Consumer financing is a service that many small to big businesses need. Having more than one way for customers to pay you for your services provides more flexibility and opportunities. It turns a reluctant customer into a certain customer.
But customer financing can also end up being a lousy investment depending on the financing company you reach out to. All such companies ask for a financial cut, so if you're paying a monthly fee for a service but not getting customers in, you might be throwing money out the window.
Financing can be helpful if you have a healthy income of customers who like your service but can afford to pay for them. In such a case, offering more flexible payment options can increase your balance. If you make it easier for your consumers to make payments, you can expect profit growth.
But if you're still figuring out how to get customers, be it to your physical or online store, consumer financing can be a gamble.
To ensure your direct sales business doesn't take a hit, you need to review carefully to understand what you're getting yourself into. Fortunately, many financing companies are easy to work with and can be a good investment.
One of such companies is Time Investment Company, Inc. Since there aren't many Time Investment Company reviews out there, this article will get into what the company is about and should you reach out to them for their financial services.
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What is Time Investment Company Inc?
Time Investment Company was founded in 1981 by Mike Hafeman, who later formed a team with Tom Hafeman and John Hafeman. The company soon grew by providing financing services to small to mid-tier businesses.
With its HQ at 100 N 6th Avenue West Bend, WI 53095, Time Investment Company, Inc is a small family-owned consumer finance company that helps clients offer more flexible payments. This is especially helpful for retailers that offer items or services that customers are having trouble paying for.
Such clients often need a particular loan amount, and businesses can quickly lose such clients in loan paperwork, banks, etc. So instead of telling the customer that they can't do business because of the customer's financial situation, a retailer can use a company such as TIC to offer loans and make the purchase possible.
The company ensures that customers can afford the service and that the retailer gets paid in full for their service.
Although this isn't helpful for, let's say, a home food service where a meal costs $10, it is helpful for businesses that offer pricier items. Time Investment provides consumer financing to the following direct sales business types:
- Home Improvement
- Pool & Spa
- Water Services
- Electrical & Plumbing
- General Dentistry
- Cosmetic Surgery
- Lasik Surgery
As a consumer financing provider, Time Investment Company makes it easier for buyers to afford the services mentioned above. For retailers, this can lead to better customer satisfaction.
How Does Time Investment Company Work?
Around 46% of Americans had to grab a loan during 2020. While 2020 was a challenging year overall, this statistic shows even more if we put ourselves in the business owner's shoes. That 46% means that without loans, thousands of people wouldn't be able to afford the service, and as a result, the service would go out of business.
While grabbing a loan is rarely ideal, it still is a way to afford something urgent or something you need to buy right now. It's easy to see why a consumer financing provider such as Time Investment can flourish. TIC is the connection that makes both sides happy.
The way service work is as follows. A retailer who can't afford to offer loans or keep an eye on late payments gets in contact with Time Investment Company. The business doesn't act as a financial account for Time Investment. Instead, a home improvement business or an HVAC company operates as a counter for TIC to get customers. A home improvement customer can be a TIC customer.
The retailer uses Time Investment Company to offer flexible paying options to its customers. Depending on the customer's credit score, the customer can get a loan and make a monthly payment instead of paying for it all at once.
The loan usually has an interest rate, and payout starts after the time of sale. As a finance company, Time Investment offers multiple flexible finance options for retailers. Instead of providing simple loans, they account for different buyers a direct sales business might have. Some customers can have a stellar credit score, while others might have a bad credit score, making them less viable for a loan.
To account for that, as a family-owned company, TIC has various loan possibilities. Meaning, if a business offers helpful and multiple financing options, it can help with customer onboarding.
What Financial Services Does Time Investment Company Provide?
As a finance company, the most common service that TIC offers are interest-free options. A customer looking for a client's services gets a loan on a specific amount and pays out monthly with interest rates. The customer gets access to the money instantly to afford the retailer's services.
Time Investment allows customers to avoid paying the interest rate if they pay the loan off during a predetermined promo period. This offers customers more leeway and is helpful to retailers since they can make the offer more enticing and acceptable.
