How to Increase Sales With Rent-to-own Payment Plans

If you're in the mobile phone retail business, you know that closing a sale often hangs by a thread—especially when it comes to financing. You've probably seen customers walk away, not because they don't want the product, but because they can't afford to pay for the device all at once.  Or, worse yet, don’t get approved for third-party financing. Enter rent-to-own payment plans and the RTO Mobile software platform. In this article, we'll discuss how offering rent-to-own payment plans using the RTO Mobile software platform increases sales and produces residual revenue. We also discuss “personalizing” these plans to fit your customer's budget, and ultimately increase customer loyalty for your store.

Why Rent-to-Own?

Before diving into how RTO Mobile can supercharge your sales, let's understand the basic concept of Rent-to-Own payment plans. You offer customers the option to lease a product with the built-in option of purchasing it when the lease payments are completed. This enables you to:

• Generate Residual Revenue: Instead of a one-time sale, you're creating a longer-term revenue stream and customer relationship that can provide continual cash flow. Think of it this way: It's like owning a rental property (such as an apartment building) and having the rental payments come.  The difference of course is that you used your phone invent
• Make More Sales: Offering rent-to-own payment plans as a payment option for customers makes your mobile devices more affordable making it less likely for customers to leave without making a purchase. While over the course of the lease, the total cost is more than a cash purchase, you make the extra profit and the customer can get the phone they want when they want it.  

The RTO Mobile Advantage

RTO Mobile is a complete software platform for mobile retailers and repair shops. It streamlines the rent-to-own process and even secures the device with specially designed software that locks the phone if the customer payment is not made on time. Here's why it's a game-changer:

• Tailored Payment Plans: With RTO Mobile, you can custom-fit payment plans to suit your customer's budget and phone preferences, ensuring you never lose a sale due to financial constraints.
• No Third-Party Approvals: The platform puts you in control of customer approval and eliminates dependence on 3rd-parties for approvals which often create barriers to closing a sale.
• Automated Processes: From customer rental billing to customer reminders, everything is automated, freeing up your time to focus on other facets of your business.

 

How to Implement RTO Mobile into Your Business Model

• Onboard Your Team: Train your sales and customer service team on the features and benefits of offering rent-to-own payment plans, ensuring they can articulate the benefits to customers.
• Customize Plans: Use RTO Mobile's dashboard to set up plans that align with your inventory, customer demographics, and financial constraints.

Conclusion

Rent-to-own payment plans are not new. They are used for all kinds of merchandise such as appliances, furniture, and electronics. It's a proven and innovative strategy to drive sales and customer loyalty. What is new is mobile device retailers using rent-to-own payment plans in-house with the RTO Mobile software platform and locking technologies. Creating and managing in-house payment plans has never been easier or more effective. Don't let financing be the bottleneck in your sales process. Unleash the full potential of your mobile retail business today.