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- Develop Customer Loyalty and Retention. When your customers lease equipment, you have the opportunity to build a long-term relationship with them and the potential to earn future business by taking the unit in on trade and selling another replacement unit.
- Provide Obsolescence Protection to Your Customers. Leasing tends to be more flexible and may allow your customer to upgrade to new equipment anytime during their lease without excessive pre-payment penalties. This provides security, especially for high tech equipment. Vendors can benefit from this by being able to offer earlier upgrades, thus helping your customer and increasing your profits.
- Increase Multi-Unit Orders. Since your customers aren’t buying the equipment, it’s easier for them to afford multiple products. This is because your customers can budget their monthly payment amount rather than the complete cost of equipment.
- Offer Total Service. In many cases, service, supplies, installation, warranty and other soft costs can be included in the lease. This allows you to offer your customers a comprehensive financing option, which could result in increased sales.
- Overcome Sale Price Sticker Shock. Selling the unit in terms of monthly payment cost is much easier than selling the unit’s total sale price.
- Overcome Budget Objections. When you offer leasing to your customers, they generally can take possession of the unit for less money down. They will have minimal monthly payments, off balance sheet reporting and they’ll keep their credit lines open for other business uses.