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 tough to operate a business in the medical field, but by offering up a consumer financing option, you can keep your business booming.
Now, if you haven’t offered consumer financing options before, you may be weary. Relax, it’s simple! You don’t have to offer long-term financing plans for your customers. Some merchants simply offer a 30, 60, or 90 day plan. Some choose to stretch their plans out longer. It depends on your company and your customer’s needs. Will there be customers who default on their payments? Sure – that’s just how it works. We don’t want this to happen, but if you are in business long enough, it will happen. This just adds another layer to the already “high risk” industry you are in, and you need to make sure that your merchant account provider understands the risks involved.
One thing that you need to make sure that you promote is the terms of your financing. No one wants to be blindsided, and there are complaints daily to the Consumer Financial Protection Bureau concerning financing that isn’t crystal clear when the consumer signs on the dotted line. By keeping everything transparent, you are protecting yourself – and your customers.