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  1. Collapse Details
    Offering my customers interest free
    Hey all,

    Hope this is in the right thread, mods feel free to move it

    My core business is home improvements between $3000-$6000.

    My larger (grrr) competitors offer the same product interest free for 24-60 months and i am losing too many customers to them.

    I have applied with GE and Fido and they want $2,000,000 and $500,000 T/O to even have a merchant account.

    Is there an interest free provider that offers 24-60 months interest free that will deal with a small business?

    thanks

    Pete


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    I'm afraid this is something that doesn't exist. I mean, there has got to be a catch there somewhere if someone offers this kind of deal which is no interest at all. If you find one, let me know because I would like to check it out as well and see their disclaimer.


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    I highly doubt that you will be able to find what you are looking for. I'm assuming that you don't have enough capital to enable you to do this on your own? In that case the only way I see this being possible is taking a loan from a bank, but obviously here you will be losing money on interest. So it becomes a calculation between having more customers and paying a bit of interest or fewer customers and no interest.

    Also in a business like this quality is definitely important, so it might be worth it to try and get a bit more word of mouth and social media advertizing going on.


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    I hope you can find a service like this but I think it will be quite hard to find if you don't have a large capital. I also don't really understand why you need the extra capital? You can always choose to spread payments for your services over a larger time but I then you would have to keep in mind that you are not making all the money in one go.


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    hii guys,
    I think you have to offers some benifites to rise your marketing and give some gifts to your customers.


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    i think you have to offer news services and to increase your business services and improve your quality.


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    Not sure this exists and is certainly not something i'd recommend trying.


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    Jay
    Run locksmiths and plumbing businesses
    Mainly work as a local plumber manchester
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    #8
    Join Date
    May 2017
    Location
    London, E14 8RJ United Kingdom
    Posts
    67
    I personally think that you must find a different strategy for expanding your customers as being a newbie and having a very small investment is hard to rank with those that are experienced in offering such things. Though business is like a game of gambling there are other options too like taking a loan and opting for such marketing strategies yet the rise of downfall is more that's i think is a risky one. So, prefer offering gifts to your customers or some exclusive thing that are in demand. Hope you take a right step!


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  9. Collapse Details
    Are you sure you have spoken to the right person in these institutions and that you have explained what you want to do in the correct way. Please tell me you did not approach them and say something like you want to offer your clients the same as say Hervey Norman. Each industry and business negotiates based on what they want and what their market size etc etc is.

    In days gone by the fees you have mentioned did not exist and the reality was that the business offering the interest free period would actually pay the finance company 6% interest on the money and that 6% interest was and in some cases still is added to the price. That is probably why there is an ad on TV at the moment from a solar provider offering a small solar system with a tiny 2kw inverter interest free for $2600. Their adds a couple of weeks ago were selling much larger systems and inverter for much less. The add also says pay cash and pay less. That is probably because they have added the interest component on to the price. (although it would not be worded that way for legal reasons)

    That is the sort of system you would likely try to access. What the industry is doing today may have changed but I would be surprised if it had changed that much.


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