Pay-over-time financing can be an incredible tool to drive more business, especially for repairs, service, parts, rentals, and accessories transactions. This article aims to demystify pay-over-time financing and highlight its potential to benefit your dealership.
What is Pay-Over-Time Financing?
Pay-over-time financing is a flexible payment solution that allows customers to purchase products or services now and pay for them over a specified period of time. This is in the form of installments/monthly payments, often with a zero-percent interest option.
How Pay-Over-Time Financing Benefits Your Dealership
Increased Customer Affordability: Large upfront costs can deter customers from getting what they need and want. Offering pay-over-time options breaks down these costs into manageable chunks, enabling customers to make purchases they might have otherwise deferred or abandoned.
Boosted Sales: By making your services more accessible, you can potentially increase the volume of transactions. This is particularly true for parts, accessories, and rental services, which often go hand-in-hand with repairs or upgrades.
Customer Loyalty: Offering financing solutions can significantly enhance customer experience and satisfaction. It illustrates a willingness to be flexible and accommodating, fostering trust and loyalty that could lead to repeat business.
Competitive Advantage: By differentiating your business through pay-over-time financing, you set yourself apart in a competitive market, potentially attracting a broader customer base.
Pay-Over-Time Financing within Lightspeed DMS
The integration of Sunbit’s pay-over-time financing technology into Lightspeed is a game-changer for dealerships. By incorporating financing capabilities into our Dealer Management System, we simplify the purchase financing process, making it more streamlined and less intimidating for customers.
Customers are sent a pre-qualification link with their appointment confirmation, making it easy to qualify and see their pay-over-time options before their visit. There are no hard credit checks for applying, so customers can check their payment options without worry. Sunbit approves 90% of people who apply. All approved customers get an interest-free payment option. At checkout, through Lightspeed, you’ll text them a payment link to complete the pay-over-time transaction flowing seamlessly into their payment experience.
Furthermore, financing options integrated into the DMS can become a powerful marketing tool. By promoting pay-over-time financing on your website, social media, and other marketing materials, you demonstrate your commitment to customer convenience and affordability, which can attract new clientele.
In an ever-evolving market landscape, integrating pay-over-time financing into your business model is more than an added convenience—it’s an innovative strategy to enhance customer experience and drive growth. This approach, paired with our comprehensive Dealer Management System, can propel your dealership to new heights, fueling success in repairs, service, parts, rentals, and accessory transactions. Remember, the key to customer satisfaction lies in understanding their needs and providing flexible solutions to meet them.