[Hidden-tech] How do I offer customer financing?

[Jeremy Dunn]

Jonathan,

Another option is to sell your receivables to a bank or collection agency.
They will charge a premium; but if cash now is your primary goal it could
work to your advantage.  You'll get the full contract price, minus the
premium now; they do all the collection work for the life of the contract.
They assume the risk of the customer not paying.  Of course it introduces a
third-party into the relationship, but that can easily be explained to the
customer as a billing service.

- Jeremy

----- Original Message ----- 
From: "Jonathon Podolsky" <producer at wholehealthexpo.com>
To: "Hidden-Tech" <hidden-discuss at lists.hidden-tech.net>
Sent: Tuesday, June 19, 2007 6:18 PM
Subject: Re: [Hidden-tech] How do I offer customer financing?


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> On Jun 16, 2007, at 12:30 PM, DrFried wrote:
>
> > CareCredit provides this type of service for professional service
> > providers (MD's, DC's, etc).
> > Are you not wanting to take the chance at not getting the rest of
> > the money?  I guess what I'm asking is if you can take the 50%
> > deposit, and give terms to it like it being non-refundable except
> > under "x" circumstances, and then have a deadline for the remainder
> > of the money?   Is it that much of a risk to carry the balance?
> >
> > -Mindi
> Thanks for the link.  The problem is I have a lot of ongoing expenses
> so would help my cash flow a lot to get full payment now, especially
> as some of my events will be scheduled 1-2 years out and venues need
> early deposits.  Also there is extra administrative work for
> additional billing, telephone calls, and as you mention some risk of
> not getting all the money.
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