Offer finance for weddings and event supplies

Offer Finance for Weddings and Event Supplies

Planning a wedding or a large event can be one of the most exciting times in a person's life. However, it can also come with a hefty price tag. From venue bookings and catering to flowers, decorations, and entertainment, the costs can quickly add up. Fortunately, there are solutions available to help spread the financial burden and make these special occasions more manageable. Offering finance for weddings and event supplies is an increasingly popular option for both vendors and customers alike. In this article, we'll explore the benefits of offering finance for wedding and event-related purchases, the types of financing available, and how Kandoo, a UK-based retail finance broker, can help.

The Rising Costs of Weddings and Events

Over the past few decades, the cost of weddings and large events has steadily increased. According to a 2021 survey, the average cost of a wedding in the UK was approximately £24,000. This figure includes everything from the dress and venue to catering and entertainment. Similarly, hosting a significant event such as a corporate gala or milestone celebration can also come with considerable expenses.

For many couples and event organisers, the dream of a perfect wedding or event often clashes with financial reality. It's not uncommon for people to dip into savings, take out loans, or rely on credit cards to cover the costs. However, these methods can create financial strain, particularly if the repayment terms are not favourable.

This is where offering finance for weddings and event supplies comes into play. By spreading the cost of purchases over time, customers can enjoy the day of their dreams without the immediate financial pressure.

Why Offer Finance for Weddings and Event Supplies?

Offering finance for wedding and event supplies can be beneficial for both businesses and customers. Let’s look at the key advantages for each group.

Benefits for Businesses

1. Increased Sales: One of the most significant advantages of offering finance is the potential to increase sales. Many customers may hesitate to make large purchases due to the upfront cost. However, by providing a finance option, you give customers the flexibility to spread the cost over time, making it easier for them to commit to bigger purchases.

2. Larger Orders: When customers have the option to pay in instalments, they may feel more comfortable spending more than they originally planned. This could result in larger orders and increased revenue for your business. For example, a couple might choose a more luxurious venue or upgrade their catering package if they know they can spread the cost over several months.

3. Competitive Advantage: Offering finance can help set your business apart from competitors who do not provide this option. In an industry where customers are often comparing multiple vendors, having flexible payment solutions can be a deciding factor.

4. Improved Cash Flow: When working with a finance provider, businesses often receive the full payment upfront, even though the customer is paying in instalments. This means your cash flow remains steady, allowing you to cover costs and invest in your business without delay.

Benefits for Customers

1. Affordability: Weddings and events can be expensive, and many people do not have the cash on hand to cover all the costs upfront. Offering finance allows customers to break down large expenses into manageable monthly payments, making their dream day more affordable.

2. Flexibility: Finance options often come with flexible repayment terms, allowing customers to choose a plan that fits their budget. Whether they prefer to pay over six months or two years, finance gives them the flexibility to decide what works best for their financial situation.

3. Less Financial Stress: Planning a wedding or event can be stressful enough without the added worry of how to pay for everything. Finance options can alleviate some of that stress by spreading out the costs, allowing customers to focus on the joy of the occasion rather than the financial burden.

4. Access to Higher Quality Services and Products: By offering finance, customers may be able to afford higher-quality services and products that they wouldn’t have considered if they had to pay the full amount upfront. This could mean opting for a premium photographer, a larger floral arrangement, or a more elaborate venue, enhancing the overall experience of their event.

Types of Finance Options for Weddings and Events

When it comes to offering finance for weddings and event supplies, there are several options available. Businesses and customers can choose from a range of financing solutions depending on their needs and preferences.

1. Interest-Free Finance

Interest-free finance is one of the most attractive options for customers. As the name suggests, this type of finance allows customers to spread the cost of their purchase over a set period without incurring any interest charges. For example, a customer might pay off their wedding dress over 12 months with no additional cost beyond the original price.

This option is particularly appealing for customers who are looking for a cost-effective way to manage their expenses. However, businesses offering interest-free finance may need to absorb the cost of the financing, so it’s important to factor this into your pricing strategy.

2. Low-Interest Finance

Low-interest finance is another option that can be appealing to customers, especially when the interest rate is significantly lower than what they might find with a traditional credit card or personal loan. This type of finance allows customers to spread the cost of their purchase over a longer period while paying a small amount of interest.

For businesses, offering low-interest finance can be a way to provide flexibility to customers without absorbing the entire cost of the financing. It can also attract customers who might not qualify for interest-free options but are still looking for a manageable payment plan.

3. Buy Now, Pay Later

Buy Now, Pay Later (BNPL) schemes have gained popularity in recent years, particularly for online purchases. With this option, customers can take home their wedding or event supplies immediately and defer payment for a set period. After the deferral period, they can either pay the full amount or spread the cost over several months.

BNPL is an attractive option for customers who may be waiting for additional funds, such as a bonus or gift money, and want to avoid paying upfront. For businesses, offering BNPL can help close sales quickly, especially for customers who are on the fence about making a purchase.

How Kandoo Can Help with Wedding and Event Finance

When considering offering finance options for weddings and event supplies, it’s essential to partner with a reputable finance broker who can provide the best solutions for both you and your customers. Kandoo, a UK-based retail finance broker, is an excellent option for businesses looking to offer flexible finance options.

Who is Kandoo?

Kandoo is a trusted retail finance broker that partners with a wide range of lenders to provide customers with tailored finance solutions. They specialise in helping businesses across various industries, including weddings and events, to offer finance options to their customers. By working with Kandoo, businesses can provide a seamless financing experience that benefits both parties.

How Kandoo Can Support Your Business

1. Wide Range of Finance Options: Kandoo offers a variety of finance options, including interest-free, low-interest, and BNPL schemes. This allows businesses to choose the financing solutions that best meet the needs of their customers.

2. Quick and Easy Setup: Kandoo makes it simple for businesses to set up finance options. Their platform is user-friendly, and they provide all the tools and support needed to get started quickly.

3. Competitive Rates: Kandoo works with multiple lenders to provide competitive rates for customers. This ensures that your customers are getting the best possible deal, which can help increase conversions and customer satisfaction.

4. Full Support and Guidance: Kandoo provides full support to businesses throughout the entire process, from setting up finance options to managing customer applications. This ensures that everything runs smoothly, and you can focus on running your business.

5. Compliance and Regulation: As a regulated finance broker, Kandoo ensures that all finance options are fully compliant with UK financial regulations. This gives businesses peace of mind knowing that they are offering finance in a responsible and legal manner.

Conclusion

Offering finance for weddings and event supplies is a smart move for businesses looking to increase sales, attract more customers, and provide a competitive advantage. By giving customers the flexibility to spread the cost of their purchases, you can make their dream day more affordable and less stressful.

With the help of a trusted finance broker like Kandoo, businesses can offer a wide range of finance options, from interest-free plans to Buy Now, Pay Later schemes. This not only benefits customers but also helps businesses grow by improving cash flow and increasing order values.

If you're in the wedding or event industry, consider offering finance options to your customers. It could be the key to unlocking new opportunities and providing a better experience for your clients. With the right partner, like Kandoo, the process is straightforward and can lead to long-term success for your business.