How we can help small businesses with financing for home improvements

by Jia Zheng in

Posted by Payaca on January, 2021.

How we can help small businesses with financing for home improvements

As a small business, offering finance options could help widen your customer appeal and win you more business. There will always be customers who want to buy your products and services, but their budget may be what is stopping them from doing so. As a small business, you want to make sure as many people as possible can purchase what you have to offer because it allows you to develop a more secure cash flow in a shorter space of time. We’re here to explain how Payaca can help your small business with financing options for home improvements.

Why should you offer home improvement finance?

Did you know, including a finance option in every quote could boost your conversion rate by 30%? We have a range of plans available including offering your customers 0% finance. Finance is often viewed as something only big companies offer. This, however, is a common misconception. The reality is quite different; even if you’re the only person working in your business, you can work with Payaca to offer your customers excellent home improvement finance options. Being able to offer your customers attractive finance options on your home improvement products and services at the point of sale will help to give your business the edge over its competitors and generate more revenue. Finance gives your customers more options and empowers them to decide on how and when they want to make payment. It also creates a great deal of customer appreciation in your brand. A customer is more likely to be loyal to a business which has been able to offer them a more affordable way to purchase something they really wanted, or needed, which benefits you in the long run.

How can Payaca help with financing home improvements?

Offering finance on home improvements has never been easier. Simply enable the finance option in the Payaca app and we handle the rest. We offer three levels of finance offerings, including 0% finance, so there is a solution to any small business.

1. Simple finance

This is our simplest finance option - you only have to subscribe to use our software and it's included in the price. No FCA authorisation is required as you are not directly involved in the finance process. How you take payment is up to you; you can request any deposit through the quote, turn on our card payment option for easy tracking or request BACS transfers.

2. 0% over 12 months or less

With this option, you are directly offering 0% finance and you don't need to worry about being FCA authorised as there is an exemption. It’s worth noting that you will be paid directly by the lender only after the work is complete and the customer signs a satisfaction note.

3. Full FCA authorisation

For this finance option, you must gain FCA authorisation. This process can take up to 6 months. Once you have FCA authorisation, you must keep accurate records and report these to the FCA as and when is needed. With this full FCA authorisation option, you’ll have full flexibility to secure your own arrangements with lenders and we can build your process into our quote flow.

Let Payaca help with finance solutions for your business today

Each of our finance options has their own requirements so it’s worth speaking with one of our friendly experts about how Payaca can help and to find out more on what’s required from your small business. Get in touch today and begin reaping the rewards from offering finance on home improvements! Go through our website or call us on 0333 050 94750.

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