Due to economic challenges or government stay-at-home orders, some of your small business customers may not be able to operate at all. Make it easy for them to contact you to discuss their situation. Furthermore, before you declare a default, talk to your customer to alert them of this possibility and give them every opportunity to start paying again. As you investigate your options, look into whether places like the SBA have programs for which your company may qualify. The size adjustments mean 59,000 more businesses are now classified as small businesses and eligible for SBA financing. The SBA still offers Economic Injury Disaster Loans for businesses located in areas hit by fires, hurricanes, tornadoes, floods, or other disasters.

Small Business Customer Financing

The likelihood of getting a small business loan is related to your credit score. If you’re ramping up advertising spend prior to the holiday season, for example, you may not make any revenue until months later. No application process—eligible businesses are pre-approved based on their store sales.

SBA Express Loan Program

In other words, you’d give customers the product or service with the promise that they’ll pay you back later. One which many might not consider is the ability to attract new customers. Inevitably, not everyone has the money available to make a purchase outright. Customer financing solutions break down larger purchases into manageable payments, which widens the pool of potential customers available to your business. Allowing customers to pay on credit helps build customer loyalty.

  • However, if you need new equipment, have slow-paying customers, or want a safety net during seasonal downturns, use our small business funding guide to determine which loan type suits your needs.
  • Through these forms, visitors request product information or initiate an application.
  • Needs are generally more critical during transitional stages—startup and expansion being two of the most urgent and costliest stages.
  • Offloading the credit application process, payment collections, and back-office work frees up the business owner to focus on running the business.
  • Worse yet, this has led to an “out of sight, out of mind” mentality for some.
  • Huang suggests smaller businesses aim for a smaller loan because the lender has different criteria for what they want to see—essentially getting their principal back plus interest.

Payments are automatically withdrawn from the customer’s checking account. Customers can also be confident that ViaBill utilizes safe and secure servers to protect all personal information. ViaBill is already integrated into more than 5,000 retailers and continues to expand to new platforms regularly. Note that we are not able to provide private consultations, give advice, or answer questions.