by speedadmin | Apr 25, 2023 | Blog
Have you noticed that when you watch online or television commercials or listen to ads on the radio, you are often offered credit options along with offers to purchase goods and services? Many businesses offer consumer credit to their customers, but there are very good reasons why it is so effective as both a financing tool and as a marketing strategy.
Consumer Credit Made Simple
Consumer credit functions much like credit cards do. It provides customers with a line of credit, which they pay off over time. Instead of pulling out their credit cards during the checkout process, customers simply select this alternative credit option.
When a customer uses the online credit option for the first time, the lender makes a decision after asking a few approval questions. The transaction is processed and the sale is concluded if approved. Within a few days, the retailer typically receives the entire sale proceeds. At this point, the consumer is directly involved with the financial agent, not the merchant, in the fulfillment of the credit owed.
Additional Benefits
When businesses offer consumer credit, their customers are able to purchase the products they want instead of settling. For businesses, offering consumer credit allows them to get a stronger foothold in a competitive marketplace while also growing their customer base. Customers tend to make more purchases from a business that offers consumer credit compared to those that do not. Additionally, consumer credit offers more flexibility to customers, while ensuring businesses have a constant cash flow. When combines with promotional and seasonal sales, consumer credit can be a powerful revenue tool for businesses.
Learn More About Consumer Credit
If you are looking for ways to drive sales and increase revenue for your business, contact the team at Speed of Light Funding. We offer a wide range of solutions for businesses across every industry.
by speedadmin | Apr 18, 2023 | Blog
Admittedly, the phrase “Hard Money Loan” can sound humorous at first. But once you know what they are, you may find them useful to know about, especially if you are interested in the real estate marketplace.
Hard Money Loans: A Primer
Purchasing properties as an investment or for a business enterprise can be quite expensive, especially if you are considering commercial properties. Because of the high cost, a specific kind of asset-based financing known as a hard money loan is frequently used to finance commercial projects.
Most of the time, these are short-term loans that are secured by the value of the property being financed rather than the borrower’s credit history. Instead of being provided by a conventional bank, they are provided by a finance agent or private lender.
Hard money loans come with a certain amount of risk for the lender. Consequently, a hard money loan typically has a higher interest rate than other types of loans due to the higher risk of default.
Situations in Which Hard Money Loans Can Come In Handy
Hard money loans can be quite useful in a number of different scenarios. Here are a few:
- Financing a fix-and-flip operation
- When a person has credit issues preventing other types of real estate loans to be obtained
- When quick financing is required
The last point is worth considering further: A hard money loan can be obtained far more quickly than financing from a traditional bank. This can represent a significant advantage in a hot real estate market.
Hard Money Loans from Speed Funding
If you would like more information about hard money loans, then give the folks at Speed Funding a call today. They will be happy to answer all of your questions or suggest another form of financing if it is more suitable for your particular situation.
by speedadmin | Apr 14, 2023 | Blog
No matter how much marketing you do, it is not worth your time and money if it doesn’t lead to conversions. You may have tried many different online marketing strategies and even used analytical tools and you still may not have achieved the desired results. These are a few tips to increase your conversion rate.
Learn about Your Users
The best thing you can do to increase your conversions is to learn about your customers. One way to do this is to track your organic traffic. You need the traffic to gain conversions, so you need to know what is bringing your target market to your website. Learn about how they found your website, how long they stayed on, what they looked at, their locations, the devices they use, and what keywords they used to find you.
Learn to Use Analytics Tools
Analytics tools don’t just tell you your bounce rate, traffic increase or decrease, and conversion rate. They have features that allow you to email you when something goes wrong, create customized alerts, and tell you about your visitors.
Find Out Why They Leave
Your bounce rate can tell you more than the amount of time your customers stay on your website. In fact, your bounce rate counts the number of people who visit only one page of your website. You can use this information to target a rework of the pages on your site that are turning away your customers. Your goal should be to consistently reduce your bounce rate, with a goal of 0-10%, because this suggests customer satisfaction and service.
