By Mitch Leahy, GreatAmerica – Some of the more common questions we get, be it from office technology providers we are already doing business with, or those we are just getting to know, center around the idea of our private label program. What is it? How do I explain private label to my customers? Is a private label program right for my office technology business? Why would I want to enroll in a private label program?
Today, we’ll attempt to take the mystery out of private label to provide you a better understanding of what the program entails and explore whether or not it’s a good fit for your office technology business.
First, Some Background…
As a provider of high ticket office technology equipment, most of your customers will prefer to acquire new equipment via a monthly payment option over cash. There are a number of ways you can accommodate this. You can work with a bank to administer loans, but that can mean a lot of red tape and less flexibility when it comes to program terms. You can self-fund and offer your customer a loan or lease, collecting payments over time, but that leaves you with risk, as you’re depending on your customer to pay you on time each month. A better way is to partner with a finance company that offers leasing because it allows you quick funding upon credit approval, but also more flexibility and better ease of use.