Cost and convenience can be significant sales obstacles in the home improvement business. Most homeowners are concerned about cost when considering a remodeling project or addition. Convenience is also important; it can be a hassle to arrange a bank loan to finance a remodeling job. You can help customers overcome both obstacles with the effective use of promotional financing.

Synchrony Financial’s recent consumer study found that 89% of cardholders think promotional financing makes large purchases more affordable.1 Contractors should therefore be ready to present financing as an option early in the discussion. You can help diminish cost concerns by explaining that qualified customers can pay monthly, making the price tag less intimidating. The availability of financing also may help the homeowner dream bigger, expanding their original concept into a larger project.

It’s a bonus when the contractor can arrange financing at the kitchen table as they discuss the job. Synchrony makes this possible with their Synchrony Transact™ online portal. Transact provides fast and secure digital financing information from application to completion. Transact allows you to calculate payments, review credit promotions, submit applications for approval, check payment status and much more, all from your desktop computer, laptop or tablet.

If you can make the financing process easier and the project more affordable, then you may be more likely to get the job.

Consumers appreciate options, so it’s helpful to provide financing plans with different monthly payments and lengths. Revolving credit programs can allow homeowners to plan a remodeling project, pay for it and then add more work later so long as the cost is within their credit limit. Promotional payment plans sometimes offer deferred interest, which also can be very appealing to consumers.

It’s essential that your sales staff understand the types of financing your company offers so they can present all options to the homeowner. Sales training helps ensure your company’s representatives are confident in their credit knowledge.

Remodeling contractors can grow their business by effectively using promotional credit to help create consumer confidence. Remember to…

  • Mention financing early in the conversation
  • Make financing convenient
  • Train sales representatives well regarding your financing program

Do these things and you may be on your way to closing more sales.

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1 Fifth Annual Major Purchase Consumer Study: Home Improvement Industry, Synchrony Financial, October 2016