Do you offer financing for your Customers?

[Guest]

Hello all, We are currently thinking about offering financing for our customers and really not sure what's out there. I was hoping maybe some of you folks could shed some light on what you offer to help educate me a bit. Do you offer it yourselves or do you have a 3rd party do it like a credit card? What every you care to share I'll read!
Thanks
Andrew

[clhilde]

Try American general i know some that use there services

[Eddie Blanco]

i looked at it. try ge (gemoney or gecapital) can't remember,but they offer third party financing. at least they used to.

[Paul Evans]

We have GE Money do it. Decent interest and terms but honestly people rarely use it.

[Earth Stone]

0% financing !!!! HERE!!!! Not intentionally! Actually it's not funny! Have several customers past 60 days or more! "I'll be in next week!" every week

[Guest]

I think going a third party route (credit card) would be better right? If the customer makes the purchase, does the bank pay you immediately and then they deal with the customer paying or not paying?

[jbergman]

Be really carefully here guys. I say that from more than a few years of experience in this area. Sooner or later you will get burnt, and the people doing it will be a surprise. You are far better off letting them use a credit card or referring them to a local bank.

Along the same lines, it has always been my and Salem's policy to let customers do financing with third parties themselves. We would recommend companies, although a lot of that has dried up, but we were never directly involved. Too many firms were trying to sell equipment and also do the financing. In actuality they were acting for a leasing company or bank and were paid a percentage. Just like a car dealer - dealers never want you to pay cash as they make very good money on leasing or installment payment fees. In our industry I always felt that this was double dipping and a rip off. You are far better off letting others have the problems and agravation for the sake of a few extra dollars.

John Bergman
Bergman-Blair Machine / Salem Stone
Prescott AZ
928-443-1100

[Rick George]

We use GE Money and it works great! We actually get many jobs just because we offer financing and others don't. We get paid immediately from GE Money when job is complete and they are responsible to get payment from the customer.