If you are a small business owner, the financial resources of your customers can play a key factor in your company’s success. Customer financing, such as buy now, pay later services, can encourage shoppers to complete their purchases.
Customer financing can be a win-win situation for both customers and business owners, but it also comes with extra steps, such as managing a customer credit policy. Let’s explore the types of financing you can offer, how to implement them, and your alternative options.
What is customer financing?
Customer financing is a program or service a business offers to help customers pay for products, goods, or services over time. Usually, financing involves an application process where the customer’s overall credit risk is assessed with a credit check.