Retailers React: To what extent do you use financing?

Every two weeks, FCNews seeks out flooring retailers across the country to offer their advice on hot topics of the day. This week, we asked: To what extent do you use financing?

Here are their responses:

“Financing is something we are working to improve on. Our leadership team sees the value in it and is currently exploring ways to increase financing across our sales.”

—Matt Wien

Marshall Flooring

Mayfield Heights, Ohio

“Financing naturally increases ticket size as homeowners are more likely to finance larger projects. Additionally, the best sales pros use financing to increase ticket size beyond what was originally planned or budgeted. It’s a powerful tool when presented properly. Let’s say a homeowner plans to be in her home for 15, 20 or more years; for only a few dollars more per month she can have the style she loves or the upgraded product that will last the longest. Everyone wins when financing is presented this way.”

—Adam Joss

The Vertical Connection Carpet One

Columbia, Md.

“I use financing as a tool to close sales when money is tight, but in my market the demographics are made up of retired professionals where money is not tight.”

—Bob Duke

Floor Magic

Damariscotta, Maine

“We very rarely use financing in our business. Very few of our customers take advantage of the financing offer. Probably 95% of our customers pay direct by check or credit card.”

—Mike Montgomery

Montgomery’s CarpetsPlus Colortile

Venice, Fla.

“When financing is available at special rates it allows an incentive to add to the project—both material and costs. Using someone else’s money is a no brainer and Synchrony offers amazing interest rates for the retailer as well as incentives to utilize their services. Everyone wins: the customer receives what she really wants; the retailer makes the sale and, hopefully, a customer for life.”

—Cathy Buchanan

Independent Carpet One Floor & Home

Westland, Mich.

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