For customers of independent building material dealers, there is a surprising lack of quality online credit tools available to them.
Why are online tools even needed? Today’s customers – young and old, but especially millennials – expect online tools for in-house account origination and easy management once an account has been opened. After all, these same customers are using online financial management tools for their banking or to manage their credit cards. Why should their building material dealer offer anything less?
What’s more, experiences outside of our industry are having an outsized influence on expectations. Some consumer-advocate experts point out that we are now living in the Uber economy, and that the seamless, transactional ease that apps like Uber offer have raised the bar in terms of what’s considered the norm. Frankly, in the consumer’s eyes — yes, even contractor customers — these online tools are no longer nice to haves. They are must haves.
Are You Getting Bested by the Big Boxes?
If you’re a dealer who is lacking customer-facing, web-based access to your in-house credit programs, you are likely getting bested by the big boxes or more savvy independent dealers, who are beginning to offer these capabilities.
What is expected today? Your customers should be able to check their in-house accounts, apply for credit and credit line extensions, and make payments. New customers should be able to apply for a new in-house account and – for sophisticated operations – even receive automated decisions, if certain parameters are met.
Learn more about the kinds of capabilities you should be offering your customers, and how to get started.
Interested in reading the full article? Check out: Do Your Customers Expect Online Credit Tools?
About the Author
Scott is president and CEO of BlueTarp. He has spent the majority of his twenty year career in financial services helping businesses grow more rapidly through the effective use of credit.More Content by Scott Simpson