When it comes to running your business efficiently and profitably, having access to a reliable and trustworthy credit reporting software is essential.
Any business in the home improvement sector should be able to check a potential clients’ credit history and current credit score in an instant. This will naturally expedite the loan process, which in turn will increase revenue, as customers will be able to quickly be approved for financing and complete their purchases.
At Soft Pull Solutions, we understand how businesses operate and there are a number of benefits of using our software and credit reporting services.
By allowing us to take the stress out of the financing elements of a customer’s purchase, companies can focus on what they do best and maximize customer satisfaction.
One of the key benefits of our services is that a customer’s credit information can be pulled quickly, without the need to fill in lots of time consuming paperwork. This naturally reduces barriers to entry as the quicker someone can be approved for finance the more likely they are to complete their purchase. As this is known as a “soft search” or “soft pull”, the clients can confidently apply for credit knowing that their credit score and credit file will be unaffected.
If there is a need to carry out a hard credit check, this is also a service which we provide, with along with Bank Verification (to assure the consumer has the needed funds) and ID Verification to confirm identity.
If we take the example of an HVAC (heating, ventilation and air conditioning) business in the home improvement sector, the products and services which they provide can be expensive to purchase. By allowing customers to use credit to make purchases, a company’s pool of customers will increase dramatically. This will likely to lead to more orders from those wanting to pay with credit, which in turn will increase revenue and profits. It is also likely to increase the chance of customers upgrading their purchases as they can spread the cost out over time.
Customers with a low credit score or poor credit history may be less likely to keep up with their payments, so it’s critical that as a company you are able to check their financial history before agreeing to sell them products and services on finance. This will naturally help reduce the knock on effects business face when customers miss payments or don’t pay for their goods in full.
However, not all customers with low credit scores are necessarily higher risk, and by having a solution such as Soft Pull Solutions at your fingertips, it means that customers with lower credit scores or a patchy credit history can still be offered financing options, but with a higher interest rate or shorter repayment term.
This ties in with expanding the client base further as some clients will be happy to pay a higher rate of interest or be on a shorter payment term if it means they can get the finance.
Without such a credit reporting tool, a home improvement business could lose out on potentially great customers who on paper don’t look great but may be perfectly competent in making repayments.
The key to business growth is not to just gain more clients but retain them in the long run. The value of repeat business is crucial to business growth and profitability. Once a customer has been approved for finance it is likely they will come back to a business for their needs, as they will know they will almost certainly be approved for finance again.
As we’ve seen, using a credit reporting system such as Soft Pull Solutions can really help businesses in the home improvement sector in a number of ways.
Some of the keys to growing a successful home improvement business are expanding your customer base, increasing client retention and mitigating risk by pre screening potential customers and their affordability regarding the purchase of goods and services.
At Soft Pull Solutions, our goal is to help your home improvement business grow and increase its revenue and profitability. We appreciate that a business should be able to fully focus its efforts and attention on their area of expertise, which is where we can come in to take care of the credit reporting and related financial services.