Getting to know your customers can sometimes be challenging with the rise of technology and loss of personal interaction. However, if you take time to listen to and understand their pain points, you can better focus your services to their needs and gain their trust and business. This could improve brand loyalty for your business and maybe even create a customer for life.
Banks, for example, are just like any other business when it comes to winning over a client. Although email and digital communication is now the main method of communication, there are ways for banks to win business by getting to know their clients on a personal level. By listening to their needs, asking questions and discovering what drives and motivates them, you can create a real relationship that will extend beyond a one-time transaction. Visiting their facility, to better understand how they operate and their daily challenges, can help you not only establish a better relationship but also have a more accurate insight when underwriting their credit.
EXPECT CHALLENGES, BUT DON’T LET THEM STOP YOU
But, what happens when you get to know your customers and they need something that you cannot provide? How do you help them solve their problems when you know what they need but don’t have the solution in-house?
FIND PARTNERS THAT OFFER ALTERNATIVES THAT YOU CANNOT PROVIDE
There are times when you get to know your customers but are not able to provide a solution to their problems because they don’t have an acceptable credit score, they’ve reached your lending limit, or their financial statements do not reflect the covenant coverage needed. Instead of leaving them out to dry, offer an alternative that doesn’t negatively affect your business with them.
If your client needs cash for their business, but your bank is not able to help, you can still offer them guidance. One solution may be accounts receivable financing. At Commercial Funding Inc., we can help your clients who have been turned down for lack of years in business, a weak credit score or simply because they’ve reached their limit with your bank. By financing their receivables, we can provide access to cash for the work they’ve already performed, faster than if they wait for their customers to pay them directly.
Here is how it works:
- Your client performs a service and issues an invoice, which they might not collect for up to 90 days.
- Your client sells the invoice to Commercial Funding Inc., and we deposit cash into their account at YOUR bank. This will improve their cash flow, giving them the resources to pay their employees, fund facility improvements, purchase equipment or even grow their business. Additionally, you are increasing revenue for your lending institution.
- Commercial Funding Inc. collects on that invoice from your client’s customer. That is why we do not solely rely on your client’s credit score. We are more concerned with the integrity of their customers.
By partnering with Commercial Funding Inc., you can offer them additional financial solutions to maintain and grow their businesses. This will gain their trust and strengthen your relationship with them, hopefully creating a customer for life.