Flexible finance provides a golden opportunity for installers to not only upsell additional products and services, but to secure higher margins. That’s the view of Adrian Hicks, senior account manager at industry finance specialist, Improveasy.
According to Adrian, the greater flexibility of affordable monthly payments provides the impetus for homeowners to opt for higher-value, more aspirational home improvements. It also provides an opportunity for homeowners to complete any other necessary home improvements at the same time.
Adrian commented: “Despite changing consumer tastes towards colour, aluminium and flush sash windows, many of these high-ticket items can be out of reach for the majority of homeowners. However, the introduction of flexible finance such as 0% APR or our popular ‘Buy Now Pay Later’ package means homeowners can opt for these aspirational home improvements without affecting their cashflow or spending over and above their savings.
“This is great news for installers too as they now have a mechanism to secure those higher margins. Casements can become stunning VS or flush sash windows, standard PVC-U could become coloured or aluminium, while a conservatory refurbishment or roof change could even become a luxury orangery or extension.
“There’s also the opportunity for homeowners to increase the size of their project. What may have begun as a simple window replacement project could now include a roofline upgrade or maybe even a new composite door. Without overcommitting, homeowners can use part or all of their initial budget as a deposit, and pay the remaining balance in affordable monthly instalments.
“When you consider 53% of consumers will increase their spend with point-of-sale finance options, there’s a massive opportunity. Whether it’s to meet the changing buying habits of the market or to achieve bigger and better sales, it’s an absolute necessity that installers offer flexible finance options.”
Improveasy says that it works with installers and home improvement companies across the UK, providing a full range of finance options including 0% APR, 10-year finance and ‘Buy Now Pay Later’. These services can be offered at the point of sale through an online application, which reportedly delivers a credit decision in minutes.
Improveasy says that it presents the opportunity for companies to avoid the lengthy process of becoming FCA approved. Instead, installers become an Appointed Representative (AR) and can offer finance options using their own company’s brand or under the Improveasy banner. As the exclusive finance partner to FENSA and GGF Group members, new customers can also benefit from a year’s free membership of FENSA when they sign-up with Improveasy.