How do I go about establishing in house financing for our business in Ohio
We are a funeral business in Ohio that is trying to establish in house financing options that would be affordable for customers without using 3rd party lenders. Any advice on this would be helpful thanks?
Good to see you on the forum Joe!
You generally have two options when you’re looking at doing in-house financing. First, you can finance it yourself by performing the work and giving your customers terms. Allow them to make weekly or monthly payments on the total cost of the services your provide, and you could require a down payment. You must be prepared to fit the bill for the entire cost, and you must be prepared to perform all collection activity.
If you can’t afford to do that, or don’t want the risk involved, then your other option is to use a third party to finance the transaction for your customer. A company like Blispay allows your customer to work directly with them to get approved, and it happens quickly, and then they can use a Visa credit card to pay for the costs at your location once they’ve been approved. It takes the hassle of dealing with the financing off of your hands, and gives your customers a Visa card they can use virtually anywhere. You can learn more by reading our guide to customer financing.