The plumbing industry is one of the most valuable trades in America, employing 500,000 workers and generating over $100 billion in revenue each year. However, some homeowners can’t afford to pay for major plumbing work or repairs in full with cash. That’s why offering financing to customers is a great way for plumbers to increase sales and grow their business.
Many types of plumbing repairs and upgrades can be financed through credit cards, personal loans, home improvement loans, or even mortgages. Using this type of financing allows customers to pay for their plumbing project over time, which is more affordable and manageable than paying all at once. It’s also a great option for those with less-than-perfect credit.
There are a number of plumbing financing companies that can help customers finance their projects. For example, GreenSky and Service Finance offer fast online loan applications with approvals in minutes. Other top financing providers include Turns, Financeit and LendingPoint. These companies provide customized plans for different budgets and payment terms, which are automatically entered into the customer’s estimate in ServiceTitan Mobile.
A home equity line of credit (HELOC) is another option for financing plumbing repair projects. It works like a regular credit card, except that you can borrow against your home’s equity and receive lower interest rates. However, if you don’t make payments on time, your home may be at risk of foreclosure. HELOCs are also an excellent choice for those who need to finance multiple large projects, such as a new hot water heater, furnace or a bathroom remodel.
In addition to credit card, home equity loan, and personal loan options, there are several government-backed loans for plumbing businesses. The Small Business Administration’s 7(a) program is a popular choice for many plumbing companies, as it provides working capital reserves to allow your business to thrive. Other lending programs include microloans and conventional business loans.
Offering customer financing is a great way for plumbing companies to increase sales and boost customer satisfaction. When customers have the ability to finance their plumbing projects, they can spend more money on higher-quality materials and services. Rather than pinching pennies or cutting corners, they can purchase the best products and install them professionally, which prolongs the lifespan of their plumbing fixtures and reduces the likelihood of future problems.