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Consumer Finance Blog Posts

By First American Merchant

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Get Approved for Tire Business Consumer Financing

The auto service landscape in North America is developing on several fronts. Based on recent research by IHS Markit Economics, there are over 37.600 automotive-related franchise enterprises active in the US, which generate $41.2 billion in revenue and provide employment for 195.670 workers. According to Tire Business research, there are almost 5.000 franchised outlets active in the automotive service/repair business, including quick lube/oil businesses and auto parts wholesaling in addition to vehicle maintenance/repair. Applying for Tire Financing Merchants can turn to many institutions and companies to get loans and financing for their tire customers. However, to get tire consumer financing […]

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How to Offer Customer Financing | In House Financing

Very often, merchants are interested in a “90 days same as cash” program for their customers. Small business owners are looking for ways to offer their customers financing like the bigger chain stores do. Thanks to in house financing, your customers can boost your sales, improve customer loyalty, and build a repeat clientele. In reality, the average order size of a small business offering customer financing can grow as much as 120%. About 2/3 of customers make an additional future purchase of $500+ in stores they receive customer financing from. Customer Financing Customer financing is called to convert a browser […]

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Provide Medical Consumer Financing Options to Your Customers

Whether you operate a medical office or supply medical equipment or goods, there comes a time when customers want a financing option. It’s easy to see where a new merchant cannot shell out thousands to supply their new office, so a financing option is common sense, right? Well, for many of us it is – but that’s not how it’s typically done in the high risk merchant account world. If you offer any goods or services in the medical realm, you have those clients who just cannot pay all at one time. This is where consumer financing comes in. It’s […]

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Do You Need To Offer Furniture Consumer Financing?

So, if you sell furniture, you must have the ability to finance your customers their goods. Let’s face it: Not everyone can pay for their furniture in full the second they purchase it, and without the option of customer financing, your business will not be booming. While you may think the option to provide financing isn’t realistic, it is – especially if you know where to obtain the ability. With a consumer financing provider, like FAM, you can not only have a consumer financing provider for your high risk furniture sales company, but also a merchant account that understands your […]

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What Consumer Financing Can Offer Your Small Business

Part of running a small business is continuously looking for ways to improve your customer’s experience. This includes offering a variety of payment options for convenience in acquiring your products and services. Credit cards, debit cards, checks, bank transfers and, yes, cash are the most popular forms of payment (reports show that cash still represents at least 30 percent of all transactions conducted at point of sale). For many businesses, high average ticket prices ($500-$2,000 and up) can be a problem for business growth. Consider the fact that over 40 percent of consumers don’t have a credit card, 20 percent […]

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Patients Discover Secret to Cutting Their Health-Care Bill | Medical Consumer Financing

Many consumers are finding their way around the financial challenge of the health care industry, and the curious new trend will surprise you. Many hospitals, imaging centers, pharmacy chains and outpatient surgery centers are offering deep discounts to patients who pay cash instead of using their insurance. Consider one case where the patient would have normally paid $600 out of pocket using high-deductible insurance for a knee X-ray. The hospital offered the option of paying $70, instead of the $600, if the patient paid cash upfront. Some patients welcome these savings with open arms, not giving it another thought. Others, […]

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Why Funeral Homes Need to Offer Consumer Financing

While some of us pre-plan our funerals, the majority of us are faced with a costly task when someone either dies without plans, or dies unexpectedly. This is the sad reality for Americans every day, and without the ability to pay weekly or monthly, some pay feel hard-pressed to give their loved one the funeral they deserve. Funeral homes should offer consumer financing options to their clients, and while this can be hard to come by with your merchant account provider, you still need to consider all of your options. FAM, or First American Merchant, offers a funeral financing program […]

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Consumers Are Now Getting Pet Insurance – So What Does This Mean For Your Business?

With all the talk these days around health insurance and the exchange, one big thing that is sneaking in on merchants is pet insurance. Yep – insurance that covers the vet bills. This is great for pet parents, but for merchants who are now accepting pet insurance, you may be wondering if there are other services you can offer pet parents. Well, there is one major service you can offer – but you need to make sure that your merchant account provider is on board. Veterinary consumer financing is one major service that all pet-centric merchants should look into. Those […]

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Retail Consumer Financing for Your Tire or Auto Repair Shop

Are you a small business owner looking for the right way to finance your business? Consider a retail consumer finance program. It can help you get access to the working capital you need so to be able to grow your business and take it to new heights. Retail Consumer Finance Program There is a tendency in the retail industry to offer financing options to potential customers. The reason is that it can be of great help to those who have limited cash. Also, it helps you reach more potential customers. If you’re interested in a financing option, including a retail […]

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Applying for Business Lines of Credit

Do you need to get access to working capital so to meet your short term business needs or goals? Securing a business line of credit is one of the most commonly used options to get financing for your company. Business Line of Credit A line of credit (LOC) can be characterized as an arrangement between a financial institution, (usually a bank) and a customer that establishes a maximum loan balance that the lender permits the borrower to access or maintain. The borrower can get access to these funds from the line of credit whenever he/she needs, without exceeding the maximum […]

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