As the nights grow longer and temperatures start to plummet, houses up and down the country are starting to put their central heating on.
But, after having their heating switched off for several months, many houses that haven’t had their boiler serviced may soon realise that their current boiler is no longer working and needs to be replaced.
Of course, boiler installations can be costly. This is especially the case if the breakdown is sudden and the customer has been unable to budget for a new one.
To help your customers and to maximise your revenue, you should offer a range of boiler finance options.
In this guide, we’ll answer popular questions such as ‘how can I offer boiler finance to customers?’ and ‘how can offering finance to customers help my business?’
What is boiler finance?
Boiler finance allows your customers to pay for their new boiler in monthly instalments.
Rather than forcing the customer to pay for their boiler replacement upfront, boiler finance allows the customer to pay in a timeframe that suits them.
Due to this, it can help alleviate any financial pressure the customer is facing if their boiler has suddenly broken down and needs to be replaced. It can also help customers budget for a new boiler that’s more energy efficient than their current model.
Why you should offer boiler finance to customers
Boiler finance provides a number of unique advantages for your business and your valued customers. By offering finance, you can:
Increase flexibility for customers
The majority of boiler breakdowns are unexpected. This means that many customers don’t have room in their budget for a new boiler, which can cost thousands of pounds.
By offering monthly payment options to cover the boiler cost, you can increase the flexibility you offer them and ease the financial pressures they’re facing. With the help of a finance option, your customers can make decisions that make sense for them.
Improve conversion rates
Likewise, by offering an additional way to pay, you’ll increase conversions. This is particularly the case if many of your competitors don’t currently offer finance. In this scenario, a finance option provides you with a point of difference and makes your business a more attractive option.
Broaden your customer base
Similarly, offering finance also allows you to broaden your customer base. If you don’t offer finance on an item with such a large upfront cost, you can only attract a certain subset of customers.
However, by allowing customers who can’t pay for a new boiler upfront to use finance instead, you can substantially increase the potential number of people who can buy from you. After all, our research has shown that a third of people are more likely to spend with a company that offers finance.
Steps to offer boiler finance to customers
Offering boiler finance to your customers is easier than you’d think. All you need to do is select the type of finance you’d like to offer and then pick a finance firm who can help you. Let’s take a look at exactly what each of these steps involves in greater detail.
Decide what finance you want to offer
At Duologi, we offer a wide range of competitive finance options for you to choose from. Your choices include:
- 0% finance – your customers make monthly payments and don’t pay interest
- Interest-bearing finance – this is more like a traditional loan and your customers pay a small level of interest to cover your subsidy costs
Our payment terms range from 3 to 60 months, for purchases of £250–£15,000.
Choose a finance firm
Once you’ve decided the finance products you’d like to offer, it’s time to choose a boiler finance provider you can partner with. At Duologi, we pride ourselves on taking an individual, personal and flexible approach to building the right payment solutions for you.
As the fastest-growing point of sale payment solutions provider in the UK market, we’re an established company that makes it as simple as possible for customers to purchase goods and services while also providing businesses with the tools they need to sell more widely.
Our unique technology integrates seamlessly into your systems. This means you can start offering finance solutions in only a couple of hours.
Book a consultation to find out more
Book a demo with our experienced team today and we’ll work with you to create a bespoke finance solution that fits your business and its customers.
We always tailor our financing options to suit the needs of each business. This means that we give you complete control of the financing and help you decide on the best way forward.
To discover more, get in touch with our friendly and knowledgeable experts today.