How To Integrate Equipment Financing Into Your Equipment Sales Process - 5 W's!

As an equipment supplier, you may have decided that implementing competitive financing solutions into your equipment sales process is integral to growing your business.

The next steps involve the 5 W’s – Who, What, When, Where and Why?

I have summarized the 5 W’s, in regards to equipment leasing integration, to simplify this process for you!

Who?

I recommend that you partner with a direct lender, versus a finance broker, that offers competitive rates, excellent customer service and creative financing programs for your customers.

Your equipment leasing partner should be referred or recommended to you, or a lender involved in your industry associated with trade shows or networking events.  After you choose an equipment leasing provider, make sure to research the company through the Better Business Bureau and ask for their equipment supplier and customer references.  Since the lender you partner with will be a reflection of your company, it is Paramount to develop a trust level with them from the onset in regards to their communication style, business practices and ability to close business.

What?

The “What” should be defined by your equipment leasing provider.  For example, what are their interest rates?  Length of terms available to customers?  Credit profiles they finance?

Also, do they finance start-up businesses?  Offer promotional financing plans?  The better you understand your equipment leasing partner’s financing services, the more likely you can train, implement and promote these options into your sales process and marketing platforms. 

When?

Sooner the better.   Your equipment leasing partner should want to be involved with your equipment sale as quickly as possible.  For example, when your equipment sales person is explaining your product’s advantages in the marketplace and "return on investment" capabilities, financing can be part of the conversation.  Your equipment sales team can include powerful statements to prospects such as “0% financing available for our product” and/or “no money down financing available and no payments due for 3 months!”  In addition to these persuasive points, financing options can be incorporated into your sales quotes and proposals.  This is a great way to remind your prospects that  financing is readily available, especially if an equipment sales person forgets to discuss financing or ask profiling questions on their client’s purchase methods.

Where?

Everywhere!  Competitive equipment financing options can be integrated into your email signature, website pages, equipment sales proposals, trade show marketing, etc.  This may seem like overkill initially, but simply making equipment financing options VISIBLE to your prospects is the key variable to closing more sales.  You can make financing more attractive to your prospects by creating promotional financing programs with your lending partner, such as “Payments As Low As $____ A Month!”, “No Payments For 90 Days,” “0% Financing Available,” among many other promotions.  

If you are offering competitive financing and your competitors are not making financing readily available, this may help you gain a sale that otherwise could go elsewhere!  Your financing partner is your ally and one of your key differentiating factors in the marketplace.   The better your financing options, the more likely you are going to close more sales.

Why?

To close more sales! Equipment financing solutions should be an advantage you offer your customer, not a nuisance.  The burden falls on your equipment leasing partner to educate your equipment sales team, integrate competitive financing into your sales process, provide excellent customer service to your mutual clients and ultimately help you close more sales.  Not easy tasks, but imperative to developing a long term business relationship with your organization. 

Bonus Round…How?

Choose an equipment leasing provider that specializes in creating competitive Vendor Finance Programs.  The right lenders already have an integration plan in place to educate you on equipment leasing, create specialty lease programs, can add financing to your website and work directly with your equipment sales team.  I believe the first step, which is educating and unifying your equipment sales organization on the benefits of offering equipment leasing and financing options, is the most crucial.  If your lending partner can earn your sales team’s trust and consistently help you close business, you can hopefully both benefit from a long term business partnership.