Learn How They Found You
Your internal site search tool should tell you what keywords or websites led your users to your website. By investigating their origins, you can determine what your potential customers are truly looking for. For example, if they search for a specific set of keywords that lead them to your website, they expect to see content about these keywords. If you aren’t providing the content or resources your customers expect, your bounce rate may increase.
Analyze SEO Traffic Quality
When you begin your optimization strategy, be sure to include high-quality content. However, even with high-quality content, you may have an unfavorable bounce rate. Your visitors may have a specific question they want to be answered, and they may not be interested in some of your other content. This could be part of why they don’t stay on your site. Investigate the reasons your visitors are going to your website and focus your online marketing efforts on your target audience.
Your analytics tools can tell you a lot about your online marketing strategies. Compare the results you receive to learn about your conversion rate and marketing effectiveness.
by speedadmin | Apr 11, 2023 | Blog
Buying a franchise is a popular way for an entrepreneur to realize his/her dream of owning a business. In fact, 26,000 new franchise owners joined the franchise industry in 2022, and 792,000 franchise establishments were then operating, according to the International Franchise Association. But one key requirement, (and frequent challenge,) is securing franchise financing.
The Advantages of Buying a Franchise
The advantages of buying a franchise include buying a business that has an established operating system and a proven business formula, having a business that has an established brand identity, getting a defined logo and trademarks, receiving ongoing training and support from the franchisor, getting access to marketing plans and methods, and receiving the purchasing power and buying assistance of the franchisor. Additionally, some franchised brands offer franchise financing assistance.
The Challenges of Buying a Franchise
The challenges of buying a franchise include that buying a franchise can be expensive, hiring can be difficult, both in getting the right talent and keeping talented employees, understanding that you are not buying a brand, but rather an operating system, and dealing with the possibility and risks of business failure. It is important to carefully plan for and obtain franchise financing and know that it may take some time to become profitable.
Franchise financing options include:
- Financing assistance from the franchisor. Some franchise entities will offer some financing direct from the franchisor, or they may partner with approved lenders who can provide loans.
- Commercial bank loans.
- Small Business Administration loans. These are loans made available through approved banks and backed by the SBA. They generally offer favorable interest rates and repayment terms, compared to bank loans.
- Loans provided by alternative lenders.
- Financing provided by lending specialists.
How to Qualify for Franchise Financing
To qualify for franchise financing it is important to have a solid business plan and to make sure your personal finances and credit history are in good condition.
Seek Expert Financing Assistance
Contact Speed Funding for a wide range of expert financing solutions to meet your business needs and achieve your goals.
by speedadmin | Apr 4, 2023 | Blog
Taking on too much personal debt is never a desirable position in which to find yourself. In fact, it can be a tough situation. Believe it or not, one way to begin getting out from under a mountain of debt is to take on an additional debt obligation: a debt consolidation loan.
How Does One Consolidate Debt
The idea behind debt consolidation is simple: Take multiple loans that you are trying to pay off and combine them into a new, single loan. In fact, you may be able to do this at a lower rate than with the loans you already have. Debt consolidation loans are offered by many financial institutions, including banks, credit unions, and lending agencies. You may get speedier service from a funding agent such as Speed Funding.
Points to Consider Regarding Debt Consolidation
As you might imagine, there are pros and cons to debt consolidation. On the positive side, you may be attracted to the following benefits:
- Your debt payments are simplified into one loan, with a single periodic payment rather than multiple installments.
- Your overall interest rate expenses may be reduced if the new loan has a relatively low interest rate.
- You may be able to climb out of debt faster than with more than one loan outstanding.
On the downside, realize that just the fact that you are consolidating does not get you out of debt instantly. Also, there may be fees incurred when you consolidate into a new loan structure.
Considering a Debt Consolidation Loan?
There are times when taking out a debt consolidation loan may be a very good idea. If you have evaluated your situation and come to this conclusion, then give Speed Funding a call.
