Does your HVAC services company offer financing for its customers? Believe it or not, offering financing for customers is becoming more and more common across the HVAC industry with the current state of the economy and rising prices across all facets of life. If you’re not offering this benefit to your clients, you could be losing out on both current and future business.
Financing hasn’t always been common – much less popular – in HVAC services companies. It does have associated costs, and many HVAC contractors avoided it because of those costs. However, as prices rise and customers’ expendable income shrinks, offering financing is becoming more and more common to both retain clients and attract new business.
Related: HVAC Industry Trends to Watch in 2023
What are the Perks of Offering Financing for HVAC Services and Equipment?
As mentioned, inflation and the general economy has forced many consumers to cut back and tighten their budgets as of late. When HVAC companies offer financing, it provides benefits like:
- Customer retention for current customers and clients
- Customer satisfaction due to increased flexibility
- New business opportunities, especially with clients who may not have otherwise had the opportunity to purchase HVAC equipment or services
It’s important to keep in mind that HVAC equipment and services aren’t exactly cheap – not to mention, a good number of people don’t plan to purchase equipment and services. More often than not, customers find themselves in an emergency situation where new equipment upgrades or services are necessary for their home or business, but they may not have the expendable income to cover those high costs up-front. Remember, a new air conditioner can cost thousands of dollars – not many consumers have that money sitting in an account, readily available.
Further, if offered financing options for HVAC equipment and services, customers may be more likely to upgrade current equipment to systems that are more efficient and environmentally friendly. This boosts sales for HVAC companies outside of normal maintenance and replacement schedules.
What to Consider Before Offering HVAC Financing
Before you start offering financing to your customers, it’s important to take the following steps:
- Do your research to find the right lender or financing company. Make sure that the company aligns with not only your goals but also your customers’ needs.
- Decide on the model you want to utilize. Will you offer low monthly payments, long-term low interest, or some other option for your customers to take advantage of?
- Train your staff. Staff should be well-versed in financing options and processes so they can efficiently communicate all of the information to customers.
- Consider the associated costs of offering financing to ensure it doesn’t interfere with a successful business model.
Explore Financing Options for Your HVAC Services and Equipment Through Aireco
Looking for financing options for your HVAC services and equipment? Work with the experts – contact Aireco today.