How to Offer Water Treatment Financing to Customers
In today’s world, offering water treatment finance to customers is one of the most profitable services that a company can provide to clients.
Now, the need for clean, potable water is a must-have safety practice within homes and commercial establishments alike.
Ever since Congress passed the Safe Drinking Water Act (SDWA) in 1976, water treatment systems must be regulated to ensure the wellbeing and health of all citizens in the United States of America.
According to a report from the United States Environmental Protection Agency, roughly 150,000 public water systems in the United States deliver drinking water to society. This includes both residential and commercial buildings.
That said, the regulatory demands from the State do not absolve homeowners and property owners from the need to pay for projects related to water treatment.
Therefore, companies that provide water treatment financial solutions to property owners and homeowners stand a better chance of coming out on top in the long run.
In this blog post, we will provide a round-up of everything you need to know concerning water treatment, in turn examining its benefits to lenders and also explaining the best way to go about offering it.
Let’s dive in.
An Overview of Water Treatment Financing
Water treatment financing is a line of funding granted to a borrower (either a property owner or a homeowner) to offset expenses associated with water treatment.
These expenses can be associated with homes and residential properties or even commercial and office spaces.
In both cases, water treatment projects typically involve the installation of a water filtration system in pipes and faucets to ensure that clean water is distributed from water supplies. These filters aim to eliminate bad particles from your water such as cryptosporidium and lead which are harmful to the human body. Similarly, a water treatment financing solution can also cover the cost of reverse osmosis systems and water softeners for water purification processes.
Information detailed by Water Quality Products indicates that consumers are still borrowing, noting an upward trend in credit borrowing habits ever since the beginning of the 21st century.
Consequently, in order to finance their projects, borrowers usually turn to a water treatment finance plan.
What Water Treatment Financing Brings to Lenders
Water treatment financing can provide a slew of benefits for service providers that promise an increase in revenue and customer reach.
- Boosting service orders: On occasion, clients are not eager to access water treatment services since most providers require that they pay for the entire project upfront. However, by offering a multitude of payment options, you provide clients with an incentive to partner with you since you give them more than one way to pay for your services.
- Be competitive in the industry: Water treatment is an extremely competitive niche. One of the best ways to differentiate yourself from your customers is to offer finance solutions that enable your target audience to access your company’s services in a more affordable way than your competitors.
- Increase potential market pool: When you introduce a new financing option for your services, you also encourage new segments of your target audience to consider utilizing your services. These constitute homeowners or property owners who would have ordinarily not even given much thought to using your services but are now interested since your finance solutions are appealing.
The Dangers of Traditional Water Treatment Financing Plans
At present, persons seeking water treatment financing have largely been exposed to the following finance options:
- Home equity line of credit
- Cash-out refinance
- Secured personal loans
- Home equity loans
- Unsecured personal loans
- Credit cards
While it is true that most water treatment service providers do offer financing plans to their customers, all of the aforementioned options represent a concession that most potential borrowers cannot accept.
On one hand, most of these plans are characterized by high-interest rates. This is especially true for unsecured loans since these lines of credit do not require that the borrower guarantees repayment of the loan via collateral or any type of asset.
Similarly, another major problem lies in the terms and conditions of the loan’s repayment. Potential borrowers are usually forced to settle for the loan amount, monthly payment, payment period, prepayment penalties, and credit approval procedures since the programs offered by these companies are non-negotiable.
The problem is evident: traditional water treatment financing is too inflexible. It does not satisfy the individual needs of specific clients.
Logically, the most effective way to meet the demands of potential borrowers is with a flexible finance plan that enables them to access your services at an affordable and reasonable rate.
Here’s how Time Investment Company assists you in delivering these types of solutions.
Time Investment Company for Water Treatment Financing
Time Investment Company (TIC) is a family-owned finance company that crafts customized financial plans for businesses and their clients. For the last forty (40) years, we have partnered with water treatment service providers to deliver attractive lines of credit to their customers, thus enabling them to access your services at a more affordable rate.
We at TIC work hand-in-hand with companies like yours to ideate, design, develop, and implement payment plans that enable you to stand out among your competitors. In doing so, we grant your customers financial solutions that incentivize them to leverage your services. With us, all your clients need to do is make an initial down payment on your service. Following this, they will then pay off the rest of the balance in minimum monthly payments based on the finance plan afforded to them jointly through your company and TIC.
During our time in the finance industry, we have successfully financed $775M in loans for clientele across over 250K businesses.
Discover the benefits that await your company from flexible finance plans by aligning with TIC to boost your service orders today.
Takeaways for Water Treatment Financing
All in all, water treatment financing can promise rewarding, fruitful, and lucrative benefits to service providers if you develop the right finance plans for your customers.
TIC can help you craft these financial solutions and deliver them to your clients so that they can have an easier time accessing your services.
Reach us via (800) 236-1177 to learn more about how we can aid you in connecting your customers to these plans today.