Top Things to Consider When You Need an Equipment Finance Partner
running-a-business | Read Time: 3 minutes
By Joe Mancini | Published: August 2021
The right finance partner can make a huge difference in the structure, operations, and growth of your company. This relationship can be the difference between growing your business and remaining stagnant; winning new business and losing potential customers to a competitor; or even loyal employees leaving and high turnover rates. So why do so many equipment sellers settle for less than top-tier equipment finance partners?
Often the daily functions of running a business are secondary because the operations that are in place suffice. However, business owners who sell equipment and/or software should take a step back and re-evaluate their equipment financing relationship and offerings often to see where their business can use more support. As technology improves and the equipment financing industry evolves it is imperative that your partner continue to present opportunities for growth and present more efficient ways to serve your customers and streamline your business.
Whether you are launching a new business or are a seasoned entrepreneur, the task of selecting the right equipment finance partner can be daunting – especially when thinking about a long-term relationship.
Here are a few questions to consider when assessing your options:
- Can They Assist Your Team? The right equipment finance partner should be willing to share their knowledge on financing as a whole and inform your business and sales team about how to use it as a sales tool. For example, at NewLane, we add value to our equipment sellers by offering training for their sales teams on how to sell added financing options. We offer a discovery session to learn more about their business and highlight how financing can be an asset to their company. Not only does this give their sales team the confidence to discuss financing options with their customers, but it also educates their customers on all the options that are available to them.
- Can They Support Your Business? Relationships can help make or break a business. When considering an equipment finance partner, make sure they can support your business and its long-term growth. It is imperative they understand your business inside and out so they can support your go-to-market strategy and help you make the right decisions for your business. From assisting at trade shows and industry events to providing quotes and technology needed to better serve customers, the right finance partner will ultimately help you create affordability for your customers, add value, and generate long-term growth for your business.
- Will They Be Your Day-to-Day? Some equipment finance partners complete a contract or a sale and pass the contract onto a servicing company. Meaning, the next time a business owner needs help or has a question about their contract, they are no longer speaking directly to the finance partner – but instead find themselves in a queue for a customer service representative from a third-party organization. Look for a stable partner that believes a signed contract is only the beginning of a relationship, not the end goal. Make sure you are only a phone call or email away from your finance partner and help, whenever you need it. This simple offering acts as a huge differentiator in an industry that automates many aspects of the customer service experience.
Ultimately, when selecting an equipment finance partner, it is important to assess who will be the best fit for both you and your customers, and who will best support your business and your goals. The right partner will not only be excited about signing and servicing you and your customers now but will look forward to working with both of you for the long-term.
About the Author – Joe Mancini
Joe Mancini is VP Director of Sales at NewLane Finance, a subsidiary of WSFS Bank, and has been in the commercial lending industry for 20 years. He is an expert in providing equipment financing solutions to small businesses, equipment dealers, manufacturers, and distributors.
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