How to effectively offer financing

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Wells Fargo Retail Services
How to effectively offer financing
Your credit card program can give you a valuable edge in today’s competitive marketplace. Being able to present your customers with
flexible financing options can be the difference between meeting their needs or having them walk out the door.
How to promote your credit card program
Ways to talk with your customers about financing
Simply having a credit card program isn’t enough. You need to
actively promote and offer your credit card program in order
for you and your customers to enjoy all the benefits the program
can provide.
• Try one of these ice-breakers and see what works best for you:
– Do you have a [insert your credit card name] credit card that
you would like to use for your purchase today?
• Use marketing materials and advertising to build awareness.
– Wells Fargo Retail Services offers point-of-sale materials to
help make your customers aware that financing is available and
advertising guides if you’re creating your own advertising.
• Understand and be excited about the benefits of financing.
– If you understand the benefits of offering financing, you are
more likely to be excited about it. Pass that knowledge and
excitement on to each of your customers!
• Offer all financing options to everyone and allow your
customers to choose which financing option best meets
their needs.
– You’ll be surprised how many customers don’t know that
special financing is available when they talk with you about
your products and services.
– Don’t pre-judge based on appearances or assume that certain
customers don’t need financing. Never discourage a customer
from applying for financing. By offering to everyone you
allow the customer to make their own informed decision.
• Discuss the benefits of your credit card program early.
– When you offer financing early in your sales presentation, it
can alleviate potential budget fears your customer may have.
Discuss with your customer the benefits and requirements of
financing and the options available to them.
– Remind customers of the special financing plans you have
available, and be specific in describing how each plan works.
– Promotions such as no interest if paid in full and 0% APR
give your customers increased buying power.
• Highlight making monthly payments instead of paying the
entire purchase price up front.
– For example, “Enjoy your purchase today while you pay
over time.”
– We are currently offering [insert 2 – 3 promotion options
available]. Are you interested in learning more?
– Many of our customers are taking advantage of our
special terms promotions. Is this something you might
be interested in?
• Effectively offering financing also includes:
– Fully and completely disclosing the credit costs and terms, as
well as the promotional terms you are currently offering when
you’re sure the customer is interested in applying for your
credit card.
– Following our Instructions and Procedures for taking
an application and completing other important steps in
the process.
Present your customers with flexible financing options
and be comfortable with how to explain them
There is no pre-payment penalty on any of these plans.
• 0% APR with equal monthly payments — The special terms
APR will continue to apply until all qualifying purchases are
paid in full. The monthly payment for this purchase will be the
amount that will pay for the purchase in full in equal payments
during the promotional (special terms) period. To estimate
the minimum payment required each month, take the dollar
amount financed and divide it by the number of months in the
special terms period.
• Special (reduced) rate with regular payments — The special
terms APR will continue to apply until all qualifying purchases
are paid in full. Regular monthly payments are required
during the promotional (special terms) period. To estimate
the minimum payment required each month, simply take the
dollar amount financed and multiply it by 3.5%. There is a $40
minimum payment requirement.
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• Special rate with custom payments — The special terms APR
will continue to apply until all qualifying purchases are paid
in full. Monthly payments of at least [$, %, or fraction] of the
purchase balance are required during the promotional (special
terms) period. To estimate the minimum payment required
each month for a % or fractional custom payment, take the
dollar amount financed and multiply by the % or fraction of the
purchase balance.
• Special rate with equal payments — The special terms APR will
continue to apply until all qualifying purchases are paid in full.
The monthly payment for this purchase will be the amount that
will pay for the purchase in full in equal payments during the
promotional (special terms) period. To estimate the minimum
payment required each month, simply take the dollar amount
financed and multiply it by the appropriate payment factor
percentage for the selected plan.
• No interest if paid in full — This is a deferred interest
promotion. This means that if the customer does not pay
the purchase balance in full during the promotional (special
terms) period, interest will be charged to their account from the
purchase date at the regular APR for Purchases. The customer
may avoid interest on the balance by paying it in full before the
end of the special terms period. Paying the Minimum Payment
Due each month will not pay the purchase balance in full by
the end of the special terms period. To estimate the minimum
payment required each month, simply take the dollar amount
financed and multiply it by 3.5%. There is a $40 minimum
payment requirement. Let the customer know that paying the
minimum payment each month will not be enough to pay the
purchase balance in full within the promotional period.
Contact us
Foradditionalinformationortrainingonhowtopromoteyour
program,contactyoursalesrepresentative.Ifyouhavequestions
aboutprocessingcreditapplications,pleasecallourClient
Processingdepartment.
Client Processing Department
1-800-551-5111
Monday – Saturday
8:00a.m.–10:00p.m.CentralTime
Sunday
10:00a.m.–10:00p.m.CentralTime
Training document: How to effectively offer financing
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