Many finance companies say they’re committed to your success, but how can an equipment dealer know they mean it?
Here’s the quickest, easiest way to sort out the difference: look for finance companies that have invested in your industry, the ones with some skin in the game. Those are the ones that are most likely to be truly committed to your success.
So what would that investment, the kind that sets apart the finance companies you want to work with, look like? Here’s what to look for:
Does the finance provider have people who specialize in financing equipment, software, and services for the industry or industries you serve? For example, if you sell medical equipment, does your finance company have a healthcare finance team that speaks the same highly specialized language you and your customers speak? Do they know the challenges you both face? The answer could make a big difference in customer perception of your business as a knowledgeable and trusted provider.
Industry Affiliation and Involvement
Is the finance provider a member of at least some of the same industry organizations you and your customers are? Does the finance company offer thought leadership articles in industry trade publications? Do representatives from the finance company attend any of your industry’s events? Suppose the finance provider is involved to this degree. In that case, it shows a strong commitment to understanding the industry and its key players, developing long-term relationships, and keeping up with relevant news and trends to guide its approach to serving your market.
Terms That Fit
Is the finance company willing and able to fully customize things like payment schedules, terms, structuring, billing, and other financial details in line with your customers’ unique needs? One of the hallmarks of a finance company that simply wants the business without doing the homework is a limited selection of one-size-fits-all finance options that don’t really fit any particular business need very well. As an equipment dealer, you go out of your way to differentiate yourself from competitors, but a finance provider like this works against the reputation you’ve worked so hard to earn. You can do better.
It’s easy to say you’re committed to the success of your customers, but real commitment takes real work. At LEAF, when we say we’re committed to your success, we mean your success, in your industry, with your customers.