According to a recent survey of decision makers in the Equipment Financing space by Sawbux Marketing (here) the majority of equipment vendors are “regularly” looking for new lending relationships. And the standards these vendors are requiring continues to increase.
To many financing partners, servicing a vendor used to mean sending out a pad of applications, setting up an 800 number and expecting applications to come rushing in. Those days are gone! For a financing source to earn the right to do business with a vendor, it needs to demonstrate the ability to truly add value. This is much more than asking for applications. It’s much more than just offering low rates. (87% viewed banks as low rate sources who were “slow and restrictive”) It’s about helping vendors sell more products using financing as a tool in sales.
At TEQlease, we’ve been developing vendor programs for years. We start by asking three basic questions:
- What does the vendor sell,
- Who does the vendor sell to, and
- What is a typical transaction size or range.
With this basic information, we develop a framework of special programs that help our vendor partners overcome price objections, qualify opportunities early in the sales cycle and beat their competition. We’ve done this with vendors ranging in size from small vendors doing a transaction or two a month all the way to some of the largest technology vendors in the world.
Are you one of the 62% of dealers who are “regularly” in search of new lending relationships? If so, we should talk. We’re easy to work with. Visit our Vendor home page here for more information.
If you have specific questions, feel free to call Brian Link at 818-222-1006 and ask for Vendor Services. You can use the ‘Contact Us’ form here or if you prefer, use our online scheduling tool to schedule a specific time to talk. Click here.