't repaid. You also retain complete control of the payment process because you can collect payment using your current, proven payment structure.

There are some lenders or platforms that require you to submit paperwork, work orders, and documentation before they will release the funds to you at completion. With a partner like Enhancify, none of that applies. The relationship continues between you and your customers. And you are not in the middle of anything, and carry no financial burden to the loan.

GAME: Do you want to be excluded from the loan repayment process? If yes, give yourself a point.

All right, let's see how you scored.

3 points: Give Enhancify a call at 813-499-9879 today! The only thing you have to lose is a customer going to a more convenient competitor.

2 Points: Financing your customers won't interfere with your normal business. We should probably chat.

1 Point: You're probably accepting some unnecessary risks.

0 Points: You might be on the wrong website.

If you're a contractor and want to win more jobs by offering financing, contact Enhancify at 813-499-9879 or click here to learn more.

Join the Discussion

Offer Financing. Win Jobs. Get Commissions.

Need Help?
We are ready to help you with any request at Support@Enhancify.com