Financeit is a big part of our success. We have an amazing relationship with them and they are always there for us. I wouldn’t even entertain moving to another financing provider.
Sewer Squad™, a Financeit partner since 2019, have been providing comprehensive plumbing and drain services to residents across Ajax and the Greater Toronto Area for the last 6 years. The team of specially trained plumbers offer a wealth of experience and the industry’s most advanced tools and techniques. With around the clock service, customers can rely on Sewer Squad to fix any plumbing issues they may encounter.
Despite the quality of service and reputation of the business, the team identified a set of price sensitive customers who needed more affordable payment options. Sewer Squad were aware that this was impacting their closing rates and needed a payment solution to address it. We spoke to Phil Stinner, Owner of Sewer Squad on how Financeit has allowed them to increase their sales and in turn grow their business.
Through Financeit’s training and support, they focused on pitching a monthly payment rather than a lump sum which allowed them to close more customers. This change in approach has made customers more open to doing bigger projects instead of smaller repairs. This has contributed to an increase of over 160% in financing volume for Sewer Squad.
“It’s a lot cheaper to do it all at once then a little bit there, a little bit here. So we’re able to actually help people solve their problems for a better price because we can offer financing otherwise they might not be able to afford doing the larger project”. – Phil Stinner
The Financeit app has also helped with making customers more comfortable with using a financing option. The user-friendly app allows the team to use features such as prequalification to check a customers’ eligibility for financing without having to do a hard credit check which can be a hindrance for a lot of customers.
“The Financeit app is a great tool for our team. Customers love the immediate approval and the fact they can understand if financing is an option straight away without affecting their credit score”. – Phil Stinner
Financeit promotions such as Interest Rate Buy-Downs have also helped in securing customers for larger projects. By taking a portion of the interest rate onto their own balance sheet, Sewer Squad can reduce the cost of the product for the customer and make it more cost effective than using a traditional credit card. This resulted in an increase of over 190% in loan applications with financing now accounting for 20% of Sewer Squad’s overall transactions.
“Financeit is a big part of our success. We have an amazing relationship with them and they are always there for us. I wouldn’t even entertain moving to another financing provider.”– Phil Stinner