Sign & Digital Graphics

Recognized Supplier Guide '20

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4 6 • M A R C H 2 0 2 0 • S I G N & D I G I T A L G R A P H I C S The typical loan on a sign project is three to five years, depending on the type of sign it is, the buyer's personal credit, how long they have been in business and what they are looking for. Geneva Capital asks applicants to fill out a one-page credit application and turn over a few bank statements. Approval usually comes within half a day. "If a customer is approved, we give them the terms if they move forward. We send the lease documents to the customer to sign, either paper or elec- tronic documents. The customer signs and returns those and we issue a purchase order to the sign shop and give them a 50% deposit. Once the sign is installed, they sign an acceptance agreement and we give the shop the remaining balance." Geneva likes to support its partners in the sign industry by offering custom credit applications with the sign shop logo on them. It also has an app for the phone that has quoting tools in it. "Sign financing is really a niche thing. It is something that not every customer will take advantage of, but it gives the sign shop another tool in their tool belt to help get the deals closed," Driscoll says. Greg Bourdon, vice president, busi- ness capital, at CIT, says he finds the sign industry "pretty fascinating. It is fun to hear people's stories as they build their business." The most important thing to discuss with any potential customer is their bud- get for the project, which helps the shop figure out a solution for their needs, he says. When talking about their budget, that is the perfect time to bring up financing options or payment plans, he adds. "By offering customers finance options, it grows the average ticket size, grows the sales volumes and gives the cus- tomer more buying power," Bourdon says. He adds that, "Ultimately custom- ers that finance come back to do busi- ness with the original vendor more fre- quently." The customer may finance a sign over 24 months and at the end of that period, may decide to rebrand or buy additional signage for another location. "It sets that clock. They've finished this agreement, maybe it is time to con- sider what they are going to buy next," Bourdon says. Craig Colling, senior vice president of sales for Ascentium Capital L L C , says that many sign shops don't see sign financing as something they need to offer to all their customers. Instead they view it as a one-off solution. Ascentium explains the many benefits of offering financing to clients, includ- ing increased sales, increased transac- The most important thing to discuss with any potential customer is their budget for the project. www.encoreproducts.com Encore Products A Division of Newell Office Brands 2020 West Front Street Statesville, NC 28677 1-800-873-4868 ©2020 Newell Brands PRINT READY foam board foam board 7 surfaces Made in America with Pride Call for Samples! 1-800-873-4868 CANVAS EMBOSSED CANVAS CORK DRY ERASE CHALKBOARD BRUSHED ALUMINUM EXTREME WHITE * D RY E R A S E & E x t r e m e w h i t e n ot p i u r e d ISA Orlando Booth # 1505 April 1-4

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