As you probably know, financing is a fantastic way to make your products and services more affordable for your customers. By breaking down large price tags into manageable payments, it’s easier for customers to commit to purchases they may not be able to afford otherwise.

Given the current COVID-19 situation and the precariousness of our economy, financing is more important than ever. Furnaces are going to break, roofs are going to leak, and air conditioners are going to need replacing: there’s no getting around it. Your customers are still looking for both essential repairs, and maybe even a few not-so-essential products, but they may not have the cash flow to make one big payment upfront. Financing removes that barrier.

What are promos?

Promos (or promotions if we’re being formal), are simple programs you can run to make financing even more attractive. Not only do promos set you apart from competition by offering more flexibility and payment options, but promos give your customers the peace of mind to go ahead with necessary purchases, even when budgets are tight or times are uncertain.

Financeit’s promo programs fit into three basic categories: deferrals, rate buy-downs, and 0% interest rates. Each type of promo had different pros and cons, and there’s no one-size-fits-all solution. You may find that one promotion might work better for a particular product or customer, while another falls completely flat. So you’ll want to keep an arsenal of promotional programs in your tool kit that you can rely on when you need to close those deals.

Promos can be less expensive than some more commonly used sales tactics and discounts, and can even be cheaper than processing a credit card payment. So before you write off promos simply because they come with a cost attached, consider how much your other programs (like save the tax) actually cost.

How does each type of promo work?


Deferrals are exactly what they sound like: your customer defers payment without accruing interest for a period of time, for instance 3, 6 or 12 months. You still get paid upfront when the work is complete, to keep your cash flow flowing but your customers get a payment vacation. Deferrals are especially helpful during precarious economic times, or when customers are expecting to get cash in the future but might not have it immediately.

Rate buy-downs

When you offer a rate buy-down, you’re actually reducing the interest rate that you present to the customer and essentially paying the difference in a one-time fee (9% of the total project cost). The lower interest rates can last for 3, 4 or 5 years, and switch to a standard loan if not fully paid off in that time. These types of promos can help open up someone’s budget by making more expensive products or services more affordable.

0% interest

This type of promo allows your customers to avoid paying any interest for a period of 1-5 years, but they’re required to pay off their balance in that time. It’s attractive to customers who are wary of interest rates and are able to pay off the balance of their purchase in a shorter period of time.

How do I offer promos?

In short, you can offer promos by talking to your customers about them!

You already know that leading with financing options is a simple way to ease into the idea. The same goes for promos: offer them upfront. You can also offer particular promos to your customer if you feel them wavering, if they balk at interest rates, or are debating between two models.

Promos are also great during slower periods to help entice customers, but many of our merchants offer promos year-round. They can also be offered strategically. Say, for example, your customer is trying to decide between two different hot tubs, you can use a promo to reduce the price difference between models so the customer gets exactly what they want without worrying about numbers.

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