Customer financing

17 industries that should offer customers point-of-sale financing

For most retailers selling big-ticket or high-value items, point-of-sale financing is a great addition to the checkout process.  

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What is point of sale financing? 

Whether online or in store, customers can apply and be instantly approved for financing right at the point of sale. The customers get to buy the products or services they really want, and the retailers offering the service get to increase their average order value. They also get paid upfront for the full purchase amount at no credit risk to them.  

There’s no doubt that point-of-sale financing is awesome for both retailers and their customers. But that doesn’t mean it’s right for everyone. If you own a bakery or a convenience store selling low-priced items, for example, then it doesn’t make much sense. People wouldn’t need to finance these types of purchases. 

For others who are selling products or services that cost over $1,000, though, POS financing can make a big difference to their bottom line. That being said, here are the top 17 industries that should definitely check it out.  

1. Furniture stores  

Unless you’re selling IKEA furniture (and even then), there’s no doubt that you see customers struggling to pay for the products they really love in your store. It’s likely that tons of customers settle for products they like less simply because they can’t afford the bigger price tag of their top picks. 

Instant customer financing can eliminate this friction by giving them the financial wiggle room they need to afford the higher priced items.  

You also win by increasing the amount of the sale. 

2. Appliance stores  

The same goes for appliance stores. When it comes to appliances, though, customers often have to buy now. They can’t wait to save more money if their washer or refrigerator has conked out on them unexpectedly.  

That’s why POS financing is ideal in this situation. It can be a huge relief when credit cards are maxed out but customers still need to pay for unexpected necessities.  

3. Electronics  

When it comes to computers, phones, wearables, and other electronics, many people want the best of the best – and they won’t settle for any less. Many also want to be the first of their friends to own the latest and greatest tech. 

If they can’t afford the best of the best but need to buy now, POS financing is an excellent option that should be promoted at the checkout.  

4. Flights  

Imagine this: Customers can fly now and pay later. Think of how many more flights you’d book if this were possible? 

Not only would the number of sales likely increase with POS financing, but the price of the sale might too Customers may decide to go to Saint Kitts instead of Mexico if price weren’t an issue.  

5. Cars   

Most people research cars extensively before purchasing one. They know what their dream car is...but they often have to settle for less due to budget constraints.  

Being able to afford a newer model or a more luxurious brand is within reach when you offer financing. 

6. Accommodations  

It’s all about the upgrade! If you’re in the accommodations business, you know all too well that you want clients to book the luxury suite instead of the regular room. You want them to book that massage, too.  

If price isn’t an issue at the moment of purchase, it’s much more likely that you’ll be able to convince customers to go for those upgrades and travel in style. 

7. High-end clothing or cosmetics  

People love your products – but they might not always be able to afford them. Instead of saying goodbye to the sale (or just as sadly seeing customers put away half their orders to reduce their bills), offer them the chance to finance their orders and pay for their lovely clothing, accessories, and cosmetics in monthly installments later on. They can look beautiful now and pay later.  

8. Jewellery  

They say an engagement ring should cost three weeks’ salary. But not everyone can afford to save that much at one time. Other pieces of jewellery like watches for graduation gifts and necklaces as anniversary gifts can also be too expensive – unless customers can split the payment or pay it all with financing.  

9. Field service  

Any time you’re going into someone’s home to provide a costly service, like humane animal removal or plumbing, for instance, you should offer alternative payment options. Although they might need these services immediately, customers might not be able to pay on the spot.  

10. HVAC  

A customer’s furnace breaks down in the middle of winter, and they have little choice but to get it fixed right now – at least give them the option to pay later. It can give you a leg up over the competition.  

11. Renovations  

A flooded basement or a leaking roof needs to be resolved immediately, but, as you know, it can be costly. Give customers more payment options and they’ll be grateful.  

12. Veterinary care  

Most pet owners would do just about anything for their furry friends. But when a simple vet checkup costs a minimum of $100, vet bills can add up quickly and run into the thousands when customers also need blood work, X-rays, and surgery. You’ll give pet parents immense relief if you take the financial worry out of the equation.  

13. Funeral services  

The last thing someone wants to stress about when a loved one’s suddenly passed on is the cost of the funeral. You may offer your own financing right now, but you’re on the hook if customers don’t make their payments. Offering third-party point-of-sale financing takes the credit risk off your shoulders and reduces payment-related challenges, so you can keep helping customers without losing out.  

14. Dental services  

Little Johnny’s braces are expensive. Dentists and orthodontists, in particular, understand it can be a struggle for parents to afford dental services, especially for multiple family members. They might push off treatment to a later time, forgo it altogether, or choose a less expensive treatment option instead of the one they really want. Financing can eliminate all these hiccups.  

15. Accounting  

Most accountants only take cheques, which is a pain for many customers who would prefer to pay in just about any other way. If you don’t accept credit cards, at least offer POS financing. Your customers will thank you come invoice time.  

16. Auto service and repair  

Auto service and repair bills can get huge – but customers can’t afford to save up for months before they get their vehicles back on the road. Some don’t use credit cards or have low credit limits. They could benefit from more ways to pay.  

Even tire shops can benefit from upselling and increasing their average order value by increasing the amount of money customers can spend.   

17. Law services  

Law services can add up to a significant amount, especially if the case drags on. Plus, there are many instances when a lawyer is needed immediately, regardless of the client’s financial circumstances. POS financing can help lawyers secure more clients, get paid what they’re owed without the credit risk, and ease their clients’ financial worries at the same time.  

Point-of-sale financing can help many types of companies upsell, boost revenue, and secure customer loyalty. However, the industries on this list can arguably benefit the most from this value-add service that can be offered online and at the terminal. 


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Ben Smith

Ben brings 20 years of experience to his role as IT Director for BNA Smart Payment Systems. Among his many directorial duties, he is responsible for the selection, acquisition, development, installation, maintenance, and support of IT infrastructure. Ben also establishes and leads a cross-functional architectural committee, acts as a technical expert and a critical technical resource across multiple disciplines, and consults on all system implementation, modification and integration activities. He graduated with Honours from Durham Collage in Computer Programming, and takes yearly training courses for security and development technologies to remain up-to-date. Outside of work, he loves playing hockey and skating with his family, and also enjoys gardening and cooking.

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