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View Full Version : Does anyone finance water features?


FNCPonds
04-27-2008, 06:32 PM
I have been in business for two years doing nothing but water features. I have been really slow this year and thought if i could find a third party to let my company finance some projects that maybe homeowners would want to pay $150 a month rather then $10,000 in a week. If anyone knows of a local dallas or nation wide company who and how did i get started?

Thanks for the replys

Cole

mgugliotti
04-28-2008, 06:30 PM
aquasacpes has a company that does that... go to www.aquascapeinc.com and you should find the info there.
mg

buzzyng
04-28-2008, 11:14 PM
Aquascape uses GE Money and the last time I checked, they wanted to see 2 or 3 years of your books. They had many options you can provide customers from 0% to ? I am currently talking with Wells Fargo as well to see what they can provide. I have a contractor colleague that starting offering financing and he said his business took off after that

FNCPonds
04-29-2008, 01:14 PM
I called GE Money a few months ago and the just blew me off saying i had to be in business for 5 years or $500,000 annual sales. Which i am not quite there yet. How is wells fargo looking like, will they work with small companys like me. Thanks for the reply.

mgugliotti
04-29-2008, 01:33 PM
hummm why do they care how long you have been in business.... it is the customer they are trying to finance right? they can never make our lives easy...

buzzyng
04-30-2008, 12:35 AM
At POndemonium last year, GE Money was willing to work with Aquascape contractors but they required 3 years (maybe 2 but I don't think so). There was no minimum amount of sales.

Wells Fargo is willing to work with small companies, I'll let you know what I work out with them and provide the details

Toker
05-13-2008, 10:10 AM
FWIW I've always had some luck with the smaller community banks here on landscaping work. I hope they'll extend it to water features too - don't know why they wouldn't?

Only problem going this route is they want real solid credit and right now I've hit some (2) that they are hemming and hawing on. Last year they'd have had a check in hand at application point. What a difference a year makes.

Still - smaller and local always worth chasing down.

Edited - did I misconstrue OP? Are you looking for financing for customer or your company to finance the paper for the customer? I was talking of line of credit for customer that maybe their own bank wouldn't touch or I wanted to "offer" as an enticement to garner business.

JimLewis
05-15-2008, 11:35 AM
If you have a John Deere Landscapes branch in your area, they have the financing program you are looking for. You gotta join their rewards program to be involved. It's a pretty sweet program for the homeowners and something you could offer that most contractors don't.

The only down side is you don't see any $$ from them until 7 days after the project is completed and the homeowner signs off on everything. No down payment, nothing. You have to fund the entire project and then wait to get paid. Some people are okay with that kind of setup, I am not.

Toker
05-15-2008, 02:03 PM
small folks still waiting payment from past years job prolly can't do, or shouldn't maybe, something like this either. I can't anyway - need constant cash flow to stay afloat.

Boy - for the right company it may be a real money maker.

Venturewest
05-15-2008, 10:05 PM
I have thought about just starting to accept credit cards. Anyone with decent credit probably has a stack of 0% offers laying around the junk mail pile. If they can get no interest, no payments for 1 1/2 years, and 8.9 after that, I think it would be appealing to some people.

Toker
05-15-2008, 10:43 PM
What kinda fees they charge back to us I wonder? Nice idea at that - I've never thought of doing things that way but have had some ask over years. Might have even lost jobs not taking it (plastic).

I haven't seen to many of the offers lately showing up at home, least not compared to last year. Maybe I just toss them w/o a look. Knowing the CC's they still throwing credit around like the wind - bad economy or not. WTH - they lose 5-8% it's not a big deal. They just jack up things to the rest of us.

Thanks for the idea - might need to start checking around

genesgreen
06-09-2008, 04:42 PM
I've had a lot of clients ask this same question and they haven't had any luck finding traditional loans. The closest you can get is a home equity line of credit if you own the house and want to tap the equity.

Varsity L&G
06-10-2008, 07:46 AM
Our credit card machine charges 1.7 on a swipe and 3.6 on a manual key, card not present transaction.

Venturewest
06-10-2008, 07:54 AM
Our credit card machine charges 1.7 on a swipe and 3.6 on a manual key, card not present transaction.

Do you pay any other monthly or one time fees for your equimpment, etc?

FNCPonds
06-10-2008, 09:43 AM
I bought my wireless CC machine for $650 plus $24 dollars a month for wirless services just like a cell phone. It has come in very handy and lots of people would rather pay by card.

mdvaden
06-10-2008, 10:37 PM
If you have a John Deere Landscapes branch in your area, they have the financing program you are looking for. You gotta join their rewards program to be involved. It's a pretty sweet program for the homeowners and something you could offer that most contractors don't.

The only down side is you don't see any $$ from them until 7 days after the project is completed and the homeowner signs off on everything. No down payment, nothing. You have to fund the entire project and then wait to get paid. Some people are okay with that kind of setup, I am not.

Hey Jim...

You use VISA for customers don't you? I figured that you probaby know the ins and outs of this kind of stuff.

I was curious, if someone was low risk enough for a financed water feature, wouldn't they be low risk enough to qualify for VISA, and just run the bill through that route?

Varsity L&G
06-10-2008, 10:56 PM
Do you pay any other monthly or one time fees for your equimpment, etc?

No the company we go through charges us up to $25 per month minus the 1.7%. If we reach $25 in fee's it cost us nothing but the 1.7% per transaction. So the Min per month would be $25.

No equipment rental or contract. We bought our first machine for $300 and bought the second one for $75 both used.

You have to go to the source to get the best rates. We use BankCard USA

JimLewis
06-10-2008, 11:10 PM
Hey Jim...

You use VISA for customers don't you? I figured that you probaby know the ins and outs of this kind of stuff.

I was curious, if someone was low risk enough for a financed water feature, wouldn't they be low risk enough to qualify for VISA, and just run the bill through that route?

Yah, I have a credit card processing account. I don't let people charge large jobs though. We only take credit cards for small stuff (e.g. under $1000). You lose too much through the fees and it always takes a few days till the money lands in your account. I just like checks. I get paid as soon as the job is done and money is in the bank that day, if I want.

To answer your question about them just using the Visa instead of a line of credit, I guess it depends on your credit limit on your card, what interest rate you are paying, and how much available credit you have left. And just because you a place like John Deere Finance or GE Capital will give you a $10K or $20K loan for a home improvement project, doesn't necessarily mean you can qualify for a Visa with the same limit.

Regardless, I hate it when people ask this kind of stuff. I pretty much just do work for people who already have money in the bank account. I lost a $25K job the other day because the guy didn't have the cash and wanted a company who could finance the job. He wanted a bid from us and had been impressed with work we had done for others but he already had a bid from a guy who used some sort of financing. I told him if he didn't have the dough, just go with that guy. I didn't even finish the bid. It's easier just to not deal with this stuff, IMO.

kaferhaus
08-21-2009, 08:43 PM
I realize it's an old post.... we just have the customer get a home improvement or equity loan.

We don't touch anything without a 50% deposit though. Been taking credit cards for about 10yrs but really prefer not to take them for anything over a few hundred dollars unless it means losing the sale....

Frankly most of the people that can afford this work have no problems just writing out a check....