Do you offer finance?

[Pickwickpick]

Have izettle card machine . Use it a lot. You are vulnerable to chargeback tho. But i never had a chargeback yet but they generally rule in favour of the cust. Afaik.

Yeh chargeback is the issue some sellers have with paypal on ebay, by default they seem to side with the customer and fraudsters have cottoned on to it, they buy stuff claim in never arrived and the seller gets stuffed. In our trade it should be a much lower risk of such things happening but it is worth baring in mind.

 

[WC1]

Correcr, pw. PayPal/ ebay the worst for this. That's why I avoid them.

 

[Pickwickpick]

Yep ebay are basically complicit in it, they'd rather screw over sellers and attract more buyers with the 'no risk' guarantee and not have to spend any more having a team that properly investigates this things.

 

[island fling]

I will bear the charge back in mind.
A lot of my reason for wanting to start offering finance is that you get paid on the day, can offer 0% interest & good good money as it will attract more customers in on boiler install jobs, its also one of the jobs I personally enjoy doing. I though a few on here might offer it as I know a few lads in Inverness areas that I went to college with do offer it & claim better turnover & profits as a result.

 

[Chuck]

I am looking into offering finance for boiler/heating installs, maybe bathrooms in time. Is this something any of you have done? Any suggestions?

Some relevant discussion here:

offering finance to customers (small business)

but talk to your accountant before doing anything because there are a lot a regulations and pitfalls. One of which is that you'll attract customers who can't afford what you're selling and hence are a high default risk.

As far as tardy payers are concerned, one method that can work quite well is to offer a 5% discount for prompt payment. Obviously, you need to have sufficient business to be able to increase your quotes a bit in order to cover the discount, but chasing late payments isn't free if you value your own time.

 

[island fling]

Some relevant discussion here:

offering finance to customers (small business)

but talk to your accountant before doing anything because there are a lot a regulations and pitfalls. One of which is that you'll attract customers who can't afford what you're selling and hence are a high default risk.

As far as tardy payers are concerned, one method that can work quite well is to offer a 5% discount for prompt payment. Obviously, you need to have sufficient business to be able to increase your quotes a bit in order to cover the discount, but chasing late payments isn't free if you value your own time.

Thanks, I’ve looked into it a bit as we were going to start up a contract company - offering boiler service at monthly payments & insuring pipework, working, roofing ect. Myself & a few tradesmen (joiner, sparky, roofer, locksmith ect) but there was too many guys just looking at the money & thinking they would have range rovers by the end of the year so we canned the idea.
As for late payments we add 4% per month which often try to ignore & even after 3 months pay the original invoice but we push for the interest, as you say it costs money.

 

[Rob Foster]

Evening all,

I am wondering if any of you do finance options for boiler/heating installs?

I am looking into offering finance for boiler/heating installs, maybe bathrooms in time. Is this something any of you have done? Any suggestions?

This is my thoughts on pros & cons.
Pros - Extra income, increase work load/income, offering a service nobody else does on the island, paid right away from finance company.

Cons - Extra paperwork, financial conduct authority, what happens if people fail to pay?

It is just a thought for now but willing to hear any good or bad experiences.

I have a card machine & for customers with a credit card it has helped them a lot. We have quoted for 6 new boilers in the past 2 days, out of 6 there has been 2 that have asked if we do finance or card payment to use a credit card to help spread the costs....This is what got me thinking.

I have mentioned to a couple of good customers today that it is something I will be looking into & it has had a great response.

Thanks.

Edit - put this in here as I couldn’t see where to start a new thread other than in new members.

Never, get customer to get the money for you..we were heating engineers not never never men
dont forget the finance house will come after you if customer cuts up badly and this might be 3 years later
Rob Foster aka centralheatking