credit bank money loan
With the rising cost of living impacting on customer spending, point-of-sale finance can offer an attractive option for both mobility retailers and their customers. James Nicholls,  Group Managing Director at First Senior Group offers his advice…

We have all recently seen the frightening increases in the cost of living with rocketing price hikes in food, fuel and utilities, our daily news is constantly highlighting the next round of bad news regarding these ongoing increases.

Unfortunately the mobility sector’s elderly and infirm customer base is being particularly hard hit hard by these rises due to them receiving benefits or pension payments which are not increasing in line with inflation. Those lucky ones with savings are now even less reluctant to dip in to their next eggs as they have less disposable income to replenish their pot.

This is impacting customer spending in all areas of the economy and is especially prevalent in the mobility market where we are dealing with an elderly demographic. Purchases are being postponed or even cancelled outright as priority is given to everyday bills and basic living costs.

Advertisement | Continue story below

James Nicholls
James Nicholls is Group Managing Director at First Senior Group

Due to this change organisations and especially mobility retailers are now looking at alternative ways to help these clients as well as bringing in new customers to assist with much needed revenue.

Making budgeting easier

Point-of-sale finance is becoming vital for all mobility companies, to ensure they have alternative purchase methods for their clients to ensure their sales continue. Finance is also a great tool to ensure a client can afford the product that suits their needs rather than buying just the cheapest product. Reputable finance companies will offer fixed terms with fixed payment making budgeting much easier.

However, choosing a finance supplier with expertise at lending in to this difficult finance market is not easy. Many high street lenders will not lend to this market and a few that do charge very high APR’s which can put your business at risk due to reputation damage.

By ensuring that authorised dealers working within the requisite guidelines are trained and audited to perform the sales process in complete compliance there is an avenue of sales to be gained for the dealer working with clients that need finance.

Protecting the end user

Protection of the end user is paramount and compliance checks are made to ensure the product is affordable and that it is fit for purpose considering all of the demographics that are attributable to each and every client.

Reputable finance is all about protection of the end user and ensuring the funds are used for ensuring the product and the client’s requirements are a match today and for the foreseeable future.

This is prudent protection for the funders as well as for the end user, and obviously ethical lending benefits the mobility retailer too, so it’s a win- win for everyone.

You can also assist your clients with the cost the of living problems by making sure they are fully protected from expensive unforeseen bills which many will find harder to pay for.

Making sure the client is properly insured to protect against theft, attempted theft and more importantly public liability is really the minimum the client should have, as recommended by the Department of Transport.

Prior to the current cost of living problems many of your clients would struggle to have paid for replacement products or hugely expensive public liability claims.

Also, mobility retailers should carefully consider warranties for their clients too. Everyone has seen the cost of parts increase due to the massive costs associated in shipping them.

This in turn increases the average repair cost, and these repair costs are almost impossible to budget for as no one can predict when a motor or control board will fail.

If the client has a warranty, most unforeseen electrical or mechanical failures can be billed directly to the insurance company, meaning the client hasn’t got to raise the funds and all importantly remains mobile.

James Nicholls is Group Managing Director at First Senior Group. First Senior has been specialising in the financing of its clients for over 25 years, priding itself on offering competitive acceptance rates at correct and affordable rates. The firm assists in the customer relationship, giving the end user peace of mind that the details of an agreement are affordable and in line with its philosophy of care and transparency for the client. Mobility retailers interested increasing sales and customer expansion are advised to call 01582 842224 or email sales@firstsenior.com and ask for the sales team.

THIIS ROUND-UP
Join the 3,750+ mobility professionals who stay informed with THIIS' twice-weekly industry updates.
We respect your privacy
https://thiis.co.uk/wp-content/uploads/2020/03/credit-bank-money-loan.jpghttps://thiis.co.uk/wp-content/uploads/2020/03/credit-bank-money-loan-150x150.jpgLiane McIvorFinancial PointersKnowledge HubNewsroomaccessible,budgeting,credit,finance,Mobility,retailWith the rising cost of living impacting on customer spending, point-of-sale finance can offer an attractive option for both mobility retailers and their customers. James Nicholls,  Group Managing Director at First Senior Group offers his advice... We have all recently seen the frightening increases in the cost of living with...News, views & products for mobility, access and independent living professionals