Asset finance is not just a one-time transaction. It’s in the best interest of both equipment suppliers and the finance company to be highly selective about their partners for many reasons; time, efficiency, flexibility, process customer service and ease of implementation.
It is key for equipment suppliers to select a finance partner that demonstrates a highly responsive and flexible offering that proves consistency and longevity. It is important to select a well-established and reputable partner who can provide a programme solution that integrates seamlessly and efficiently into your business without disruption and complexity.
Is Sector expertise a necessity?
It is important your chosen finance partner understands equipment suppliers and your sector. However, there can be too much emphasis placed on sector knowledge. A great finance partner will simply make it their business to understand yours. They don’t necessarily need to be experts in your sector rather finance experts and experts in delivering equipment suppliers the partner programme they need. You can make the wrong choice by selecting a so called “sector expert”, who has yet to master delivering a finance programme that works for you.
Technology is another critical consideration. Your finance partner should endeavour to make finance simple for your sales team. You should be seeking a partner that can provide you with a Partner Manager to work with you along with a dedicated support function. Tools such as a mobile finance application, automated content and sales tools are also vital to drive your sales team’s adoption of finance. The age of a supplier having to call their finance partner to generate quotes or using templates and charts to create quotes has well and truly passed!
The faster your solution is delivered and the less reliance on your sales team, the more likely you are to close your sale. It’s all about finding that partner who can deliver a low touch, low maintenance programme that enhances sales.
It’s really as simple as that.
This is an excerpt from our white paper, download Winning More Business: Offering finance to your customers to learn more. Discover how the LDF Partner Programme can help you reduce your cash conversion cycle, increase sales and protect margins.