November/December 2019

OFFER YOUR CUSTOMERS FLEXIBLE
WAYS TO SPEND MORE...
Whilst finance has become the principle way for consumers to make big purchases such as
new furniture, tech or a new car, it is still far from commonplace in the home improvement
industry. With increasing consumer demand for these services, Austin Barcley, MD of
Improveasy, shares six key reasons why installers should be offering point-of-sale finance.
1. Preferred payment method
Without question, the most important reason is to
meet the demands of the market. Over the past
decade homeowners have become so accustomed
to using finance to make bigger purchases. It is
now the preferred payment method among
consumers, so much so they have come to expect
it when making any sizeable purchase. In fact,
recent research revealed that 83% of consumers
said retailers offering finance influenced their
decision to purchase. This development means
that if an installer or home improvement company
does not offer any finance options, consumers
will be limited in what they can spend or will
ultimately take their business to another firm with
better payment options.
2. Stand out from the competition
With a slower uptake compared to other industries,
finance presents a fantastic opportunity for
ambitious installers to gain a real competitive
advantage. It’s not only a great way to stand out
from local competitors, but it’s effective in levelling
the playing field with national competition.
Consumers ultimately prefer to ‘shop local’, but the
finance solutions offered by the national brands
make it more affordable and convenient to use them
instead. So while competitors argue that finance is
far too complex or that it’s only available to the big
firms, there’s a great opportunity to swoop in and
provide a solution to the 44% of customers they are
set to lose by not offering finance.
3. Upsell additional products
The greater flexibility of affordable monthly
payments or a ‘Buy Now Pay Later’ package
means consumers will be more likely
to increase their spend. Without
effecting their cashflow or
spending over and above their
savings, homeowners can use
finance to complete any necessary
home improvements at the same
time. What began as a simple window
replacement project could now include a roofline
upgrade or maybe even a new composite door.
Without overcommitting, homeowners can use
their initial budget as a deposit, and pay the
remaining balance in affordable monthly
instalments. Research suggests that 53% of
consumers will increase their spend with pointof-sale
finance options.
4. Sell higher-margin products
Whilst it may encourage homeowners to increase
the size of their project, finance can also provide
the impetus to go for higher-value, more
aspirational home improvements. With 0% APR
available, uPVC windows could become
aluminium, French doors could be swapped for
premium bifolds or sliding doors and a
conservatory refurbishment could become a
luxury orangery or extension. When you consider
the average order value is around £5,000, just
one sale a week through finance could bring in
over £250,000 of extra business every year.
5. Answers the UK’s ‘savings crisis’
As consumer confidence continues to struggle
against a backdrop of political and economic
uncertainty, retail businesses also face the
growing challenge of Britain’s non-existent
savings culture. A recent report has
found that 15% of Brits have
absolutely no savings at all, while
one-in-three have less than
£1,500 in savings. With flexible
finance options providing a viable
solution for other markets, it’s
absolutely vital that the glazing industry
follows suit.
6. Hassle-free and great for cashflow
While other finance providers will require
installers to complete the stressful process of
becoming FCA approved, our customers become
Appointed Representatives (AR) of Improveasy,
and are covered by our authorisation.
Not only does this save both time and money, it
means installers can start offering our finance
packages, such as ‘Buy Now Pay Later’ and 0%
APR within as little as 5 days of sign-up.
Applications can be completed online, 24/7 with
an instant credit decision, and the funds are with
the installer around 72 hours after the project is
completed. In addition to comprehensive training
and support including marketing collateral and
showroom literature, new customers can take
advantage of a year’s free membership with
FENSA when they sign-up. We proudly offer this
as the exclusive finance partner of FENSA and its
nationwide membership.
Contact Improveasy
0800 024 8505
www.improveasy.com
@improveasy
PRACTICAL CONTENT FOR THE GLAZING INSTALLER & HOME IMPROVEMENT SPECIALIST
NOV/DEC 2019 TI69