Another option is deferred payments. In some cases, a buyer needs service right now, even when they don't have the money for monthly payments. In such cases, Time Investment allows deferring the first payment to a later date. Instead of paying right after the initial time of sale, customers can prolong the first payment to a later date per the agreed contract.
Although many finance companies offer similar options, most of them still charge an interest rate during the deferred period. In the case of Time Investment Company, interest kicks at the moment the first payment starts.
Although TIC considers the credit score, most customers can expect a positive response when applying for a loan.
Time Investment Company, Inc Benefits
As mentioned earlier, by using Time Investment services, companies can grow their business without worrying too much about finance. As long as their customers have a minimum credit score and pay off the loan, retailers can continue using TIC as their financing provider.
About 69% of American customers believe that a good customer service team directly impacts their buying decisions.
Not having the amount on your balance to pay for a service is a clear letdown, but companies can grow loyal and returning customers if a business provides a workaround.
Clients can also use TIC services as a marketing tool. Not everybody can afford a marketing consultant. Making it clear to customers that they offer flexible paying options can incentivize customers to contact the business.
As of 2021, Statista predicts that there will be 2.14 billion online buyers worldwide. Grabbing a slice of that pie by offering better finance options is a sure way to increase revenue.
Another benefit is the family-oriented approach Time Investment has. Instead of offering cold finance, TIC considers both the business using their service and the end buyers. Since TIC acts as a bridge between the two, it's in their interest to ensure that both sides benefit from the exchange.
What's also worth mentioning is the required time to get a loan. Many similar finance companies do long consumer reviews before approving a loan. While TIC does take every contract seriously, they understand that most buyers are in a hurry. TIC cuts the time by educating retailer clients and responsive customer service.
Same as every retailer has their specific needs, so do end buyers. Meaning, TIC ensures that the whole finance chain works smoothly. The process starts with the relationship between TIC and the retailer. Finally, it ends with the relationship between the retailer and its customers.
Other Time Investment Company Reviews
While most reviews found online are positive, there's a balance of positive and negative ones. There are two review types you'll find online about Time Investment. The first comes from business clients directly working with TIC, while the second is from buyers using TIC's clients' services.
This can get somewhat confusing since consumers end up complaining about insufficient home improvement or dentist service on a TIC review. Although technically, a Time Investment Company client is another business, not the buyer, many reviews online are from end buyers.
Many reviews that come from companies using TIC praise its helpful response to their queries. Besides having a fast response time, clients compliment TIC's engagement in resolving possible issues.
One review comes from a long-time client who notes that he often gets in situations where buyers have questions that they don't know how to answer. Fortunately, they can forward the issue to Time Investment, and they haven't failed him since.
There are a couple of reviews complaining about unexpected interest rates. But it's worth noting that almost all such reviews have a direct response from the Time Investment team explaining the issue. While it's impossible to know who's to blame, consumers often don't read the signed contract and what the financial service entails. This is especially the case when people make a rushed call to access the money they need.
Other Time Investment Company, Inc Information
For those looking to get in touch with Time Investment, their contact page lists the following contact hours for those interested to make a phone call:
- Support Hours Mon-Thurs: 8am - 8pm CST
- Fri: 8am - 3:30pm CST
- Sat: 9am - 12pm CST
Clients can get in touch for any questions they might have or if interested in assessing their current payment situation. They can expect a quick response and the possibility to schedule additional meetings with the TIC team.
It isn't reassuring that more and more people require loans to pay for essential services such as roofing or house improvement. Although retailers might think that it makes their job less desirable, it doesn't have to be like that. For any business that looks to strive, it merely means changing how they handle payments.
Same as anything else, the way we do business changes all the time. People running a business need to find a balance between helping customers and themselves. Focusing too much on what the customer wants can result in neglecting where the company is heading. Similarly, overfocusing on the business can result in you missing a golden opportunity to get ahead of the competition.
Satisfying a buyer looking for a service they need but can't afford is a sure way to make your company stand out. In today's age, proper financing can be a great way to start.