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How to Increase Flooring Close Rates with Consumer Financing Plans

Trent Ogden

By Trent Ogden, CFO

March 2023

Floor covering retailers that offer consumer financing plans and promotions can increase their sales by providing customers with a more affordable way to purchase their products. With the increasing cost of living and the impact of inflation on disposable income, many customers are looking for ways to spread out their payments for larger purchases. Consumer financing plans and promotions are a great solution for customers looking to make their purchases more manageable.

By offering flexible payment options, floor covering retailers can increase their sales by making their products more accessible to a wider range of customers. This can be especially beneficial in times of economic uncertainty, when consumers may be more hesitant to make larger purchases due to the potential for financial instability. By providing customers with a financing option, retailers can help alleviate some of these concerns and encourage them to make a purchase.

In addition, with the current trend of higher interest rates, consumer financing plans with lower interest rates can be a particularly attractive option for customers. By offering a competitive interest rate, retailers can differentiate themselves from their competitors and provide customers with a more affordable way to make their purchase.

QFloors is now offering a seamless consumer financing option through QPay Later . We have teamed up with a large bank that offers specific plans for the home improvement industry that include:

  • easy-to-use online applications filled in on a browser or phone app
  • paperless contracts (if desired)
  • 50% upfront funding
  • up to 5 disbursements throughout the project
  • a user-friendly user portal interface to track applications, funding and daily reports

Keep in mind that higher interest rates and inflation can increase the cost of financing for both the retailer and the customer. QPay Later offers more than 30 finance plan options. You as the dealer can decide which plans you can afford, given your margins. We suggest using 2 and no more than 3 options in your advertising to make it simple for salespeople and customers to understand.

Overall, consumer financing plans and promotions can be a powerful tool for floor covering retailers looking to increase their sales and provide customers with more affordable ways to make larger purchases. By carefully evaluating the risks and partnering with reputable financing companies, retailers can take advantage of this trend and differentiate themselves from their competitors.

Trent Ogden

About the Author

Trent Ogden - CFO

Trent is a University of Utah Alum with a Bachelor's in Accounting & an MBA. With over 25 yrs of experience in flooring, Trent works tirelessly with QFloors to protect small & medium dealers through the use of innovative & usable technology solutions, individualized consultative procedure implementation, & excellent responsive training & support services.