Within many collision repair businesses, a rule of 75/25 applies. This means that 75% of your customers arrive from insurance contacts you commonly work with. The other 25% will arrive from small and unfamiliar insurance companies or customer pay opportunities. These often will provide the smaller portion of your sales volume. Which percentage offers the largest opportunity for growth? What percentage offer the best opportunity to charge truly profitable and fair rates? Increasing the percentages of new customers to this small but elite group can have an over-sized positive financial impact.
Your willingness to offer Vehicle Repair Installment Plans can often be key to bringing these important customers on board.
Since unexpected repairs bills tend to have a large deductibles or repair bills necessary, anything you can do to help the customer over the ‘indecision hump’ can be critical. And this brings us to installments….
An effective company such as Collision Financial Services can help you here, by providing a quick and easy method to create and track installment-made payments on larger invoices.
Of course, one would always like to get their money in cash, right up front. But, smart companies realize that being payment-flexible can lead to major sales growth.
Additionally, in most any industry, installment agreement-type services often have a higher margin. So, offering installment plans can help you get and keep new business.
Once upon a time, creating installments was an onerous chore involving obscure tables and too much time with a calculator. But now, forward thinking bodyshops and collision centers are realizing that allow Collision Financial Services to create their installment plans can be quick and easy to create for their customers.
From a simple repair shop on-line registration
Directing your customer to apply for the 0% loan
Determining your customer’s loan terms
3rd party management of your collections
Web-based payment reporting and 24 hour secure access to all your invoices
Monthly direct deposit of your paid Collision Financial Services collection agreements.
That is all you do. Fast, quick and painless. Help your customer with some flexibility, when you can clearly benefit.With many local economies still a mess and more consumers unable to have saved enough money for un-planned auto collision repair bills or deductibles, the objective of setting up payment arrangements will be very attractive to many of your customers
Heads up Tip- Installment plans are also good way to collect on seriously late invoices that you are about to give up on.